Minnesota foreclosure question

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Hello,

I am fairly new to Minneapolis, and am diving into the pre-foreclosure business. I have done some preliminary set-up work, and am planning to join a REI club here. I am trying to obtain good forms, contracts, etc. to use on a daily basis. My biggest question for now is: I have heard that Minnesota has a new law thatwent into effect 8/01/07, that might affect a REI doing his work with pre-foreclosures. I heard that this law is a model for other states, but can't actually find a copy of the law mentioned in a few articles. Is it the predatory lending law, and does that really hamper us or is it just in place to keep actual lenders from getting people into loans that are unrealistic?

Has anyone had an experience in Minnesota where you were negatively affected by the law? I do know that the redemption period here is 6-12 months. I can see why that could pose a problem if we are flipping to an investor, and then the seller has 12 months to step in and take his house back. How would that work for us as the wholesaler? Helpful advice is requested. Thanks! -Mike Sedwick