MN SF2074

Permits 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 Statutes sections 326B.801 to 326B.885.

Allows lenders to refuse to make loans for construction or home improvements not performed or planned to be performed by a licensed contractor.

Applies to conventional loans and certain loans made for purchasing one to four family dwellings for primary residence or financing home improvements.

Requires insurers 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 licensed contractors with minimum limits of $100,000 per occurrence and $300,000 aggregate for bodily injury and property damage.