MN HF129

Amends Minnesota Statutes section 325N.01 to clarify the definition of "foreclosure consultant" and related terms governing mortgage foreclosure regulations.

Expands the exemption for licensed residential mortgage originators and servicers under chapter 58 to include sections 325N.01 to 325N.06, 325N.08, and 325N.09 when negotiating or offering to negotiate terms of existing residential mortgage loans.

Maintains exemptions for attorneys, debt management providers, real estate brokers, accountants, HUD-approved entities, banks, credit unions, nonprofit 501(c)(3) organizations, and foreclosure purchasers from the definition of "foreclosure consultant."

Defines "foreclosure consultant" to include any person offering services for compensation to stop/postpone foreclosure sales, obtain forbearance, assist with reinstatement, extend cure periods, waive acceleration clauses, obtain loans, improve credit, or modify mortgage terms.

Effective date is the day following final enactment.