Bill Text: MN SF2550 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Mortgage lenders and brokers fees for nonservices prohibition
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-03-23 - Referred to Commerce and Consumer Protection [SF2550 Detail]
Download: Minnesota-2011-SF2550-Introduced.html
1.2relating to real estate; prohibiting mortgage lenders or brokers from charging for
1.3services not performed or charges in excess of what was paid to a third party;
1.4proposing coding for new law in Minnesota Statutes, chapter 47.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [47.223] NO FEES FOR SERVICES NOT PROVIDED.
1.7A mortgage lender or mortgage broker shall not charge fees or other charges in
1.8connection with origination of a mortgage loan for alleged services that the lender or
1.9broker did not provide or fees or charges that exceed the cost paid to a third party for
1.10products or services provided through the lender or broker by a third party.
1.3services not performed or charges in excess of what was paid to a third party;
1.4proposing coding for new law in Minnesota Statutes, chapter 47.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [47.223] NO FEES FOR SERVICES NOT PROVIDED.
1.7A mortgage lender or mortgage broker shall not charge fees or other charges in
1.8connection with origination of a mortgage loan for alleged services that the lender or
1.9broker did not provide or fees or charges that exceed the cost paid to a third party for
1.10products or services provided through the lender or broker by a third party.
