Minnesota Statutes Trade Regulations, Consumer Protection (Ch. 324-341) § 325N.10. Definitions

Subdivision 1. Scope. For the purposes ofsections 325N.10to325N.18, the terms defined in this section have the meanings given them.

Subd. 2. Owner. “Owner” has the meaning given insection 325N.01, paragraph (g).

Subd. 3. Property reconveyance. “Property reconveyance” has the meaning given insection 325N.01, paragraph (c).

Subd. 4. Equity purchaser. “Equity purchaser” means a person that has acted as the acquirer in a property reconveyance. Equity purchaser also includes a person that has acted in joint venture or joint enterprise with one or more acquirers in a property reconveyance. An equity purchaser does not include: (i) a natural person who shows that the natural person is not in the business of equity purchasing and has a prior personal relationship with the homeowner of the covered residence, unless a showing of fraud undersection 325F.69, subdivision 1, has been made, or (ii) a federal or state chartered bank, savings bank, thrift, or credit union.

Subd. 5. Resale. “Resale” means a bona fide market sale of the property subject to the property reconveyance by the equity purchaser to an unaffiliated third party.

Subd. 6. Resale price. “Resale price” means the gross sale price of the property on resale.

Subd. 7. Covered residence. “Covered residence” has the meaning given insection 325N.01, paragraph (f).