HF2308 Summary

• Amends Minnesota Statutes section 325N.01 to expand the definition of foreclosure consultant regulations to include residential mortgage originators who negotiate or offer to negotiate terms of existing residential mortgage loans.

• Changes language in the mortgage originator exemption from applying only "section 325N.04, clause (1)" to applying "all sections 325N.01 to 325N.09" when originators negotiate or modify existing residential mortgage loan terms.

• Maintains existing exemptions from foreclosure consultant regulations for attorneys, debt management providers, real estate brokers, accountants, HUD-approved entities, financial institutions, nonprofit agencies, and judgment creditors.

• Preserves the definition of foreclosure reconveyance as a transaction involving transfer of property title during foreclosure with a subsequent promise to reconvey an interest back to the foreclosed homeowner.