2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 332 Collection, Credit Services, Debt Prorating
Section 332.302 CONTRACTS; NOTICE TO MORTGAGOR.

332.302 CONTRACTS; NOTICE TO MORTGAGOR.
A contract entered into between an accelerated mortgage payment provider and a mortgagor
shall be in writing and include all applicable terms and conditions including, but not limited
to, all fees, costs, and charges. A conforming copy must be provided to the mortgagor before
any fees in connection with the accelerated mortgage payment services are received by the
accelerated mortgage payment provider. A contract shall provide that the arrangement between
the accelerated mortgage payment provider and lender or lenders requires:
(1) that if the original terms of the mortgage, mortgage note, or escrow agreement are in
default because of nonpayment by the accelerated mortgage payment provider, the lender or
lenders mail or otherwise deliver to the mortgagor a written notice within 30 days of the default;
and
(2) that a written summary of payments received by the accelerated mortgage payment
provider by date and amount, payments made to the lender or lenders on behalf of the mortgagor
by date and amount, and unremitted balance held by the accelerated mortgage payment provider
be provided to the mortgagor at least annually or more frequently on a date or dates mutually
agreed upon between the accelerated mortgage payment provider and mortgagor.
History: 1994 c 638 s 4