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MN HF1865

Bill

Official Source

Status

Introduced

3/5/2025

Primary Sponsor

Keith Allen

Click for details

Origin

House of Representatives

94th Legislature 2025-2026

AI Summary

  • Loans meeting Federal Qualified Mortgage standards under 12 CFR 1026.43(e)(3) are exempted from Minnesota's service charge limitations on conventional loans

  • Current state law caps service charges at 1% of the original principal amount for conventional loans and 2% for construction loans

  • The exemption aligns state mortgage regulations with federal qualified mortgage standards for points and fees thresholds

  • Amends Minnesota Statutes 2024, section 47.20, subdivision 2, which governs definitions for conventional and cooperative apartment loans

Legislative Description

Loans that satisfy the federal qualified mortgage points and fees threshold excluded from the definition of conventional loan.

Last Action

Second reading

3/17/2025

Committee Referrals

Commerce Finance & Policy3/5/2025

Full Bill Text

No bill text available