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HF 2817

as introduced - 87th Legislature (2011 - 2012) Posted on 03/12/2012 01:58pm

KEY: stricken = removed, old language.
underscored = added, new language.
Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10

A bill for an act
relating to real estate; prohibiting mortgage lenders or brokers from charging for
services not performed or charges in excess of what was paid to a third party;
proposing coding for new law in Minnesota Statutes, chapter 47.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [47.223] NO FEES FOR SERVICES NOT PROVIDED.
new text end

new text begin A mortgage lender or mortgage broker shall not charge fees or other charges in
connection with origination of a mortgage loan for alleged services that the lender or
broker did not provide or fees or charges that exceed the cost paid to a third party for
products or services provided through the lender or broker by a third party.
new text end