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Committee adopts technical fixes to contract-for-deed law and sends amended bill to the Senate floor
Summary
Senate File 505, a technical amendment package to last year’s contract-for-deed reforms, was amended and recommended to the Senate floor by the Minnesota Senate Judiciary Committee after the committee adopted the author’s A1 amendment.
Senate File 505, a technical amendment bill to Minnesota's contract-for-deed law enacted last year, was amended and recommended to the Senate floor by the Senate Judiciary Committee on Monday.
Senator Omar Mohamed introduced the author’s A1 amendment and described the measure as primarily technical, adding exemptions for sales by the state and political subdivisions and clarifying that a single-owner limited-liability company whose owner is a natural person should be treated like an individual seller for the statute’s investor-seller exemptions. "This bill is primarily technical," the sponsor said, and he told the committee stakeholders from last year's work, including the Minnesota Association of Realtors and the Minnesota State Bar Association, had been consulted.
Witnesses and testifiers…
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