Minnesota passed a bill amending several provisions of the Minnesota Residential Mortgage Originator and Servicer Licensing Act (MRMOSLA). Under the bill, mortgage loan servicer requirements were amended and added which affected account statements, escrow accounts, payment crediting, transfer of servicing, and servicer notifications to the borrower. Also, the bill amended records to be retained requirements by requiring written or electronic records of each written request for information involving the borrower’s account and telephone conversations with a borrower and a borrower’s representatives to be retained. In addition, the retention period with respect to written or electronic records of a borrower’s request for information involving the borrower’s account was amended by requiring those records be retained until the loan is paid in full, sold, or otherwise satisfied. The bill becomes effective August 1, 2026.

Click to view the Minnesota House Bill 4188: https://www.tenaco.com/wp-content/uploads/2026/06/MN-HB-4188-05-28-26.pdf