Subdivision 1. Remedies. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, and 58.161 shall have a private right of action and the court shall award:
(1) actual, incidental, and consequential damages;
(2) statutory damages equal to the amount of all lender fees included in the amount of the principal of the residential mortgage loan as defined in section 58.137;
(3) punitive damages if appropriate, and as provided in sections 549.191 and 549.20; and
(4) court costs and reasonable attorney fees.
Subd. 2. Private attorney general statute. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, and 58.161 also may bring an action under section 8.31. A private right of action by a borrower under this chapter is in the public interest.
Subd. 3. Remedies cumulative. The remedies provided in this section are cumulative and do not restrict any other right or remedy otherwise available to the borrower.
Subd. 4. Exemption. This section does not apply to a residential mortgage loan originated by a federal or state chartered bank, savings bank, or credit union.
2007 c 74 s 5; 2008 c 276 s 3,4
Structure Minnesota Statutes
Chapter 58 — Mortgage Originator And Servicer Licensing
Section 58.03 — Classes Of License.
Section 58.04 — Licensing Requirement.
Section 58.05 — Exemptions From License.
Section 58.06 — Application Requirements For Residential Mortgage Originators And Servicers.
Section 58.08 — Bonds; Letters Of Credit.
Section 58.09 — Term Of License.
Section 58.11 — License Renewal.
Section 58.115 — Examinations.
Section 58.12 — Denial, Suspension, Revocation Of Licenses.
Section 58.125 — Prohibition On Service As A Residential Mortgage Originator.
Section 58.13 — Standards Of Conduct.
Section 58.136 — Rates And Charges.
Section 58.137 — Interest, Points, Finance Charges, Fees, And Other Charges.
Section 58.14 — Record Keeping And Notification Requirements.
Section 58.15 — Disclosure Requirements For Certain Residential Mortgage Originators.
Section 58.161 — Mortgage Broker Duties Of Agency.
Section 58.162 — Transaction Agents Or Servicers; Disclosure Of Note Owner Information To Mortgagor.
Section 58.17 — Scope Of Chapter.
Section 58.18 — Private Right Of Action.
Section 58.19 — Reverse Mortgage Loans Coordination With Chapter 47.