58.135 Rates and charges. 

    Subdivision 1.    First lien mortgages.  A residential 
 mortgage originator making first lien residential mortgage loans 
 must comply with the applicable limits on residential mortgage 
 loan rates, fees, and charges as found in sections 47.20 and 
 47.204. 

    Nothing in this subdivision prevents a financial 
 institution under section 47.59, subdivision 1, paragraph (k), 
 from making first lien residential mortgage loans under section 
 47.59 or other provisions of law available to financial 
 institutions under that section. 

    Subd. 2.    Junior lien mortgages.  (a) A residential 
 mortgage originator that is a bank, bank and trust, trust 
 company with banking powers, savings bank, savings association, 
 or credit union organized under the laws of this or any other 
 state or the United States, or an industrial loan and thrift 
 company under chapter 53 or a regulated lender under chapter 56 
 or an entity in another state subject to regulation 
 substantially similar to chapter 53 or 56, making junior lien 
 residential loans, must comply with the limits on residential 
 mortgage loan rates, fees, and charges as found in section 47.59.

    Nothing in this subdivision authorizes a mortgage 
 originator to make loans on terms and conditions that would not 
 be available to it in the absence of this section. 

    (b) A residential mortgage originator other than an entity 
 designated in paragraph (a) making junior lien residential 
 loans, must comply with the limits on residential mortgage loan 
 rates, fees, and charges as found in section 47.20. 

    Subd. 3.    Application.  This section applies to 
 residential mortgage loans made on or after August 1, 2001. 

    HIST: 2000 c 427 s 17; 2000 c 499 s 10