The ALTA, along with AARP and the Minnesota Land Title Association, applauded passage of the legislation, which also allows the state attorney general to pursue restitution against firms using such contracts while empowering homeowners to seek damages in court.
“This legislation will ensure that Minnesota Attorney General Keith Ellison can pursue restitution against these bad actors and empower individuals to seek damages through the courts,” AARP Minnesota director Cathy McLeer said in a joint media release.
In addition to rendering NTRAPS void, the new law restricts recording them on property deeds and establishes penalties for violations. It also provides a process for homeowners to remove existing NTRAP agreements from their records.
“We look forward to working on similar legislative solutions in other states to help protect homeowners against this predatory real estate practice,” said Samar Jha, AARP’s government affairs director.
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