MN SF4138

Establishes confidentiality protections for financial institution documents and information furnished to or obtained by the Commissioner of Commerce, classifying them as confidential and not subject to subpoena or discovery in private civil actions.

Requires background checks for residential mortgage loan originator and servicer license applicants, including fingerprints for FBI criminal history checks and authorization for credit reports and administrative/civil/criminal findings.

Prohibits unfair residential real estate service agreements that exceed one year, run with the land, allow assignment without owner consent, create liens, or contain automatic renewal provisions; declares such agreements unenforceable.

Establishes loss assessment coverage requirements for condominium and townhouse insurance policies, requiring insurers to pay assessments charged by associations up to policy limits regardless of when coverage accrued.

Allows the Commissioner of Commerce to waive licensing and registration requirements for nonresident collection agencies operating in Minnesota through interstate communications if they are licensed in their home state.