MN HF2696

Adds new requirement that residential mortgage originators and servicers named as additional insured on a borrower's homeowners insurance policy must countersign or execute insurance claim checks within 10 days of the borrower's request.

Applies to checks payable for damages under residential home mortgage property insurance policies that secure mortgage loans.

Exempts state or federally chartered banks, savings banks, credit unions, Farm Credit Act institutions, and persons making loans originated or purchased by state or tribal/local government agencies from certain borrower protection requirements (clauses 24-27).

Amends Minnesota Statutes 2018, section 58.13, subdivision 1, which establishes prohibited practices for residential mortgage originators and servicers.