Mortgage payment satisfaction provisions modifications

This bill (SF 2960) amends Minnesota Statutes sections 47.208 and 507.41 to clarify mortgage satisfaction requirements. It requires mortgage servicers to provide a "satisfaction of mortgage" document to the county recorder within 45 days of full payment (previously 10 days), and adds rules for corrected payoff statements if an initial statement was too low. Homeowners who paid based on an understated payoff statement are protected from servicer disputes over the amount. The changes directly affect homeowners paying off mortgages, mortgage servicers, and county recorders, with penalties for failure to comply within the new timeframe.