MN SF4550

Adds a new prohibition on residential mortgage originators and servicers requiring them to promptly countersign or execute insurance checks for property damage within ten days of a borrower's request when the lender is named as an additional insured on the homeowner's insurance policy.

Applies the countersigning requirement to checks payable for damages under residential home mortgage borrower's insurance policies that cover property secured by the loan.

Exempts state or federally chartered banks, savings banks, credit unions, Farm Credit Act institutions, and persons arranging loans originated or purchased by state agencies or tribal/local governments from certain lending requirements including this new provision.

Amends Minnesota Statutes 2019 Supplement, section 58.13, subdivision 1, by adding clause (28) to the list of prohibited practices for mortgage originators and servicers.