2025 Session Last amended: 2021 session

§ 325N.02 — Rescission of Solicitor Contract

Plain-Language Summary

This section requires foreclosure solicitors to give homeowners a written notice explaining their rights before entering into any agreement. The notice must be in a specific format and language.

325N.02 RESCISSION OF SOLICITOR CONTRACT.

(a) In addition to any other right under law to rescind a contract, an owner has the right to cancel a solicitor contract until midnight of the third business day after the day on which the owner signs a contract which complies with section 325N.03.

(b) Cancellation occurs when the owner gives written notice of cancellation to the solicitor at the address specified in the contract.

(c) Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid.

(d) Notice of cancellation given by the owner need not take the particular form as provided with the contract and, however expressed, is effective if it indicates the intention of the owner not to be bound by the contract.

History:

2004 c 263 s 2,26; 2007 c 106 s 22; 2008 c 341 art 5 s 23; 2021 c 7 s 6

History: History: 2004 c 263 s 2,26; 2007 c 106 s 22; 2008 c 341 art 5 s 23; 2021 c 7 s 6

Practical Notes

Before a foreclosure rescue company can do business with you, they must give you a clear written notice of your rights. This notice must be in at least 14-point type and include your right to cancel.

Source: Minnesota Office of the Revisor of Statutes