MN HF2482

Allows lenders to require loan applicants to disclose whether new home construction or home improvements will be performed by a person or entity licensed under Minnesota contractor licensing laws (sections 326B.801 to 326B.885).

Permits lenders to refuse loans for construction or home improvements that are not performed or planned to be performed by a licensed contractor.

Applies to conventional loans and certain construction/improvement loans for one to four family dwellings used as primary residences.

Requires insurance companies selling policies to contractors to obtain a valid license from the Department of Labor and Industry contractor Web site.

Maintains existing commercial general liability insurance requirements for licensees, including minimum coverage of $100,000 per occurrence and $300,000 aggregate limits for bodily injury and property damage.