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Legislative: Bills of Interest |
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MLTA Bill HF3888 - Passed out of Committee in both the Senate and the House. Dennis and I were at both hearings. Marty and Dennis spoke briefly at the Senate hearing. Bill includes the Definition of Title Insurance language, language meant to make sure that notaries acting in capacity of signing up real estate transactions should be licensed and elimination of the “established business relationship” exception to the collected funds statute. Bills we are following HF 3129 Technical modifications of platting requirements. No real concerns. No objections HF 3134 Real Property transfer on death deeds – out of committees, not yet passed or signed. No objections HF 3338 Mortgages in disaster areas exempt from MRT. Didn’t object. Doesn’t appear likely to get hearing at the floors unless amended on to something else. Meeting scheduled for April 16th at 10 am. HF 3473 Would amend the state law to mirror change in federal income tax law “Mortgage Forgiveness Debt Relief Act of 2007” so that borrowers wouldn’t be taxes on the amount of indebtedness forgiven in a short sale. Doesn’t appear likely to get hearing at the floors unless amended on to something else. Heard but not passed out of committee. HF 3474 Related to Foreclosures. Passed by both houses. Not yet signed. A defendant’s failure to appear at the hearing after service of process in compliance with subdivision 6 is conclusive evidence of abandonment by the defendant. Passed and signed by the Governor. HF 3475 Foreclosures. Bill would require notification of foreclosure prevention counseling and foreclosure advice notice to tenant. Also provides for “short sale” redemptions through Sheriff. Hours for redemption 9:00 to 4:00. Also reduces published notice to 3 weeks. Appears poised to pass. HF 3476 Foreclosure; tenant notice required relating to foreclosures. Passed and signed by the Governor. HF 3612 Minnesota Subprime Foreclosure Deferment Act . Gives some subprime borrowers right to defer foreclosure for a year. Questions as to constitutionality. House and Senate versions differ so not sure what final result will be but something likely to pass the legislature. Governor reportedly may veto. HF 3932 Foreclosure bill. Would preclude recording of Sheriff’s Certificate until after right of redemption expired and would have right of reinstatement running concurrently with right of redemption. Senator Ortman was to have held a meeting last week, but it cancelled. Appears now unlikely to pass, but MLTA would oppose in Senator Ortman’s format if it finds and more legs. State Deed and MRT surcharges back in the Senate Tax bill. Includes St. Louis, Dakota and Anoka in addition to Hennepin and Ramsey. Bar seeking uniformity across Counties. Concur, but probably won’t fight it too hard. HF 3975 Insurance bill that will allow punitive damages and 18 per cent interest on claims wrongfully denied or delayed. Appears to be dead. Senate bill didn’t get requisite hearing.
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