MN HF4188

Virtual-currency kiosks prohibited beginning January 1, 2027, with operators required to remove all kiosks from public locations by December 31, 2026 and issue customer refunds; violations subject to $1,000 per day civil penalty

New residential mortgage loan servicing standards established requiring servicers to act in good faith, promptly credit payments, maintain escrow accounts properly, respond to borrower information requests within 30 business days, and maintain written policies for third-party provider oversight

Student loan servicer protections expanded with detailed requirements for loan transfer notifications at least 15 days before effective date, transfer of all necessary borrower information within 45 days, and mandatory recording and retention of telephone conversations with borrowers for 60 months

Mortgage foreclosure loss mitigation requirements strengthened to require servicers to provide at least 30 days for borrowers to submit required documents, evaluate applications within 45 days, allow 30 days to accept offers, and halt foreclosure sales when receiving applications at least 8 business days before sale date

Real property appraiser and appraisal management company licensees required to notify the commissioner of commerce within 10 days of changes to application information, adverse civil judgments, disciplinary actions, or criminal charges involving fraud or misrepresentation