HF3437
Application of certain residential mortgage loan fees and penalties modified.
Legislative Session 94 (2025-2026)
Related bill: SF4168
AI Generated Summary
Purpose
This bill aims to modify how certain fees and penalties on residential mortgage loans are applied and governed under Minnesota law.
Main Provisions
- The bill updates Minnesota Statutes 2024 section 58.137, subdivision 3, to change how the rules about mortgage loan fees and penalties are applied.
- It clarifies that the rules apply to residential mortgage originators located both in Minnesota and outside Minnesota.
- The bill specifies that the limitations and prohibitions in this section apply only to loans made primarily for personal, family, or household purposes.
Scope and Applicability
- Applies to residential mortgage originators regardless of whether they are located inside or outside Minnesota.
- Applies specifically to loans that are primarily for personal, family, or household use.
Changes to Existing Law
- Section 1 of the bill amends the existing statute (Minnesota Statutes 2024 section 58.137 subdivision 3) to implement the above clarifications and scope changes.
Impact and Implications
- Consumers borrowing for personal use may receive clarified protections regarding certain fees and penalties when dealing with residential mortgage originators.
- The changes broaden or specify which originators and loan types are subject to the section’s limitations and prohibitions.
Terminology and concepts (highlights)
- residential mortgage originators
- Minnesota Statutes 2024 section 58.137 subdivision 3
- Subdivision 3
- limitations and prohibitions
- loans made primarily for personal, family, or household purposes
- in-state vs out-of-state originators
Relevant Terms - residential mortgage originators - Minnesota Statutes 2024 - section 58.137 - subdivision 3 - Section 1 (amendment) - limitations - prohibitions - loans for personal use - personal, family, or household purposes - in-state - out-of-state
Bill text versions
- Introduction PDF PDF file
Past committee meetings
- Commerce Finance and Policy on: March 11, 2026 08:15
- Commerce Finance and Policy on: March 24, 2026 08:15
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 17, 2026 | House | Action | Introduction and first reading, referred to | Commerce Finance and Policy |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill amends Minnesota Statutes 2024 section 58.137, subdivision 3, relating to residential mortgage originators and the application of certain fees and penalties.",
"modified": []
},
"citation": "58.137",
"subdivision": "subd. 3"
}
]Progress through the legislative process
In Committee