MN HF4672

Amends Minnesota Statutes section 58.13 to add clause (28) prohibiting residential mortgage originators and servicers from failing to promptly countersign or execute insurance proceeds checks within 10 days of a borrower's request when named as an additional insured on the property insurance policy.

Applies to persons required to be licensed as residential mortgage originators or servicers and those exempt from licensing requirements under specified exceptions.

Exempts state or federally chartered banks, savings banks, credit unions, Farm Credit Act institutions, and persons making loans originated or purchased by state agencies or tribal or local government units from this requirement.