Title Minnesota Statutes, Minnesota Statutes

325N.05 WAIVER NOT ALLOWED. Any waiver by an owner of the provisions of sections 325N.01 to 325N.09 is void and unenforceable as contrary to public policy. Any attempt by a solicitor to induce an owner to waive the owner's rights is a violation of sections 325N.01 to 325N.09. His…

325N.06 REMEDIES. (a) A violation of sections 325N.01 to 325N.09 is considered to be a violation of section 325F.69, and all remedies of section 8.31 are available for such an action. A private cause of action under section 8.31 by an owner is in the public interest. An owner may…

325N.07 PENALTY. Any person who commits any violation described in section 325N.04 may, upon conviction, be fined not more than $10,000 or imprisoned not more than 364 days or both. Prosecution or conviction for any violation described in section 325N.04 will not bar prosecution …

325N.08 PROVISIONS SEVERABLE. If any provision of sections 325N.01 to 325N.09 or the application of any of these provisions to any person or circumstance is held to be unconstitutional and void, the remainder of sections 325N.01 to 325N.09 remains valid. History: 2004 c 263 s 8,2…

325N.09 LIABILITY. (a) Any provision in a contract which attempts or purports to require arbitration of any dispute arising under sections 325N.01 to 325N.09 is void at the option of the owner. (b) This section applies to any contract entered into on or after August 1, 2004. Hist…

325N.10 DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 325N.10 to 325N.18, the terms defined in this section have the meanings given them. § Subd. 2.Owner. "Owner" has the meaning given in section 325N.01, paragraph (g). § Subd. 3.Property reconveyance. "Propert…

325N.11 CONTRACT REQUIREMENT; FORM AND LANGUAGE. An equity purchaser shall enter into every property reconveyance in the form of a written contract. Every contract must be written in letters of a size equal to at least 12-point boldface type, in the same language principally used…

325N.12 CONTRACT TERMS. Every contract required by section 325N.11 must contain the entire agreement of the parties and must include the following terms: (1) the name, business address, and the telephone number of the equity purchaser; (2) the address of the covered residence; (3…

325N.13 CONTRACT CANCELLATION. (a) In addition to any other right of rescission, the owner has the right to cancel any contract with an equity purchaser until midnight of the fifth business day following the day on which the owner signs a contract that complies with sections 325N…

325N.14 NOTICE OF CANCELLATION. (a) The contract must contain in immediate proximity to the space reserved for the owner's signature a conspicuous statement in a size equal to at least 14-point boldface type, if the contract is printed, or in capital letters, if the contract is t…

325N.15 WAIVER. Any waiver of the provisions of sections 325N.10 to 325N.18 is void and unenforceable as contrary to public policy except a consumer may waive the five-day right to cancel provided in section 325N.13 if the property is subject to a foreclosure sale within the five…

325N.16 LIABILITY. (a) Any provision in a contract which attempts or purports to require arbitration of any dispute arising under sections 325N.10 to 325N.18 is void at the option of the owner. (b) This section applies to any contract entered into on or after August 1, 2004. Hist…

325N.17 PROHIBITED PRACTICES. An equity purchaser shall not: (a) enter into, or attempt to enter into, a property reconveyance with an owner unless: (1) the equity purchaser verifies and can demonstrate that the owner has a reasonable ability to pay for the subsequent conveyance …

325N.18 ENFORCEMENT. § Subdivision 1.Remedies. A violation of sections 325N.10 to 325N.17 is considered to be a violation of section 325F.69, and all the remedies of section 8.31 are available for such an action. A private right of action under section 8.31 by an owner is in the …