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Home > Minnesota > SF0766
Chief Sponsor:

Linda Berglin

Tagged in: Banks and Financial Institutions, Commerce Department, Consumer Protection, Contracts, Disabilities and Access, Disadvantaged, Legal Proceedings, Liens, Mortgages and Deeds, Senior Citizens

Proposed date: Friday, February, 09th 2007
Latest Update: Sunday, September, 28th 2008

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Regulating predatory lending practices; providing for certain additional
requirements for residential mortgage originators and servicers to discourage
predatory lending including determining reasonable ability to pay; prohibiting
the practice of churning; prohibiting a loan resulting in negative amortization;
prohibiting lenders from arranging residential mortgage loans with a portion of
the proceeds put toward a special mortgage; requiring lenders to inform
borrowers of additional money due for taxes and insurance; requiring mortgage
originators to act in good faith; specifying criminal penalties for grossly
unsuitable loans; providing additional penalties to lenders attempting to take
advantage of elderly and disabled persons; providing for a private right of
action
(me)
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Latest Actions
  • 02/12/2007 - Introduction and first reading
  • 02/12/2007 - Referred to Commerce and Consumer Protection
Bill Text
File name Last Updated
SF076605/10/2008