Legislative Session number- 86

Bill Name: SF0242

"Minnesota Subprime Borrower Relief Act of 2009"; allowing an
eligible
foreclosed borrower the right to defer a foreclosure sale until the
expiration
of the deferment period by providing an affidavit of deferment to
the foreclosing lender under certain conditions; specifying certain requirements
for the affidavit of determent content, service and acknowledgment by
foreclosing lender, imposing penalties for knowing misrepresentation;
prohibiting charges; defining certain terms; requiring eligible foreclosed
borrowers with a deferment right to make monthly payment to the foreclosing
lender and specifying certain regulations; providing for resolution of disputes;
providing for a right to revoke deferment following good faith negotiation;
providing for cancellation of deferment; providing for the arbitration of
disputes; providing for good faith negotiation by foreclosing lender; providing
for a notice of right to deferment; imposing penalties for bad faith or reckless
violation
(rt)