Mortgage servicers must answer borrowers and consider hardship options

Mortgage servicers must follow rules for handling home loans and borrower requests. These rules apply to residential mortgage servicers and the loans they service. A written request must identify the borrower and account, say the account may be in error, and give enough detail for a response. A borrower may request one detailed account statement free each year; later statements may cost $30 each. Servicers must consider alternatives to foreclosure when a borrower faces imminent delinquency or cannot keep up with payments because of hardship.

Travel insurance sellers and administrators must meet licensing, registration, and disclosure rules. These rules cover travel insurance offered to Minnesota residents and policies issued in Minnesota. Travel retailers may offer insurance only under a licensed producer's direction and after registration. Retailers must explain that buying travel insurance is not required to buy their other products or services. A customer may cancel for a full refund unless they have started the trip or filed a claim. The cited travel insurance provisions take effect 90 days after final enactment.

Insurers may offer short-term home health and nursing care policies only after state approval. These rules apply to short-term home health and nursing care insurance offered, issued, delivered, or renewed in Minnesota. Policies must cover cognitive impairment or inability to perform at least two daily activities without substantial help. Coverage may not exceed 360 days, and policies must include at least 30 days for a full premium refund. An insurer may refuse renewal only for unpaid premiums, fraud or misrepresentation, loss of authority to do business in Minnesota, or exhaustion of the maximum benefit period.

Holders must sell reported unclaimed virtual currency and send the proceeds to the commissioner. This applies to virtual currency reported to the commissioner as unclaimed property. If a holder cannot sell the currency, the holder must promptly tell the commissioner why. The commissioner may direct the holder to transfer it to a chosen custodian or keep holding it until it can be sold. The owner cannot claim later gains in value after the sale. The three-year period runs from the owner's latest indication of interest. The holder must sell the currency within 30 days before filing the required report.