MN SF1587

Extends Minnesota's equity-stripping law protections to owners of agricultural property used for farming, in addition to residential homeowners in foreclosure.

Expands definitions of "residence in foreclosure" and "foreclosed homeowner" to include real property principally used for farming where the owner occupies one parcel as their principal residence.

Applies foreclosure purchaser prohibitions to agricultural property transactions, requiring verification of reasonable payment ability, independent closing agents, written consent for property transfers, and compliance with federal Home Ownership Equity Protection Act requirements.

Requires foreclosure purchasers to ensure reconveyance of title or provide payment of at least 82 percent of fair market value within 150 days of eviction or voluntary relinquishment, with detailed accounting and appraisal documentation.

Prohibits deceptive practices by foreclosure purchasers, including misrepresenting that they are acting as advisors, making false statements about property value, and executing conveyance documents until cancellation periods expire.