Plain English Breakdown
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HF3437 • 2026
Application of certain residential mortgage loan fees and penalties modified.
Application of certain residential mortgage loan fees and penalties modified.
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
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2026-04-20
Senate
Special Order: Rule 45 amendment stricken
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2026-04-15
Senate
Comm report: Rule 45-amend, subst. General Orders SF4168
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2026-04-14
Senate
Received from House
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2026-04-13
House
Third reading
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2026-04-09
House
House rule 1.21, placed on Calendar for the Day Monday, April 13, 2026
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2026-04-07
House
Committee report, to adopt as amended
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2026-02-17
House
Introduction and first reading, referred to Commerce Finance and Policy
Official Summary Text
Application of certain residential mortgage loan fees and penalties modified.
Current Bill Text
Read the full stored bill text
A bill for an act relating to commerce; modifying the application of residential mortgage loan fees and penalties in certain instances; amending Minnesota Statutes 2024, sections 58.137, by adding a subdivision; 58.20, by adding a subdivision. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 2024, section 58.137, is amended by adding a subdivision to read: new text begin Subd. 4. new text end new text begin Exception. new text end new text begin Subdivisions 1 and 2 do not apply to a residential mortgage loan that is a purchase money, first lien, or DSCR loan if: new text end new text begin (1) the loan is made for investment purposes only; new text end new text begin (2) no borrower, guarantor, or cosigner intend to or do occupy the residential real property securing the loan; and new text end new text begin (3) the seller does not continue to occupy the residential real property after the sale. new text end Sec. 2. Minnesota Statutes 2024, section 58.20, is amended by adding a subdivision to read: new text begin Subd. 5a. new text end new text begin Debt service coverage ratio loan or DSCR loan. new text end new text begin "Debt service coverage ratio loan" or "DSCR loan" means a mortgage: new text end new text begin (1) that is not a qualified mortgage, as defined in United States Code, title 15, section 1639c; new text end new text begin (2) secured by investment property; and new text end new text begin (3) where the lender's decision to make the loan is based on the expected cash flow to be generated from the investment property instead of the borrower's personal income. new text end new text begin EFFECTIVE DATE. new text end new text begin This section is effective August 1, 2026, and applies to residential mortgage loans executed on or after that date. new text end