| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to commerce; excluding loans that satisfy the federal qualified mortgage |
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| 3 | 3 | | 1.3 points and fees threshold from the definition of conventional loan; amending |
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| 4 | 4 | | 1.4 Minnesota Statutes 2024, section 47.20, subdivision 2. |
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| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 6 | 6 | | 1.6 Section 1. Minnesota Statutes 2024, section 47.20, subdivision 2, is amended to read: |
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| 7 | 7 | | 1.7 Subd. 2.Definitions.For the purposes of this section the terms defined in this subdivision |
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| 8 | 8 | | 1.8have the meanings given them: |
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| 9 | 9 | | 1.9 (1) "Actual closing costs" mean reasonable charges for or sums paid for the following, |
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| 10 | 10 | | 1.10whether or not retained by the mortgagee or lender: |
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| 11 | 11 | | 1.11 (a) Any insurance premiums including but not limited to premiums for title insurance, |
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| 12 | 12 | | 1.12fire and extended coverage insurance, flood insurance, and private mortgage insurance, but |
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| 13 | 13 | | 1.13excluding any charges or sums retained by the mortgagee or lender as self-insured retention. |
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| 14 | 14 | | 1.14 (b) Abstracting, title examination and search, and examination of public records. |
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| 15 | 15 | | 1.15 (c) The preparation and recording of any or all documents required by law or custom |
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| 16 | 16 | | 1.16for closing a conventional or cooperative apartment loan. |
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| 17 | 17 | | 1.17 (d) Appraisal and survey of real property securing a conventional loan or real property |
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| 18 | 18 | | 1.18owned by a cooperative apartment corporation of which a share or shares of stock or a |
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| 19 | 19 | | 1.19membership certificate or certificates are to secure a cooperative apartment loan. |
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| 20 | 20 | | 1.20 (e) A single service charge, which includes any consideration, not otherwise specified |
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| 21 | 21 | | 1.21herein as an "actual closing cost" paid by the borrower and received and retained by the |
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| 22 | 22 | | 1.22lender for or related to the acquisition, making, refinancing or modification of a conventional |
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| 23 | 23 | | 1Section 1. |
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| 47 | | - | 2.12service for which the lender has imposed the charge. A loan that meets the Federal Qualified |
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| 48 | | - | 2.13Mortgage standards in Code of Federal Regulations, title 12, section 1026.43(e)(3), is exempt |
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| 49 | | - | 2.14from the service charge limitations of this section. |
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| 50 | | - | 2.15 (f) Charges and fees necessary for or related to the transfer of real or personal property |
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| 51 | | - | 2.16securing a conventional or cooperative apartment loan or the closing of a conventional or |
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| 52 | | - | 2.17cooperative apartment loan paid by the borrower and received by any party other than the |
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| 53 | | - | 2.18lender. |
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| 54 | | - | 2.19 (2) "Contract for deed" means an executory contract for the conveyance of real estate, |
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| 55 | | - | 2.20the original principal amount of which is less than $300,000. A commitment for a contract |
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| 56 | | - | 2.21for deed shall include an executed purchase agreement or earnest money contract wherein |
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| 57 | | - | 2.22the seller agrees to finance any part or all of the purchase price by a contract for deed. |
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| 58 | | - | 2.23 (3) "Conventional loan" means a loan or advance of credit, other than a loan or advance |
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| 59 | | - | 2.24of credit made by a credit union or made pursuant to section 334.011, to a noncorporate |
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| 60 | | - | 2.25borrower in an original principal amount of less than or equal to the conforming loan limit |
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| 61 | | - | 2.26established by the Federal Housing Finance Agency under the Housing and Recovery Act |
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| 62 | | - | 2.27of 2018, Public Law 110-289, secured by a mortgage upon real property containing one or |
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| 63 | | - | 2.28more residential units or upon which at the time the loan is made it is intended that one or |
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| 64 | | - | 2.29more residential units are to be constructed, and which is not insured or guaranteed by the |
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| 65 | | - | 2.30secretary of housing and urban development, by the administrator of veterans affairs, or by |
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| 66 | | - | 2.31the administrator of the Farmers Home Administration, and which is not made pursuant to |
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| 67 | | - | 2.32the authority granted in subdivision 1, clause (3) or (4). The term mortgage does not include |
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| 68 | | - | 2.33contracts for deed or installment land contracts. |
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| 69 | | - | 2.34 (4) "Cooperative apartment loan" means a loan or advance of credit, other than a loan |
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| 70 | | - | 2.35or advance of credit made by a credit union or made pursuant to section 334.011, to a |
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| 43 | + | 2.12service for which the lender has imposed the charge. |
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| 44 | + | 2.13 (f) Charges and fees necessary for or related to the transfer of real or personal property |
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| 45 | + | 2.14securing a conventional or cooperative apartment loan or the closing of a conventional or |
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| 46 | + | 2.15cooperative apartment loan paid by the borrower and received by any party other than the |
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| 47 | + | 2.16lender. |
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| 48 | + | 2.17 (2) "Contract for deed" means an executory contract for the conveyance of real estate, |
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| 49 | + | 2.18the original principal amount of which is less than $300,000. A commitment for a contract |
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| 50 | + | 2.19for deed shall include an executed purchase agreement or earnest money contract wherein |
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| 51 | + | 2.20the seller agrees to finance any part or all of the purchase price by a contract for deed. |
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| 52 | + | 2.21 (3) "Conventional loan" means a loan or advance of credit, other than a. Conventional |
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| 53 | + | 2.22loan does not include the following: |
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| 54 | + | 2.23 (a) A loan or advance of credit made by a credit union or made pursuant to section |
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| 55 | + | 2.24334.011, to a noncorporate borrower in an original principal amount of less than or equal |
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| 56 | + | 2.25to the conforming loan limit established by the Federal Housing Finance Agency under the |
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| 57 | + | 2.26Housing and Recovery Act of 2018, Public Law 110-289, secured by a mortgage upon real |
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| 58 | + | 2.27property containing one or more residential units or upon which at the time the loan is made |
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| 59 | + | 2.28it is intended that one or more residential units are to be constructed, and which is not insured |
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| 60 | + | 2.29or guaranteed by the secretary of housing and urban development, by the administrator of |
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| 61 | + | 2.30veterans affairs, or by the administrator of the Farmers Home Administration, and which |
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| 62 | + | 2.31is not made pursuant to the authority granted in subdivision 1, clause (3) or (4). The term |
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| 63 | + | 2.32mortgage does not include contracts for deed or installment land contracts. |
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| 64 | + | 2.33 (b) A loan or advance of credit, secured by a mortgage upon real property containing |
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| 65 | + | 2.34one or more residential units or upon which one or more residential units are intended to |
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| 72 | | - | REVISOR RSI H1865-1HF1865 FIRST ENGROSSMENT 3.1noncorporate borrower in an original principal amount of less than $100,000, secured by a |
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| 73 | | - | 3.2security interest on a share or shares of stock or a membership certificate or certificates |
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| 74 | | - | 3.3issued to a stockholder or member by a cooperative apartment corporation, which may be |
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| 75 | | - | 3.4accompanied by an assignment by way of security of the borrower's interest in the proprietary |
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| 76 | | - | 3.5lease or occupancy agreement in property issued by the cooperative apartment corporation |
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| 77 | | - | 3.6and which is not insured or guaranteed by the secretary of housing and urban development, |
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| 78 | | - | 3.7by the administrator of veterans affairs, or by the administrator of the Farmers Home |
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| 79 | | - | 3.8Administration. |
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| 80 | | - | 3.9 (5) "Cooperative apartment corporation" means a corporation or cooperative organized |
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| 81 | | - | 3.10under chapter 308A or 317A, the shareholders or members of which are entitled, solely by |
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| 82 | | - | 3.11reason of their ownership of stock or membership certificates in the corporation or |
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| 83 | | - | 3.12association, to occupy one or more residential units in a building owned or leased by the |
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| 84 | | - | 3.13corporation or association. |
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| 85 | | - | 3.14 (6) "Forward commitment fee" means a fee or other consideration paid to a lender for |
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| 86 | | - | 3.15the purpose of securing a binding forward commitment by or through the lender to make |
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| 87 | | - | 3.16conventional loans to two or more credit worthy purchasers, including future purchasers, |
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| 88 | | - | 3.17of residential units, or a fee or other consideration paid to a lender for the purpose of securing |
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| 89 | | - | 3.18a binding forward commitment by or through the lender to make conventional loans to two |
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| 90 | | - | 3.19or more credit worthy purchasers, including future purchasers, of units to be created out of |
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| 91 | | - | 3.20existing structures pursuant to chapter 515B, or a fee or other consideration paid to a lender |
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| 92 | | - | 3.21for the purpose of securing a binding forward commitment by or through the lender to make |
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| 93 | | - | 3.22cooperative apartment loans to two or more credit worthy purchasers, including future |
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| 94 | | - | 3.23purchasers, of a share or shares of stock or a membership certificate or certificates in a |
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| 95 | | - | 3.24cooperative apartment corporation; provided, that the forward commitment rate of interest |
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| 96 | | - | 3.25does not exceed the maximum lawful rate of interest effective as of the date the forward |
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| 97 | | - | 3.26commitment is issued by the lender. |
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| 98 | | - | 3.27 (7) "Borrower's interest rate commitment" means a binding commitment made by a |
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| 99 | | - | 3.28lender to a borrower wherein the lender agrees that, if a conventional or cooperative |
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| 100 | | - | 3.29apartment loan is made following issuance of and pursuant to the commitment, the |
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| 101 | | - | 3.30conventional or cooperative apartment loan shall be made at a rate of interest not in excess |
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| 102 | | - | 3.31of the rate of interest agreed to in the commitment, provided that the rate of interest agreed |
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| 103 | | - | 3.32to in the commitment is not in excess of the maximum lawful rate of interest effective as |
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| 104 | | - | 3.33of the date the commitment is issued by the lender to the borrower. |
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| 105 | | - | 3.34 (8) "Borrower's loan commitment" means a binding commitment made by a lender to a |
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| 106 | | - | 3.35borrower wherein the lender agrees to make a conventional or cooperative apartment loan |
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| 67 | + | REVISOR RSI/NS 25-0386102/20/25 3.1be constructed at the time the loan or advance of credit is made, in which the points and |
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| 68 | + | 3.2fees the borrower is charged by all lenders in connection with the loan or advance of credit |
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| 69 | + | 3.3do not exceed the amounts specified under Code of Federal Regulations, title 12, section |
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| 70 | + | 3.41026.43(e)(3). |
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| 71 | + | 3.5 (4) "Cooperative apartment loan" means a loan or advance of credit, other than a loan |
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| 72 | + | 3.6or advance of credit made by a credit union or made pursuant to section 334.011, to a |
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| 73 | + | 3.7noncorporate borrower in an original principal amount of less than $100,000, secured by a |
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| 74 | + | 3.8security interest on a share or shares of stock or a membership certificate or certificates |
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| 75 | + | 3.9issued to a stockholder or member by a cooperative apartment corporation, which may be |
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| 76 | + | 3.10accompanied by an assignment by way of security of the borrower's interest in the proprietary |
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| 77 | + | 3.11lease or occupancy agreement in property issued by the cooperative apartment corporation |
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| 78 | + | 3.12and which is not insured or guaranteed by the secretary of housing and urban development, |
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| 79 | + | 3.13by the administrator of veterans affairs, or by the administrator of the Farmers Home |
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| 80 | + | 3.14Administration. |
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| 81 | + | 3.15 (5) "Cooperative apartment corporation" means a corporation or cooperative organized |
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| 82 | + | 3.16under chapter 308A or 317A, the shareholders or members of which are entitled, solely by |
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| 83 | + | 3.17reason of their ownership of stock or membership certificates in the corporation or |
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| 84 | + | 3.18association, to occupy one or more residential units in a building owned or leased by the |
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| 85 | + | 3.19corporation or association. |
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| 86 | + | 3.20 (6) "Forward commitment fee" means a fee or other consideration paid to a lender for |
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| 87 | + | 3.21the purpose of securing a binding forward commitment by or through the lender to make |
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| 88 | + | 3.22conventional loans to two or more credit worthy purchasers, including future purchasers, |
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| 89 | + | 3.23of residential units, or a fee or other consideration paid to a lender for the purpose of securing |
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| 90 | + | 3.24a binding forward commitment by or through the lender to make conventional loans to two |
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| 91 | + | 3.25or more credit worthy purchasers, including future purchasers, of units to be created out of |
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| 92 | + | 3.26existing structures pursuant to chapter 515B, or a fee or other consideration paid to a lender |
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| 93 | + | 3.27for the purpose of securing a binding forward commitment by or through the lender to make |
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| 94 | + | 3.28cooperative apartment loans to two or more credit worthy purchasers, including future |
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| 95 | + | 3.29purchasers, of a share or shares of stock or a membership certificate or certificates in a |
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| 96 | + | 3.30cooperative apartment corporation; provided, that the forward commitment rate of interest |
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| 97 | + | 3.31does not exceed the maximum lawful rate of interest effective as of the date the forward |
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| 98 | + | 3.32commitment is issued by the lender. |
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| 99 | + | 3.33 (7) "Borrower's interest rate commitment" means a binding commitment made by a |
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| 100 | + | 3.34lender to a borrower wherein the lender agrees that, if a conventional or cooperative |
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| 101 | + | 3.35apartment loan is made following issuance of and pursuant to the commitment, the |
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| 108 | | - | REVISOR RSI H1865-1HF1865 FIRST ENGROSSMENT 4.1pursuant to the provisions, including the interest rate, of the commitment, provided that the |
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| 109 | | - | 4.2commitment rate of interest does not exceed the maximum lawful rate of interest effective |
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| 110 | | - | 4.3as of the date the commitment is issued and the commitment when issued and agreed to |
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| 111 | | - | 4.4shall constitute a legally binding obligation on the part of the mortgagee or lender to make |
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| 112 | | - | 4.5a conventional or cooperative apartment loan within a specified time period in the future at |
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| 113 | | - | 4.6a rate of interest not exceeding the maximum lawful rate of interest effective as of the date |
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| 114 | | - | 4.7the commitment is issued by the lender to the borrower; provided that a lender who issues |
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| 115 | | - | 4.8a borrower's loan commitment pursuant to the provisions of a forward commitment is |
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| 116 | | - | 4.9authorized to issue the borrower's loan commitment at a rate of interest not to exceed the |
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| 117 | | - | 4.10maximum lawful rate of interest effective as of the date the forward commitment is issued |
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| 118 | | - | 4.11by the lender. |
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| 119 | | - | 4.12 (9) "Finance charge" means the total cost of a conventional or cooperative apartment |
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| 120 | | - | 4.13loan including extensions or grant of credit regardless of the characterization of the same |
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| 121 | | - | 4.14and includes interest, finders fees, and other charges levied by a lender directly or indirectly |
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| 122 | | - | 4.15against the person obtaining the conventional or cooperative apartment loan or against a |
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| 123 | | - | 4.16seller of real property securing a conventional loan or a seller of a share or shares of stock |
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| 124 | | - | 4.17or a membership certificate or certificates in a cooperative apartment corporation securing |
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| 125 | | - | 4.18a cooperative apartment loan, or any other party to the transaction except any actual closing |
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| 126 | | - | 4.19costs and any forward commitment fee. The finance charges plus the actual closing costs |
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| 127 | | - | 4.20and any forward commitment fee, charged by a lender shall include all charges made by a |
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| 128 | | - | 4.21lender other than the principal of the conventional or cooperative apartment loan. The finance |
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| 129 | | - | 4.22charge, with respect to wraparound mortgages, shall be computed based upon the face |
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| 130 | | - | 4.23amount of the wraparound mortgage note, which face amount shall consist of the aggregate |
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| 131 | | - | 4.24of those funds actually advanced by the wraparound lender and the total outstanding principal |
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| 132 | | - | 4.25balances of the prior note or notes which have been made a part of the wraparound mortgage |
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| 133 | | - | 4.26note. |
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| 134 | | - | 4.27 (10) "Lender" means any person making a conventional or cooperative apartment loan, |
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| 135 | | - | 4.28or any person arranging financing for a conventional or cooperative apartment loan. The |
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| 136 | | - | 4.29term also includes the holder or assignee at any time of a conventional or cooperative |
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| 137 | | - | 4.30apartment loan. |
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| 138 | | - | 4.31 (11) "Loan yield" means the annual rate of return obtained by a lender over the term of |
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| 139 | | - | 4.32a conventional or cooperative apartment loan and shall be computed as the annual percentage |
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| 140 | | - | 4.33rate as computed in accordance with sections 226.5 (b), (c), and (d) of Regulation Z, Code |
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| 141 | | - | 4.34of Federal Regulations, title 12, part 226, but using the definition of finance charge provided |
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| 142 | | - | 4.35for in this subdivision. For purposes of this section, with respect to wraparound mortgages, |
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| 103 | + | REVISOR RSI/NS 25-0386102/20/25 4.1conventional or cooperative apartment loan shall be made at a rate of interest not in excess |
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| 104 | + | 4.2of the rate of interest agreed to in the commitment, provided that the rate of interest agreed |
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| 105 | + | 4.3to in the commitment is not in excess of the maximum lawful rate of interest effective as |
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| 106 | + | 4.4of the date the commitment is issued by the lender to the borrower. |
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| 107 | + | 4.5 (8) "Borrower's loan commitment" means a binding commitment made by a lender to a |
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| 108 | + | 4.6borrower wherein the lender agrees to make a conventional or cooperative apartment loan |
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| 109 | + | 4.7pursuant to the provisions, including the interest rate, of the commitment, provided that the |
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| 110 | + | 4.8commitment rate of interest does not exceed the maximum lawful rate of interest effective |
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| 111 | + | 4.9as of the date the commitment is issued and the commitment when issued and agreed to |
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| 112 | + | 4.10shall constitute a legally binding obligation on the part of the mortgagee or lender to make |
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| 113 | + | 4.11a conventional or cooperative apartment loan within a specified time period in the future at |
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| 114 | + | 4.12a rate of interest not exceeding the maximum lawful rate of interest effective as of the date |
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| 115 | + | 4.13the commitment is issued by the lender to the borrower; provided that a lender who issues |
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| 116 | + | 4.14a borrower's loan commitment pursuant to the provisions of a forward commitment is |
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| 117 | + | 4.15authorized to issue the borrower's loan commitment at a rate of interest not to exceed the |
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| 118 | + | 4.16maximum lawful rate of interest effective as of the date the forward commitment is issued |
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| 119 | + | 4.17by the lender. |
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| 120 | + | 4.18 (9) "Finance charge" means the total cost of a conventional or cooperative apartment |
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| 121 | + | 4.19loan including extensions or grant of credit regardless of the characterization of the same |
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| 122 | + | 4.20and includes interest, finders fees, and other charges levied by a lender directly or indirectly |
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| 123 | + | 4.21against the person obtaining the conventional or cooperative apartment loan or against a |
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| 124 | + | 4.22seller of real property securing a conventional loan or a seller of a share or shares of stock |
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| 125 | + | 4.23or a membership certificate or certificates in a cooperative apartment corporation securing |
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| 126 | + | 4.24a cooperative apartment loan, or any other party to the transaction except any actual closing |
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| 127 | + | 4.25costs and any forward commitment fee. The finance charges plus the actual closing costs |
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| 128 | + | 4.26and any forward commitment fee, charged by a lender shall include all charges made by a |
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| 129 | + | 4.27lender other than the principal of the conventional or cooperative apartment loan. The finance |
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| 130 | + | 4.28charge, with respect to wraparound mortgages, shall be computed based upon the face |
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| 131 | + | 4.29amount of the wraparound mortgage note, which face amount shall consist of the aggregate |
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| 132 | + | 4.30of those funds actually advanced by the wraparound lender and the total outstanding principal |
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| 133 | + | 4.31balances of the prior note or notes which have been made a part of the wraparound mortgage |
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| 134 | + | 4.32note. |
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| 135 | + | 4.33 (10) "Lender" means any person making a conventional or cooperative apartment loan, |
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| 136 | + | 4.34or any person arranging financing for a conventional or cooperative apartment loan. The |
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| 144 | | - | REVISOR RSI H1865-1HF1865 FIRST ENGROSSMENT 5.1the rate of interest or loan yield shall be based upon the principal balance set forth in the |
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| 145 | | - | 5.2wraparound note and mortgage and shall not include any interest differential or yield |
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| 146 | | - | 5.3differential between the stated interest rate on the wraparound mortgage and the stated |
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| 147 | | - | 5.4interest rate on the one or more prior mortgages included in the stated loan amount on a |
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| 148 | | - | 5.5wraparound note and mortgage. |
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| 149 | | - | 5.6 (12) "Person" means an individual, corporation, business trust, partnership or association |
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| 150 | | - | 5.7or any other legal entity. |
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| 151 | | - | 5.8 (13) "Residential unit" means any structure used principally for residential purposes or |
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| 152 | | - | 5.9any portion thereof, and includes a unit in a common interest community, a nonowner |
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| 153 | | - | 5.10occupied residence, and any other type of residence regardless of whether the unit is used |
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| 154 | | - | 5.11as a principal residence, secondary residence, vacation residence, or residence of some other |
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| 155 | | - | 5.12denomination. |
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| 156 | | - | 5.13 (14) "Vendor" means any person or persons who agree to sell real estate and finance |
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| 157 | | - | 5.14any part or all of the purchase price by a contract for deed. The term also includes the holder |
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| 158 | | - | 5.15or assignee at any time of the vendor's interest in a contract for deed. |
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| 138 | + | REVISOR RSI/NS 25-0386102/20/25 5.1term also includes the holder or assignee at any time of a conventional or cooperative |
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| 139 | + | 5.2apartment loan. |
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| 140 | + | 5.3 (11) "Loan yield" means the annual rate of return obtained by a lender over the term of |
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| 141 | + | 5.4a conventional or cooperative apartment loan and shall be computed as the annual percentage |
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| 142 | + | 5.5rate as computed in accordance with sections 226.5 (b), (c), and (d) of Regulation Z, Code |
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| 143 | + | 5.6of Federal Regulations, title 12, part 226, but using the definition of finance charge provided |
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| 144 | + | 5.7for in this subdivision. For purposes of this section, with respect to wraparound mortgages, |
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| 145 | + | 5.8the rate of interest or loan yield shall be based upon the principal balance set forth in the |
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| 146 | + | 5.9wraparound note and mortgage and shall not include any interest differential or yield |
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| 147 | + | 5.10differential between the stated interest rate on the wraparound mortgage and the stated |
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| 148 | + | 5.11interest rate on the one or more prior mortgages included in the stated loan amount on a |
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| 149 | + | 5.12wraparound note and mortgage. |
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| 150 | + | 5.13 (12) "Person" means an individual, corporation, business trust, partnership or association |
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| 151 | + | 5.14or any other legal entity. |
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| 152 | + | 5.15 (13) "Residential unit" means any structure used principally for residential purposes or |
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| 153 | + | 5.16any portion thereof, and includes a unit in a common interest community, a nonowner |
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| 154 | + | 5.17occupied residence, and any other type of residence regardless of whether the unit is used |
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| 155 | + | 5.18as a principal residence, secondary residence, vacation residence, or residence of some other |
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| 156 | + | 5.19denomination. |
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| 157 | + | 5.20 (14) "Vendor" means any person or persons who agree to sell real estate and finance |
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| 158 | + | 5.21any part or all of the purchase price by a contract for deed. The term also includes the holder |
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| 159 | + | 5.22or assignee at any time of the vendor's interest in a contract for deed. |
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