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Committee hears amendment to raise single‑service charge cap on subordinate loans to federal QM level
2717228 · March 20, 2025
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Summary
Senate File 2296 would exempt qualified‑mortgage subordinate liens from Minnesota's 1% single‑service‑charge cap and align state law with the federal qualified mortgage standard; the committee laid the bill over for further consideration.
Senate Commerce and Consumer Protection Committee members heard Senate File 2296 on March 20, 2025, a bill to modify the state cap on single service charges for certain subordinate (second‑lien) mortgages.
Senator Howell presented an A1 author's amendment to align Minnesota’s single‑service‑charge cap with the federal qualified mortgage (QM)…
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