Minnesota Enacts New Property Legislation

In other state legal news, Minnesota lawmakers have enacted legislation effective Aug. 1, which among other things increases the homestead exemption from $200,000 to $300,000. If the land is used primarily for agricultural purposes, the bill increases the homestead exemption from $500,000 to $750,000.

Also, in Nevada, the state legislature has amended its mortgage broker/agent education and licensing requirements. According to Lotstein Buckman, highlights of the legislation include new written examinations and continuing education requirements. Industry representatives are permitted to participate in the creation of regulations regarding the courses. There is a requirement for mortgage brokers who are not natural persons to designate a "qualified employee" and new accounting standards for mortgage brokers who act as broker-dealers. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com