1.1                             A resolution 
  1.2             memorializing the President and Congress to amend 
  1.3             federal law so as to permit states to regulate 
  1.4             prepayment penalties on mortgage loans made by all 
  1.5             lenders. 
  1.6      WHEREAS, the United States has enacted laws that preempt 
  1.7   the ability of states to regulate prepayment penalties on many 
  1.8   mortgage loans; and 
  1.9      WHEREAS, the several states have enacted state laws 
  1.10  designed to protect their citizens from harsh mortgage 
  1.11  prepayment penalties; and 
  1.12     WHEREAS, it would be of great value to the states to be 
  1.13  able to regulate the prepayment penalties on all mortgage loans 
  1.14  made in their states; NOW, THEREFORE, 
  1.15     BE IT RESOLVED by the Legislature of the State of Minnesota 
  1.16  that Congress should speedily enact legislation to permit states 
  1.17  to regulate prepayment penalties on all mortgage loans made by 
  1.18  all lenders. 
  1.19     BE IT FURTHER RESOLVED that the Secretary of State of the 
  1.20  State of Minnesota is directed to prepare copies of this 
  1.21  memorial and transmit them to the President of the United 
  1.22  States, the President and Secretary of the United States Senate, 
  1.23  the Speaker and Clerk of the United States House of 
  1.24  Representatives, the chair of the United States Senate Committee 
  1.25  on Banking, Housing, and Urban Affairs, the chair of the United 
  2.1   States House Committee on Financial Services, and Minnesota's 
  2.2   Senators and Representatives in Congress.