47.201 GRADUATED PAYMENT MORTGAGES AND COOPERATIVE APARTMENT LOANS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision shall have the meanings given them: (1) “Financial institution” means a state bank or trust company, a national banking association, a state or federally chartered savings association, a mortgage bank, or savings […]
47.203 FEDERAL PREEMPTION OVERRIDE. The provisions of Public Law 96-221, title V, part A, section 501(a)(1) (United States Code, title 12, section 1735f-7a), do not apply with respect to a loan, mortgage, credit sale or advance made in this state after June 2, 1981, nor with respect to a loan, mortgage, credit sale or advance […]
47.204 TEMPORARY REMOVAL OF MORTGAGE USURY LIMITS. Subdivision 1. Limits on interest and other charges. Notwithstanding any law to the contrary, except as stated in section 58.137, no limitation on the rate or amount of interest, points, finance charges, fees, or other charges applies to a loan, mortgage, credit sale, or advance as described in […]
47.205 ASSIGNMENT OF MORTGAGE; DUTIES; PENALTIES. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) “Lender” means all state banks and trust companies, national banking associations, state and federally chartered savings associations, mortgage banks, savings banks, insurance companies, credit unions making a loan, […]
47.206 INTEREST RATE OR DISCOUNT POINT AGREEMENTS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) “Lender” means a person or entity referred to in section 47.20, subdivision 1, a credit union, or a person making a conventional loan as defined under section […]
47.207 CANCELLATION OF PRIVATE MORTGAGE INSURANCE. Subdivision 1. Definitions. For the purposes of this section, the following terms have the meanings given: (a) “Current fair market value” means the value of the mortgagor’s property determined by an appraisal conducted within 90 days of a mortgagor’s written request for cancellation of private mortgage insurance. The appraisal […]
47.208 DELIVERY OF SATISFACTION OF MORTGAGE. Subdivision 1. Delivery required. Upon written request, a good and valid satisfaction of mortgage in recordable form shall be delivered to any party paying the full and final balance of a mortgage indebtedness that is secured by Minnesota real estate; such delivery shall be in hand or by certified […]
47.209 MANUFACTURED HOME FINANCING; PROPERTY TAX COLLECTION REQUIREMENT. Subdivision 1. Applicability. This section applies to any agreement entered into after December 31, 1992, for the financing or refinancing of a purchase of a manufactured home. As used in this section and section 277.17, “lender” includes a state bank and trust company, national banking association, state […]
47.21 INAPPLICABLE LAWS; AUTHORIZED INVESTMENTS. Subdivision 1. Limits relating to loans. No other law in this state, except as stated in section 58.137, prescribing the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of […]
