Subdivision 1.Remedies.

Any person injured by a violation of the standards, duties, prohibitions, or requirements of section 82B.20 or 82B.22 shall have a private right of action and the court shall award:

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Terms Used In Minnesota Statutes 82B.24

  • Appraisal: A determination of property value.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Fraud: Intentional deception resulting in injury to another.
  • Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.

(1) actual, incidental, and consequential damages;

(2) statutory damages of no less than $1,000 nor more than $2,000;

(3) punitive damages if appropriate, and as provided in sections 549.191 and 549.20; and

(4) court costs and reasonable attorney fees.

Subd. 2.Private attorney general statute.

A person injured by a violation of the standards, duties, prohibitions, or requirements of section 82B.20 or 82B.22 also may bring an action under section 8.31. A private right of action by a borrower under this chapter is in the public interest.

Subd. 3.Remedies cumulative.

The remedies provided in this section are cumulative and do not restrict any other right or remedy otherwise available to the borrower.

Subd. 4.Time limitations.

(a) A private right of action must be commenced the earlier of:

(1) six years from the date the appraisal services giving rise to the cause of action were performed or should have been performed;

(2) six years from the date the appraisal giving rise to the cause of action was completed or should have been completed; or

(3) the expiration of any other applicable statute of limitations.

(b) Paragraph (a), clauses (1) and (2), do not apply when the person alleges that an injury occurred due to:

(1) knowing and intentional fraud; or

(2) knowing and intentional misrepresentation during the performance of an appraisal.