MN HF1187

Extends Minnesota's equity-stripping law (Chapter 325N) to protect owners of agricultural property in addition to residential property owners facing foreclosure.

Amends the definition of "residence in foreclosure" to include real property principally used for farming as defined in section 500.24, subdivision 2, regardless of whether parcels are contiguous, provided the owner occupies one parcel as their principal place of residence.

Expands the definition of "foreclosed homeowner" to include owners of real property principally used for farming whose mortgage is or was in foreclosure.

Modifies the definition of "foreclosure consultant" to apply to persons offering services related to forestalling foreclosure on agricultural properties, with the same restrictions and exemptions that apply to residential properties.

Maintains existing exemptions for licensed professionals (lawyers, real estate brokers, accountants), financial institutions, nonprofit counseling agencies, and government-authorized agents when dealing with agricultural foreclosures.