Conventional loan mortgage documents notice requirements modifications

SF 2822 modifies Minnesota's requirements for conventional mortgage documents. It mandates that lenders print promissory notes and mortgages in at least 8-point type, provide borrowers with conformed copies at signing or shortly after, and give detailed written notice of defaults before foreclosure (including a 30-day cure period and specific consequences). The bill directly affects lenders making conventional loans and borrowers in Minnesota. Compliance is optional for mortgages dated between August 1, 2024, and July 31, 2025, with retroactive effect from July 31, 2024.