Minnesota Loan Modification Laws

  1.  Minnesota regulates foreclosure consultants under the Minnesota Foreclosure Statutes, Minnesota Statutes Ann. § 325N.01-.18, as amended (2007). (see http://www.revisor.leg.state.mn.us/bin/bldbill.php?bill=S1533.3.html&session=ls85)
  2.  The State:
    • Requires contracts in writing, fully disclosing the terms, parties and duration of the contract and the rights and duties that attach; written in the language of negotiation; Requires pro forma notices of foreclosure consultant prohibited acts
    • Allows cancellation within 3 days of signing the contract with written (or email) notice

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