2005 Minnesota Statutes - 47.209 — Manufactured home financing; property tax collection requirement.

     47.209 Manufactured home financing; property tax 
  collection requirement. 


    Subdivision 1.    Applicability.  This section applies 
 to any agreement entered into after December 31, 1992, for the 
 financing or refinancing of a purchase of a manufactured home.  
 As used in this section and section 277.17, "lender" includes a 
 state bank and trust company, national banking association, 
 state or federally chartered savings association, mortgage bank, 
 savings bank, insurance company, credit union, or a dealer as 
 defined in section 327B.01, subdivision 7, that enters into an 
 agreement for financing or refinancing a purchase of a 
 manufactured home.  


    Subd. 2.    Condition of financing agreement.  Each 
 agreement must contain a statement that it is a condition of the 
 agreement that the borrower must agree to pay all taxes on the 
 manufactured home when due. 


    Subd. 3.    Collection of delinquent taxes.  Within 30 
 days of receipt of a notice of delinquency from a county under 
 section 277.17, the lender must notify the mortgagor that the 
 tax must be paid in full no later than 60 days from the date of 
 issuance of the notice.  The notice must inform the mortgagor 
 that if the tax is not paid by that date, the lender may pay the 
 delinquent tax, together with any penalty and interest then due, 
 in full to the county.  The notice may inform the mortgagor of 
 the lender's option to begin foreclosure proceedings.  The 
 county may only request payment and collection of taxes that 
 have been delinquent for no longer than one year under this 
 section.  The county must notify the lender if the owner of the 
 manufactured home pays the delinquent taxes at any time during 
 the 60 days after the notice has been issued. 


    HIST: 1991 c 291 art 15 s 1; 1992 c 511 art 2 s 1; 1995 c 171 
 s 14