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May 17th 2012LENDING AUTHORITY OF FINANCIAL INSTITUTIONS.
mnlakeplace.com/listing/blog.phpSubdivision 1.General authority.
Pursuant to rules the commissioner of commerce finds to be necessary and proper, if any, banks, savings banks, and savings associations organized under the laws of this state or the United States, trust companies, trust companies acting as fiduciaries, and other banking institutions subject to the supervision of the commissioner of commerce, and mortgagees or lenders approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs, or approved or certified by the administrator of the Farmers Home Administration or any successor, or approved or certified by the Federal Home Loan Mortgage Corporation, or approved or certified by the Federal National Mortgage Association, are authorized:
(1) to make loans and advances of credit and purchases of obligations representing loans and advances of credit which are insured or guaranteed by the secretary of housing and urban development pursuant to the National Housing Act, as amended, or the administrator of veterans affairs pursuant to the Servicemen's Readjustment Act of 1944, as amended, or the administrator of the Farmers Home Administration or any successor pursuant to the Consolidated Farm and Rural Development Act, Public Law 87-128, as amended, and to obtain the insurance or guarantees;
(2) to make loans secured by mortgages on real property and loans secured by a share or shares of stock or a membership certificate or certificates issued to a stockholder or member by a cooperative apartment corporation which the secretary of housing and urban development, the administrator of veterans affairs, or the administrator of the Farmers Home Administration or any successor has insured or guaranteed or made a commitment to insure or guarantee, and to obtain the insurance or guarantees;
(3) to make, purchase, or participate in such loans and advances of credit; including reverse mortgage loans, notwithstanding anything in subdivision 4b, sections and and chapter 56 to the contrary; as would be eligible for purchase, in whole or in part, by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, but without regard to any limitation placed upon the maximum principal amount of an eligible loan;
(4) to make, purchase or participate in such loans and advances of credit secured by mortgages on real property which are authorized or allowed by the Office of Thrift Supervision or the Office of the Comptroller of the Currency, or any successor to these federal agencies.
mnhomescontractfordeed.com/scott-countySubd. 2.Definitions.
For the purposes of this section the terms defined in this subdivision have the meanings given them:
(1) "Actual closing costs" mean reasonable charges for or sums paid for the following, whether or not retained by the mortgagee or lender:
(a) Any insurance premiums including but not limited to premiums for title insurance, fire and extended coverage insurance, flood insurance, and private mortgage insurance, but excluding any charges or sums retained by the mortgagee or lender as self-insured retention.
(b) Abstracting, title examination and search, and examination of public records.
(c) The preparation and recording of any or all documents required by law or custom for closing a conventional or cooperative apartment loan.
(d) Appraisal and survey of real property securing a conventional loan or real property owned by a cooperative apartment corporation of which a share or shares of stock or a membership certificate or certificates are to secure a cooperative apartment loan.
(e) A single service charge, which includes any consideration, not otherwise specified herein as an "actual closing cost" paid by the borrower and received and retained by the lender for or related to the acquisition, making, refinancing or modification of a conventional or cooperative apartment loan, and also includes any consideration received by the lender for making a borrower's interest rate commitment or for making a borrower's loan commitment, whether or not an actual loan follows the commitment. The term service charge does not include forward commitment fees. The service charge shall not exceed one percent of the original bona fide principal amount of the conventional or cooperative apartment loan, except that in the case of a construction loan, the service charge shall not exceed two percent of the original bona fide principal amount of the loan. That portion of the service charge imposed because the loan is a construction loan shall be itemized and a copy of the itemization furnished the borrower. A lender shall not collect from a borrower the additional one percent service charge permitted for a construction loan if it does not perform the service for which the charge is imposed or if third parties perform and charge the borrower for the service for which the lender has imposed the charge.
(f) Charges and fees necessary for or related to the transfer of real or personal property securing a conventional or cooperative apartment loan or the closing of a conventional or cooperative apartment loan paid by the borrower and received by any party other than the lender.
(2) "Contract for deed" means an executory contract for the conveyance of real estate, the original principal amount of which is less than $300,000. A commitment for a contract for deed shall include an executed purchase agreement or earnest money contract wherein the seller agrees to finance any part or all of the purchase price by a contract for deed.
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(3) "Conventional loan" means a loan or advance of credit, other than a loan or advance of credit made by a credit union or made pursuant to section to a noncorporate borrower in an original principal amount of less than $100,000, secured by a mortgage upon real property containing one or more residential units or upon which at the time the loan is made it is intended that one or more residential units are to be constructed, and which is not insured or guaranteed by the secretary of housing and urban development, by the administrator of veterans affairs, or by the administrator of the Farmers Home Administration, and which is not made pursuant to the authority granted in subdivision 1, clause (3) or (4). The term mortgage does not include contracts for deed or installment land contracts.
(4) "Cooperative apartment loan" means a loan or advance of credit, other than a loan or advance of credit made by a credit union or made pursuant to section to a noncorporate borrower in an original principal amount of less than $100,000, secured by a security interest on a share or shares of stock or a membership certificate or certificates issued to a stockholder or member by a cooperative apartment corporation, which may be accompanied by an assignment by way of security of the borrower's interest in the proprietary lease or occupancy agreement in property issued by the cooperative apartment corporation and which is not insured or guaranteed by the secretary of housing and urban development, by the administrator of veterans affairs, or by the administrator of the Farmers Home Administration.
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(5) "Cooperative apartment corporation" means a corporation or cooperative organized under chapter 308A or 317A, the shareholders or members of which are entitled, solely by reason of their ownership of stock or membership certificates in the corporation or association, to occupy one or more residential units in a building owned or leased by the corporation or association.
(6) "Forward commitment fee" means a fee or other consideration paid to a lender for the purpose of securing a binding forward commitment by or through the lender to make conventional loans to two or more credit worthy purchasers, including future purchasers, of residential units, or a fee or other consideration paid to a lender for the purpose of securing a binding forward commitment by or through the lender to make conventional loans to two or more credit worthy purchasers, including future purchasers, of units to be created out of existing structures pursuant to chapter 515B, or a fee or other consideration paid to a lender for the purpose of securing a binding forward commitment by or through the lender to make cooperative apartment loans to two or more credit worthy purchasers, including future purchasers, of a share or shares of stock or a membership certificate or certificates in a cooperative apartment corporation; provided, that the forward commitment rate of interest does not exceed the maximum lawful rate of interest effective as of the date the forward commitment is issued by the lender.
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(7) "Borrower's interest rate commitment" means a binding commitment made by a lender to a borrower wherein the lender agrees that, if a conventional or cooperative apartment loan is made following issuance of and pursuant to the commitment, the conventional or cooperative apartment loan shall be made at a rate of interest not in excess of the rate of interest agreed to in the commitment, provided that the rate of interest agreed to in the commitment is not in excess of the maximum lawful rate of interest effective as of the date the commitment is issued by the lender to the borrower.
(8) "Borrower's loan commitment" means a binding commitment made by a lender to a borrower wherein the lender agrees to make a conventional or cooperative apartment loan pursuant to the provisions, including the interest rate, of the commitment, provided that the commitment rate of interest does not exceed the maximum lawful rate of interest effective as of the date the commitment is issued and the commitment when issued and agreed to shall constitute a legally binding obligation on the part of the mortgagee or lender to make a conventional or cooperative apartment loan within a specified time period in the future at a rate of interest not exceeding the maximum lawful rate of interest effective as of the date the commitment is issued by the lender to the borrower; provided that a lender who issues a borrower's loan commitment pursuant to the provisions of a forward commitment is authorized to issue the borrower's loan commitment at a rate of interest not to exceed the maximum lawful rate of interest effective as of the date the forward commitment is issued by the lender.
(9) "Finance charge" means the total cost of a conventional or cooperative apartment loan including extensions or grant of credit regardless of the characterization of the same and includes interest, finders fees, and other charges levied by a lender directly or indirectly against the person obtaining the conventional or cooperative apartment loan or against a seller of real property securing a conventional loan or a seller of a share or shares of stock or a membership certificate or certificates in a cooperative apartment corporation securing a cooperative apartment loan, or any other party to the transaction except any actual closing costs and any forward commitment fee. The finance charges plus the actual closing costs and any forward commitment fee, charged by a lender shall include all charges made by a lender other than the principal of the conventional or cooperative apartment loan. The finance charge, with respect to wraparound mortgages, shall be computed based upon the face amount of the wraparound mortgage note, which face amount shall consist of the aggregate of those funds actually advanced by the wraparound lender and the total outstanding principal balances of the prior note or notes which have been made a part of the wraparound mortgage note.
(10) "Lender" means any person making a conventional or cooperative apartment loan, or any person arranging financing for a conventional or cooperative apartment loan. The term also includes the holder or assignee at any time of a conventional or cooperative apartment loan.
(11) "Loan yield" means the annual rate of return obtained by a lender over the term of a conventional or cooperative apartment loan and shall be computed as the annual percentage rate as computed in accordance with sections 226.5 (b), (c), and (d) of Regulation Z, Code of Federal Regulations, title 12, part 226, but using the definition of finance charge provided for in this subdivision. For purposes of this section, with respect to wraparound mortgages, the rate of interest or loan yield shall be based upon the principal balance set forth in the wraparound note and mortgage and shall not include any interest differential or yield differential between the stated interest rate on the wraparound mortgage and the stated interest rate on the one or more prior mortgages included in the stated loan amount on a wraparound note and mortgage.
(12) "Person" means an individual, corporation, business trust, partnership or association or any other legal entity.
(13) "Residential unit" means any structure used principally for residential purposes or any portion thereof, and includes a unit in a common interest community, a nonowner occupied residence, and any other type of residence regardless of whether the unit is used as a principal residence, secondary residence, vacation residence, or residence of some other denomination.
(14) "Vendor" means any person or persons who agree to sell real estate and finance any part or all of the purchase price by a contract for deed. The term also includes the holder or assignee at any time of the vendor's interest in a contract for deed.
Subd. 3.Conventional or cooperative loans and obligations.
Notwithstanding the provisions of section 334.01, lenders are authorized to make conventional or cooperative apartment loans and purchases of obligations representing conventional or cooperative apartment loans pursuant to rules the commissioner of commerce finds to be necessary and proper, if any, at an interest rate not in excess of the maximum lawful interest rate prescribed in subdivision 4a. Contract for deed vendors are authorized to charge interest on contracts for deed at an interest rate not in excess of the maximum lawful interest rate prescribed in subdivision 4a.
Subd. 4.
[Repealed,
Subd. 4a.Maximum interest rate.
(a) No conventional or cooperative apartment loan or contract for deed shall be made at a rate of interest or loan yield in excess of a maximum lawful interest rate in an amount equal to the Federal National Mortgage Association posted yields on 30-year mortgage commitments for delivery within 60 days on standard conventional fixed-rate mortgages published in the Wall Street Journal for the last business day of the second preceding month plus four percentage points.
(b) The maximum lawful interest rate applicable to a cooperative apartment loan or contract for deed at the time the loan or contract is made is the maximum lawful interest rate for the term of the cooperative apartment loan or contract for deed. Notwithstanding the provisions of section 334.01, a cooperative apartment loan or contract for deed may provide, at the time the loan or contract is made, for the application of specified different consecutive periodic interest rates to the unpaid principal balance, if no interest rate exceeds the maximum lawful interest rate applicable to the loan or contract at the time the loan or contract is made.
(c) The maximum interest rate that can be charged on a conventional loan or a contract for deed, with a duration of ten years or less, for the purchase of real estate described in section is three percentage points above the rate permitted under paragraph (a) or percent per year, whichever is less. This paragraph is effective August 1, 1992.
(d) Contracts for deed executed pursuant to a commitment for a contract for deed, or conventional or cooperative apartment loans made pursuant to a borrower's interest rate commitment or made pursuant to a borrower's loan commitment, or made pursuant to a commitment for conventional or cooperative apartment loans made upon payment of a forward commitment fee including a borrower's loan commitment issued pursuant to a forward commitment, which commitment provides for consummation within some future time following the issuance of the commitment may be consummated pursuant to the provisions, including the interest rate, of the commitment notwithstanding the fact that the maximum lawful rate of interest at the time the contract for deed or conventional or cooperative apartment loan is actually executed or made is less than the commitment rate of interest, provided the commitment rate of interest does not exceed the maximum lawful interest rate in effect on the date the commitment was issued. The refinancing of: (1) an existing conventional or cooperative apartment loan, (2) a loan insured or guaranteed by the secretary of housing and urban development, the administrator of veterans affairs, or the administrator of the Farmers Home Administration, or (3) a contract for deed by making a conventional or cooperative apartment loan is deemed to be a new conventional or cooperative apartment loan for purposes of determining the maximum lawful rate of interest under this subdivision. The renegotiation of a conventional or cooperative apartment loan or a contract for deed is deemed to be a new loan or contract for deed for purposes of paragraph (b) and for purposes of determining the maximum lawful rate of interest under this subdivision. A borrower's interest rate commitment or a borrower's loan commitment is deemed to be issued on the date the commitment is hand delivered by the lender to, or mailed to the borrower. A forward commitment is deemed to be issued on the date the forward commitment is hand delivered by the lender to, or mailed to the person paying the forward commitment fee to the lender, or to any one of them if there should be more than one. A commitment for a contract for deed is deemed to be issued on the date the commitment is initially executed by the contract for deed vendor or the vendor's authorized agent.
(e) A contract for deed executed pursuant to a commitment for a contract for deed, or a loan made pursuant to a borrower's interest rate commitment, or made pursuant to a borrower's loan commitment, or made pursuant to a forward commitment for conventional or cooperative apartment loans made upon payment of a forward commitment fee including a borrower's loan commitment issued pursuant to a forward commitment at a rate of interest not in excess of the rate of interest authorized by this subdivision at the time the commitment was made continues to be enforceable in accordance with its terms until the indebtedness is fully satisfied.
Subd. 4b.Future appreciation of mortgaged property.
Notwithstanding any other provision of this chapter, including section47.203, with respect to any conventional loan pursuant to which the mortgagee or lender shall receive any share of future appreciation of the mortgaged property, the following limitations shall apply:
(1) The share of future appreciation of the mortgaged property which the lender or mortgagee may receive shall be limited to the proportionate amount produced by dividing the lesser of the acquisition cost or fair market value of the mortgaged property at the time the conventional loan is made into the original principal amount of the conventional loan; provided that in no event shall the annual rate of return obtained by the lender or mortgagee over the term of the conventional loan exceed the maximum lawful interest rate prescribed in subdivision 4a.
(2) The lender or mortgagee shall not receive any share of future appreciation of the mortgaged property except (a) upon sale or transfer of the mortgaged property or any interest therein, whether by lease, deed, contract for deed or otherwise, whether for consideration or by gift or in the event of death, or otherwise, and whether voluntarily, involuntarily, or by operation of law, provided that if the mortgagor or mortgagors own the mortgaged property as cotenants, the transfer of the mortgaged property or any interest therein from one of such cotenants to another cotenant, whether by reason of death or otherwise, shall not be considered a sale or transfer, and a taking by eminent domain shall not be considered a sale or transfer unless it is a total taking for which payment is made for the full value of the mortgaged property, and a casualty loss shall not be considered a sale or transfer unless the proceeds of any insurance claim made in connection with such casualty loss are applied to prepay the principal of the conventional loan; or (b) upon the stated maturity of the loan, if the loan is made pursuant to or in connection with a specific housing program undertaken by a city, housing and rehabilitation authority, port authority, or other political subdivision or agency of the state.
(3) Before the loan is made, the lender shall disclose to the mortgagor or mortgagors the terms and conditions upon which the lender or mortgagee shall receive any share of future appreciation of the mortgaged property.
Subdivision 6a shall not be construed to prohibit the lender or mortgagee from declaring the entire debt of a conventional loan subject to this subdivision due and payable upon a sale or transfer of the mortgaged property or any interest therein, as provided in clause (2).
The commissioner may from time to time make, amend and rescind rules, forms and orders necessary to carry out the provisions of this subdivision. The provisions of this subdivision shall not apply to loans made pursuant to the program authorized by Laws 1981, chapter 97.
Subd. 5.Precomputed loan refunds.
A precomputed conventional loan or precomputed loan authorized in subdivision 1 shall provide for a refund of the precomputed finance charge according to the actuarial method if the loan is paid in full by cash, renewal or refinancing, or a new loan, one month or more before the final installment due date. The actuarial method for the purpose of this section is the amount of interest attributable to each fully unexpired monthly installment period of the loan contract following the date of prepayment in full, calculated as if the loan was made on an interest-bearing basis at the rate of interest provided for in the note based on the assumption that all payments were made according to schedule. A precomputed loan for the purpose of this section means a loan for which the debt is expressed as a sum comprised of the principal amount and the amount of interest for the entire term of the loan computed actuarially in advance on the assumption that all scheduled payments will be made when due, and does not include a loan for which interest is computed from time to time by application of a rate to the unpaid principal balance, interest-bearing loans, or simple-interest loans. For the purpose of calculating a refund for precomputed loans under this section, any portion of the finance charge for extending the first payment period beyond one month may be ignored. Nothing in this section shall be considered a limitation on discount points or other finance charges charged or collected in advance, and nothing in this section shall require a refund of the charges in the event of prepayment. Nothing in this section shall be considered to supersede section .
Subd. 6.Conventional loans on primary residences; consent to transfer.
If the purpose of a conventional loan is to enable a borrower to purchase a one to four family dwelling for the borrower's primary residence, the lender shall consent to the subsequent transfer of the real estate if the existing borrower continues after transfer to be obligated for repayment of the entire remaining indebtedness. The lender shall release the existing borrower from all obligations under the loan instruments, if the transferee (1) meets the standards of credit worthiness normally used by persons in the business of making conventional loans, including but not limited to the ability of the transferee to make the loan payments and satisfactorily maintain the real estate used as collateral, and (2) executes an agreement in writing with the lender whereby the transferee assumes the obligations of the existing borrower under the loan instruments. Any such agreement shall not affect the priority, validity or enforceability of any loan instrument. A lender may charge a fee not in excess of one-tenth of one percent of the remaining unpaid principal balance in the event the loan or advance of credit is assumed by the transferee and the existing borrower continues after the transfer to be obligated for repayment of the entire assumed indebtedness. A lender may charge a fee not in excess of one percent of the remaining unpaid principal balance in the event the remaining indebtedness is assumed by the transferee and the existing borrower is released from all obligations under the loan instruments. This subdivision applies to all conventional loans made on or after June 1, 1979, and before May 9, 1981.
Subd. 6a.Loan assumptions.
If the purpose of a conventional loan, or loan made pursuant to the authority granted in subdivision 1, clause (3) or (4), is to enable a borrower to purchase a one to four family dwelling for the borrower's primary residence, the lender shall consent to the subsequent transfer of the real estate and shall release the existing borrower from all obligations under the loan instruments, if the transferee (1) meets the standards of credit worthiness normally used by persons in the business of making conventional loans, including but not limited to the ability of the transferee to make the loan payments and satisfactorily maintain the real estate used as collateral, (2) executes an agreement in writing with the lender whereby the transferee assumes the obligations of the existing borrower under the loan instruments, and (3) executes an agreement in writing to pay interest on the remaining obligation at a new interest rate not to exceed the lender's current market rate of interest on similar loans at the time of the transfer, the most recently published monthly index of the Federal Home Loan Mortgage Corporation auction yields or the existing interest rate provided for by the terms of the note, whichever is greater. Any such agreement shall not affect the priority, validity or enforceability of any loan instrument.
Subd. 6b.Delinquency or late payment fees.
A lender making a conventional loan may assess and collect fees for late payments according to the provision of section
Subd. 6c.Extension of certain loan assumptions.
Conventional loans made on or after June 1, 1979, and before May 9, 1981, continue to be assumable under the provisions of Minnesota Statutes 1984, section until October 1, 1990.
Subd. 7.Discount points prohibited.
(1) No conventional loan made on or after the effective date of Laws 1977, chapter 350 and prior to May 31, 1979 shall contain a provision requiring or permitting the imposition, directly or indirectly, of any discount points, whether or not actually denominated as discount points, on any person. Conventional or cooperative apartment loans made on or after May 31, 1979 may contain provisions permitting discount points, if the loan does not provide a loan yield in excess of that permitted by subdivision 4a. The loan yield is computed using the amount resulting when the discount points are included in the finance charge.
(2) Forward commitment fees are not discount points within the meaning of this subdivision.
(3) No charges, fees, or sums permitted by this section which are paid to and received by a lender may be increased for purposes of evading compliance with this subdivision.
Subd. 8.Conventional loan provisions.
A lender making a conventional loan shall comply with the following:
(1) The promissory note and mortgage evidencing a conventional loan shall be printed in not less than the equivalent of 8-point type, .075 inch computer type, or elite-size typewritten numerals, or shall be legibly handwritten.
(2) The mortgage evidencing a conventional loan shall contain a provision whereby the lender agrees to furnish the borrower with a conformed copy of the promissory note and mortgage at the time they are executed or within a reasonable time after recordation of the mortgage.
(3) The mortgage evidencing a conventional loan shall contain a provision whereby the lender, if it intends to foreclose, agrees to give the borrower written notice of any default under the terms or conditions of the promissory note or mortgage, by sending the notice by certified mail to the address of the mortgaged property or such other address as the borrower may have designated in writing to the lender. The lender need not give the borrower the notice required by this paragraph if the default consists of the borrower selling the mortgaged property without the required consent of the lender. The mortgage shall further provide that the notice shall contain the following provisions:
(a) the nature of the default by the borrower;
(b) the action required to cure the default;
(c) a date, not less than 30 days from the date the notice is mailed by which the default must be cured;
(d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by the mortgage and sale of the mortgaged premises; and
(e) that the borrower has the right to reinstate the mortgage after acceleration; and
(f) that the borrower has the right to bring a court action to assert the nonexistence of a default or any other defense of the borrower to acceleration and sale.
Subd. 9.Escrow accounts.
For purposes of this subdivision the term "mortgagee" shall mean all state banks and trust companies, national banking associations, state and federally chartered savings associations, mortgage banks, savings banks, insurance companies, credit unions or assignees of the above.
(a) Each mortgagee requiring funds of a mortgagor to be paid into an escrow, agency or similar account for the payment of taxes or homeowner's insurance premiums with respect to a mortgaged one-to-four family, owner-occupied residence located in this state, unless the account is required by federal law or regulation or maintained in connection with a conventional loan in an original principal amount in excess of 80 percent of the lender's appraised value of the residential unit at the time the loan is made or maintained in connection with loans insured or guaranteed by the secretary of housing and urban development, by the administrator of veterans affairs, or by the administrator of the Farmers Home Administration or any successor, shall calculate interest on such funds at a rate of not less than three percent per annum. Such interest shall be computed on the average monthly balance in such account on the first of each month for the immediately preceding 12 months of the calendar year or such other fiscal year as may be uniformly adopted by the mortgagee for such purposes and shall be annually credited to the remaining principal balance on the mortgage, or at the election of the mortgagee, paid to the mortgagor or credited to the mortgagor's account. If the interest exceeds the remaining balance, the excess shall be paid to the mortgagor or vendee. The requirement to pay interest shall apply to such accounts created in conjunction with mortgage loans made prior to July 1, 1996.
(b) Unless the account is exempt from the requirements of paragraph (a), a mortgagee shall allow a mortgagor to elect to discontinue escrowing for taxes and homeowner's insurance after the seventh anniversary of the date of the mortgage, unless the mortgagor has been more than 30 days delinquent in the previous 12 months. This paragraph shall apply to accounts created prior to July 1, 1996, as well as to accounts created on or after July 1, 1996. The mortgagor's election shall be in writing. The lender or mortgage broker shall, with respect to mortgages made on or after August 1, 1997, notify an applicant for a mortgage of the applicant's rights under this paragraph. This notice shall be given at or prior to the closing of the mortgage loan and shall read substantially as follows:
"NOTICE OF RIGHT TO DISCONTINUE ESCROW
If your mortgage loan involves an escrow account for taxes and homeowner's insurance, you may have the right in five years to discontinue the account and pay your own taxes and homeowner's insurance. If you are eligible to discontinue the escrow account, you will be notified in five years."
If the escrow account has a negative balance or a shortage at the time the mortgagor requests discontinuance, the mortgagee is not obligated to allow discontinuance until the escrow account is balanced or the shortage has been repaid.
(c) The mortgagee shall notify the mortgagor within 60 days after the seventh anniversary of the date of the mortgage if the right to discontinue the escrow account is in accordance with paragraph (b). For mortgage loans entered into, on or prior to July 1, 1989, the notice required by this paragraph shall be provided to the mortgagor by January 1, 1997.
(d) Effective January 1, 1998, the requirements of paragraph (b), regarding the mortgagor's election to discontinue the escrow account, and paragraph (c), regarding notification to mortgagor, shall apply when the fifth anniversary of the date of the mortgage has been reached.
(e) A mortgagee may require the mortgagor to reestablish the escrow account if the mortgagor has failed to make timely payments for two consecutive payment periods at any time during the remaining term of the mortgage, or if the mortgagor has failed to pay taxes or insurance premiums when due. A payment received during a grace period shall be deemed timely.
(f) The mortgagee shall, subject to paragraph (b), return any funds remaining in the account to the mortgagor within 60 days after receipt of the mortgagor's written notice of election to discontinue the escrow account.
(g) The mortgagee shall not charge a direct fee for the administration of the escrow account, nor shall the mortgagee charge a fee or other consideration for allowing the mortgagor to discontinue the escrow account.
Subd. 10.Waiver.
Except as provided in subdivision 5, the provisions of this section may not be waived by any oral or written agreement executed by any person.
Subd. 13.Conventional loan usury penalties.
Any conventional loan having an interest rate or loan yield in excess of the maximum lawful interest rate provided for in subdivision 4a shall be usurious and subject to the same penalties as a loan made in violation of section Any lender intentionally violating any other provision of this section shall be fined not more than $100 for each offense.
Subd. 13a.Contract for deed or cooperative apartment loan usury penalties.
Any contract for deed or cooperative apartment loan having an interest rate in excess of the maximum lawful interest rate provided for in subdivision 4a is usurious. No contract for deed or cooperative apartment loan is unenforceable solely because the interest rate thereon is usurious. Persons who have paid usurious interest may recover an amount not to exceed five times the usurious portion of the interest paid under the contract for deed or cooperative apartment loan plus attorneys' fees from the person to whom the interest has been paid. The penalty provisions of chapter 334, do not apply to usurious contracts for deed or cooperative apartment loans.
BOARDWALK PREMIER REALTY INC
STEVE VENNEMANN 651-334-8312 QUICKEST WAY TO BUY CONTRACT FOR DEED HOME MINNESOTA
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May 16th 2012559.21 CONTRACT TERMINATION; NOTICE; SERVICE; COSTS; CONDITIONS.
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Subdivision 1.
[Repealed,
Subd. 1a.
[Repealed,
Subd. 1b.For contract executed before 8/2/1976.
If a default occurs in the conditions of a contract for the conveyance of real estate or an interest in real estate executed on or prior to August 1, 1976, that gives the seller a right to terminate it, the seller may terminate the contract by serving upon the purchaser or the purchaser's personal representatives or assigns, within or outside the state, a notice specifying the conditions in which default has been made. The notice must state that the contract will terminate 30 days after the service of the notice, unless prior to the termination date the purchaser:
(1) complies with the conditions in default;
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(2) pays the costs of service of the notice, including the reasonable costs of service by sheriff, public officer, or private process server; except payment of costs of service is not required unless the seller notifies the purchaser of the actual costs of service by certified mail to the purchaser's last known address at least ten days prior to the date of termination; and
(3) pays an amount to apply on attorneys' fees actually expended or incurred, of $50 if the amount in default is less than $500, and of $100 if the amount in default is $500 or more; except no amount is required to be paid for attorneys' fees unless some part of the conditions of default has existed for at least 45 days prior to the date of service of the notice.
Subd. 1c.For contract executed before 5/1/1980.
If a default occurs in the conditions of a contract for the conveyance of real estate or an interest in real estate executed after August 1, 1976, and prior to May 1, 1980, that gives the seller a right to terminate it, the seller may terminate the contract by serving upon the purchaser or the purchaser's personal representatives or assigns, within or outside the state, a notice specifying the conditions in which default has been made. The notice must state that the contract will terminate 30 days after the service of the notice if the purchaser has paid less than 30 percent of the purchase price, 45 days after service of the notice if the purchaser has paid 30 percent or more of the purchase price but less than 50 percent, or 60 days after service of the notice if the purchaser has paid 50 percent or more of the purchase price; unless prior to the termination date the purchaser:
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(1) complies with the conditions in default;
(2) pays the costs of service of the notice, including the reasonable costs of service by sheriff, public officer, or private process server; except payment of costs of service is not required unless the seller notifies the purchaser of the actual costs of service by certified mail to the purchaser's last known address at least ten days prior to the date of termination; and
(3) pays an amount to apply on attorneys' fees actually expended or incurred, of $75 if the amount in default is less than $750, and of $200 if the amount in default is $750 or more; except no amount is required to be paid for attorneys' fees unless some part of the conditions of default has existed for at least 45 days prior to the date of service of the notice.
Subd. 1d.For contract executed before 8/1/1985.
If a default occurs in the conditions of a contract for the conveyance of real estate or an interest in real estate executed on or after May 1, 1980 and prior to August 1, 1985, that gives the seller a right to terminate it, the seller may terminate the contract by serving upon the purchaser or the purchaser's personal representatives or assigns, within or outside the state, a notice specifying the conditions in which default has been made. The notice must state that the contract will terminate 30 days after the service of the notice if the purchaser has paid less than ten percent of the purchase price, 60 days after service of the notice if the purchaser has paid ten percent or more of the purchase price but less than 25 percent, or 90 days after service of the notice if the purchaser has paid 25 percent or more of the purchase price; unless prior to the termination date the purchaser:
(1) complies with the conditions in default;
(2) makes all payments due and owing to the seller under the contract through the date that payment is made;
(3) pays the costs of service of the notice, including the reasonable costs of service by sheriff, public officer, or private process server; except payment of costs of service is not required unless the seller notifies the purchaser of the actual costs of service by certified mail to the purchaser's last known address at least ten days prior to the date of termination; and
(4) pays an amount to apply on attorneys' fees actually expended or incurred, of $125 if the amount in default is less than $750, and of $250 if the amount in default is $750 or more; except no amount is required to be paid for attorneys' fees unless some part of the conditions of default has existed for at least 45 days prior to the date of service of the notice.
Subd. 1e.Determination of purchase price.
For purposes of determining the purchase price and the amount of the purchase price paid on contracts executed prior to August 1, 1985:
(a) The purchase price is the sale price under the contract alleged to be in default, including the initial down payment. Mortgages, prior contracts for deed, special assessments, delinquent real estate taxes, or other obligations or encumbrances assumed by the purchaser are excluded in determining the purchase price.
(b) The amount paid by the purchaser is the total of payments of principal made under the contract alleged to be in default, including the initial down payment. Interest payments and payments made under mortgages, prior contracts for deed, special assessments, delinquent real estate taxes, or other obligations or encumbrances assumed by the purchaser are excluded in determining the amount paid by the purchaser.
Subd. 2.
[Repealed,
Subd. 2a.For post 7/31/1985 contract.
If a default occurs in the conditions of a contract for the conveyance of real estate or an interest in real estate executed on or after August 1, 1985, that gives the seller a right to terminate it, the seller may terminate the contract by serving upon the purchaser or the purchaser's personal representatives or assigns, within or outside of the state, a notice specifying the conditions in which default has been made. The notice must state that the contract will terminate 60 days, or a shorter period allowed in subdivision 4, after the service of the notice, unless prior to the termination date the purchaser:
(1) complies with the conditions in default;
(2) makes all payments due and owing to the seller under the contract through the date that payment is made;
(3) pays the costs of service of the notice, including the reasonable costs of service by sheriff, public officer, or private process server; except payment of costs of service is not required unless the seller notifies the purchaser of the actual costs of service by certified mail to the purchaser's last known address at least ten days prior to the date of termination;
(4) except for earnest money contracts, purchase agreements, and exercised options, pays two percent of any amount in default at the time of service, not including the final balloon payment, any taxes, assessments, mortgages, or prior contracts that are assumed by the purchaser; and
(5) if the contract is executed on or after August 1, 1999, pays an amount to apply on attorneys' fees actually expended or incurred, of $250 if the amount in default is less than $1,000, and of $500 if the amount in default is $1,000 or more; or if the contract is executed before August 1, 1999, pays an amount to apply on attorneys' fees actually expended or incurred, of $125 if the amount in default is less than $750, and of $250 if the amount in default is $750 or more; except that no amount for attorneys' fees is required to be paid unless some part of the conditions of default has existed for at least 30 days prior to the date of service of the notice.
Subd. 3.Notice defined.
For purposes of this section, the term "notice" means a writing stating the information required in this section, stating the name, address and telephone number of the seller or of an attorney authorized by the seller to accept payments pursuant to the notice and the fact that the person named is authorized to receive the payments, stating a mailing address and a street address or location where the seller or the attorney will accept payment pursuant to the notice, and including the following information in 12-point or larger underlined uppercase type, or 8-point type if published, or in large legible handwritten letters:
THIS NOTICE IS TO INFORM YOU THAT BY THIS NOTICE THE SELLER HAS BEGUN PROCEEDINGS UNDER MINNESOTA STATUTES, SECTION TO TERMINATE YOUR CONTRACT FOR THE PURCHASE OF YOUR PROPERTY FOR THE REASONS SPECIFIED IN THIS NOTICE. THE CONTRACT WILL TERMINATE ..... DAYS AFTER (SERVICE OF THIS NOTICE UPON YOU) (THE FIRST DATE OF PUBLICATION OF THIS NOTICE) (STRIKE ONE) UNLESS BEFORE THEN:
(a) THE PERSON AUTHORIZED IN THIS NOTICE TO RECEIVE PAYMENTS RECEIVES FROM YOU:
(1) THE AMOUNT THIS NOTICE SAYS YOU OWE; PLUS
(2) THE COSTS OF SERVICE (TO BE SENT TO YOU); PLUS
(3) $........... TO APPLY TO ATTORNEYS' FEES ACTUALLY EXPENDED OR INCURRED; PLUS
(4) FOR CONTRACTS EXECUTED ON OR AFTER MAY 1, 1980, ANY ADDITIONAL PAYMENTS BECOMING DUE UNDER THE CONTRACT TO THE SELLER AFTER THIS NOTICE WAS SERVED ON YOU; PLUS
(5) FOR CONTRACTS, OTHER THAN EARNEST MONEY CONTRACTS, PURCHASE AGREEMENTS, AND EXERCISED OPTIONS, EXECUTED ON OR AFTER AUGUST 1, 1985, $.... (WHICH IS TWO PERCENT OF THE AMOUNT IN DEFAULT AT THE TIME OF SERVICE OTHER THAN THE FINAL BALLOON PAYMENT, ANY TAXES, ASSESSMENTS, MORTGAGES, OR PRIOR CONTRACTS THAT ARE ASSUMED BY YOU); OR
(b) YOU SECURE FROM A COUNTY OR DISTRICT COURT AN ORDER THAT THE TERMINATION OF THE CONTRACT BE SUSPENDED UNTIL YOUR CLAIMS OR DEFENSES ARE FINALLY DISPOSED OF BY TRIAL, HEARING OR SETTLEMENT. YOUR ACTION MUST SPECIFICALLY STATE THOSE FACTS AND GROUNDS THAT DEMONSTRATE YOUR CLAIMS OR DEFENSES.
IF YOU DO NOT DO ONE OR THE OTHER OF THE ABOVE THINGS WITHIN THE TIME PERIOD SPECIFIED IN THIS NOTICE, YOUR CONTRACT WILL TERMINATE AT THE END OF THE PERIOD AND YOU WILL LOSE ALL THE MONEY YOU HAVE PAID ON THE CONTRACT; YOU WILL LOSE YOUR RIGHT TO POSSESSION OF THE PROPERTY; YOU MAY LOSE YOUR RIGHT TO ASSERT ANY CLAIMS OR DEFENSES THAT YOU MIGHT HAVE; AND YOU WILL BE EVICTED. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTICE, CONTACT AN ATTORNEY IMMEDIATELY.
mnhomescontractfordeed.com/dakota-countySubd. 4.Law prevails over contract; procedure; conditions.
(a) The notice required by this section must be given notwithstanding any provisions in the contract to the contrary, except that earnest money contracts, purchase agreements, and exercised options that are subject to this section may, unless by their terms they provide for a longer termination period, be terminated on 30 days' notice, or may be canceled under section. The notice must be served within the state in the same manner as a summons in the district court, and outside of the state, in the same manner, and without securing any sheriff's return of not found, making any preliminary affidavit, mailing a copy of the notice or doing any other preliminary act or thing whatsoever. Service of the notice outside of the state may be proved by the affidavit of the person making the same, made before an authorized officer having a seal, and within the state by such an affidavit or by the return of the sheriff of any county therein.
(b) If a person to be served is a resident individual who has departed from the state, or cannot be found in the state; or is a nonresident individual or a foreign corporation, partnership, or association, service may be made by publication as provided in this paragraph. Three weeks' published notice has the same effect as personal service of the notice. The published notice must comply with subdivision 3 and state (1) that the person to be served is allowed 90 days after the first date of publication of the notice to comply with the conditions of the contract, and (2) that the contract will terminate 90 days after the first date of publication of the notice, unless before the termination date the purchaser complies with the notice. If the real estate described in the contract is actually occupied, then, in addition to publication, a person in possession must be personally served, in like manner as the service of a summons in a civil action in state district court, within 30 days after the first date of publication of the notice. If an address of a person to be served is known, then within 30 days after the first date of publication of the notice a copy of the notice must be mailed to the person's last known address by first class mail, postage prepaid.
mnlakeplace.com/listing/blog.php
(c) The contract is reinstated if, within the time mentioned, the person served:
(1) complies with the conditions in default;
(2) if subdivision 1d or 2a applies, makes all payments due and owing to the seller under the contract through the date that payment is made;
(3) pays the costs of service as provided in subdivision 1b, 1c, 1d, or 2a;
(4) if subdivision 2a applies, pays two percent of the amount in default, not including the final balloon payment, any taxes, assessments, mortgages, or prior contracts that are assumed by the purchaser; and
(5) pays attorneys' fees as provided in subdivision 1b, 1c, 1d, or 2a.
(d) The contract is terminated if the provisions of paragraph (c) are not met.
(e) In the event that the notice was not signed by an attorney for the seller and the seller is not present in the state, or cannot be found in the state, then compliance with the conditions specified in the notice may be made by paying to the court administrator of the district court in the county wherein the real estate or any part thereof is situated any money due and filing proof of compliance with other defaults specified, and the court administrator of the district court shall be deemed the agent of the seller for such purposes. A copy of the notice with proof of service thereof, and the affidavit of the seller, the seller's agent or attorney, showing that the purchaser has not complied with the terms of the notice, may be recorded with the county recorder or registrar of titles, and is prima facie evidence of the facts stated in it; but this section in no case applies to contracts for the sale or conveyance of lands situated in another state or in a foreign country. If the notice is served by publication, the affidavit must state that the affiant believes that the party to be served is not a resident of the state, or cannot be found in the state, and either that the affiant has mailed a copy of the notice by first class mail, postage prepaid, to the party's last known address, or that such address is not known to the affiant.
Subd. 5.If required, notify commissioner.
When required by and in the manner provided in section the notice required by this section shall also be given to the commissioner of revenue.
Subd. 6.
[Repealed,
Subd. 7.Cancellation of land sale.
The state of Minnesota shall cancel any sale of land made by the state under an installment contract upon default therein only in accord with the provisions of this section.
Subd. .Attorney as agent for service.
Any attorney expressly authorized by the seller to receive payments in the notice of termination under this section is designated as the attorney who may receive service as agent for the seller of all summons, complaints, orders, and motions made in conjunction with an action by the purchaser to restrain the termination. Service in the action may be made upon the seller by mailing a copy of the process to the seller or to the seller's attorney, by first class mail, postage prepaid, to the address stated in the notice where payments will be accepted.
mnhomescontractfordeed.com/sherburne-county
CONTRACT FOR DEED HOMES FOR SALE MINNESOTA
mnhomescontractfordeed.com/how-to-buy-a-home-with-out-a-bank-contract-for-deed
651-334-8312 STEVE VENNEMANN
BOARDWALK PREMIER REALTY INC
For all types of properties for sale in MN condo-town homes-house-home-mn lake homes-cabins-waterfront properties-lake shore mn-
CONTRACT FOR DEED HOMES FOR SALE MINNESOTA
mnhomescontractfordeed.com/how-to-buy-a-home-with-out-a-bank-contract-for-deed
651-334-8312 STEVE VENNEMANN
BOARDWALK PREMIER REALTY INC
For all types of properties for sale in MN condo-town homes-house-home-mn lake homes-cabins-waterfront properties-lake shore mn-
Contract for deed homes Minnesota Anoka-Ramsey-Hennepin-Washington-chisago-Dakota
May 15th 2012Anoka County- contract for deed homes North Western Minnesota
ANOKA COUNTY MINNESOTA CONTRACT FOR DEED HOMES.
Some people have called it and installment sale agreement or land contract-
Although most land contracts can be used for a variety of reasons, their most common use is as a form of short-term seller financing. Usually, but not always, the date on which the full amount of the purchase price is due will be years sooner than when the purchase price would be paid in full according to the amortization schedule. This results in the final payment being a large Balloon Payment Since the amount of the final payment is so large, the buyer may obtain a conventional mortgage loan from a bank to make the final payment. Land contracts are sometimes used by buyers who do not qualify for conventional mortgage loans offered by a traditional lending institution, for reasons of unestablished or poor credit or an insufficient down payment, Land contracts are also used when the seller is anxious to sell and the buyer is not given enough time to arrange for conventional financing.
Contract for deed homes Minnesota-cd housing-Mn homes for sale contract for deed-contract for deed listings-Mn owner financed homes-seller financing-Real estate contract for deed-land contracts-Minnesota contract for deed homes for sale- All homes on our site have cd terms-Rent to own-Rent to buy-NO mortgages-banks-lenders-If you want to purchase a home with out a bank this is your best option-
Contract for deed homes Minnesota-cd housing-Mn homes for sale contract for deed-contract for deed listings-Mn owner financed homes-seller financing-Real estate contract for deed-land contracts-Minnesota contract for deed homes for sale- All homes on our site have cd terms-Rent to own-Rent to buy-NO mortgages-banks-lenders-If you want to purchase a home with out a bank this is your best option-
BoardWalk Premier Realty INC
651-334-8312
MN contract for deed agent-broker-realtor
651-334-8312
MN contract for deed agent-broker-realtor
We specialize in the following and work with them on a daily basis.
CONTRACT FOR DEED HOMES MN-houses-home-condo-town homes-hobby farms-acreage-lake homes-real estate by owners-properties-Bad credit-Rent to own advertising-MINNESOTA OWNER FINANCED HOMES-MN HOMES FOR SALE CONTRACT FOR DEED-MN CD HOMES FOR SALE-CONDOS-TOWN HOMES-HOBBY FARMS-ACREAGE-LAKE HOMES FOR SALE IN MINNESOTA AND WISCONSIN-FOR SALE BY OWNERS-MN OWNERS FINANCING-SELLER FINANCED HOMES-MN LAND CONTRACTS-MN MORTGAGE NOTES FOR SALE-CONTRACTS-CONTRACT FOR DEED HOMES FOR SALE IN MN-WESTERN WISCONSIN PROPERTIES-MINNESOTA REAL ESTATE CONTRACT FOR DEED-WISCONSIN LAND CONTRACTS- MN CONTRACT FOR DEED TERMS-MN CONTRACT FOR DEED CONTRACTS-CONTRACT FOR DEED PURCHASES-SELLING A HOME ON A CONTRACT- OWNER FINANCING BLOG WITH THE LATEST INFORMATION ON RENT TO OWN-LEASE OPTIONS-WRAP AROUND MORTGAGES-OWNERS CARRY BACK A MORTGAGE-RENT TO BUY-HOW A CONTRACT FOR DEED WORKS-HOW TO BUY A HOME WITH OUT USING A BANK.
When you search homes on our site these are all the following types of properties you will find-
We have these homes in all counties in Minnesota and Western Wisconsin- also saint paul and Minneapolis. minnesotahomescontractfordeed.com
BOARDWALK PREMIER REALTY INC
651-334-8312
55304 Andover 763 Anoka County Minnesota (MN)
55303 Anoka 763 Anoka County Minnesota (MN)
55005 Bethel 763 Anoka County Minnesota (MN)
55434 Blaine 763 Anoka County Minnesota (MN)
55011 Cedar East Bethel 763 Anoka County Minnesota (MN)
55014 Circle Pines 763 Anoka County Minnesota (MN)
55421 Columbia Heights 763 Anoka County Minnesota (MN)
55448 Coon Rapids 763 Anoka County Minnesota (MN)
55011 East Bethel 763 Anoka County Minnesota (MN)
55432 Fridley 763 Anoka County Minnesota (MN)
55304 Ham Lake 763 Anoka County Minnesota (MN)
55421 Hilltop 763 Anoka County Minnesota (MN)
55014 Lexington 763 Anoka County Minnesota (MN)
55014 Lino Lakes 763 Anoka County Minnesota (MN)
55005 Linwood 763 Anoka County Minnesota (MN)
55303 Nowthen 763 Anoka County Minnesota (MN)
55303 Oak Grove 763 Anoka County Minnesota (MN)
55303 Ramsey 763 Anoka County Minnesota (MN)
55421 Saint Anthony 763 Anoka County Minnesota (MN)
55421 Saint Anthony Village 763 Anoka County Minnesota (MN)
55070 Saint Francis 763 Anoka County Minnesota (MN)
55304 Soderville 763 Anoka County Minnesota (MN)
55432 Spring Lake Park 763 Anoka County Minnesota (MN)
55005 Bethel 763 Anoka County Minnesota (MN)
55434 Blaine 763 Anoka County Minnesota (MN)
55011 Cedar East Bethel 763 Anoka County Minnesota (MN)
55014 Circle Pines 763 Anoka County Minnesota (MN)
55421 Columbia Heights 763 Anoka County Minnesota (MN)
55448 Coon Rapids 763 Anoka County Minnesota (MN)
55011 East Bethel 763 Anoka County Minnesota (MN)
55432 Fridley 763 Anoka County Minnesota (MN)
55304 Ham Lake 763 Anoka County Minnesota (MN)
55421 Hilltop 763 Anoka County Minnesota (MN)
55014 Lexington 763 Anoka County Minnesota (MN)
55014 Lino Lakes 763 Anoka County Minnesota (MN)
55005 Linwood 763 Anoka County Minnesota (MN)
55303 Nowthen 763 Anoka County Minnesota (MN)
55303 Oak Grove 763 Anoka County Minnesota (MN)
55303 Ramsey 763 Anoka County Minnesota (MN)
55421 Saint Anthony 763 Anoka County Minnesota (MN)
55421 Saint Anthony Village 763 Anoka County Minnesota (MN)
55070 Saint Francis 763 Anoka County Minnesota (MN)
55304 Soderville 763 Anoka County Minnesota (MN)
55432 Spring Lake Park 763 Anoka County Minnesota (MN)
We Have MN Homes For Sale In All The Cities Below
AFTON MN-ALBERTVILLE MN-ANDOVER MN- ANNANDALE MN-ANOKA MN-APPLE VALLEY MN,-ARDEN HILLS, MN-ARLINGTON MN- BAYPORT MN- BECKER MN- BELLE PLAINE MN- BETHEL MN- BIG LAKE, BLAINE MN- BLOOMINGTON MN- BRAHAM MN-BROOKLYN CENTER MN- BROOKLYN PARK MN- BUFFALO MN- BURNSVILLE MN- CAMBRIDGE MN-CANNON FALLS MN- CARVER MN- CASTLE ROCK MN- CEDAR, CENTER CITY MN- CENTERVILLE MN- CHAMPLIN MN- CHANHASSEN MN- CHASKA MN- CHISAGO CITY MN- CIRCLE PINES MN- CLEAR LAKE MN- CLEARWATER MN- COATES MN- COKATO MN- COLOGNE MN-COLOMBIA HEIGHTS MN- COON RAPIDS MN- CORCORAN MN- COTTAGE GROVE MN- CRYSTAL MN- CRYSTAL BAY MN- DALBO MN- DALSSEL MN-DAYTON MN- DEEPHAVEN MN- DELANO MN- DELLWOOD MN- DENNISON MN- DUNDAS MN- EAGAN MN-EAST BETHEL MN- EDEN PRAIRIE MN- EDINA MN-ELK RIVER MN- ELKO MN- EXCELSIOR MN- FALCON HEIGHTS MN- FARMINGTON MN- FOLEY MN- FOREST LAKE MN- FORT SNELLING MN- FRIDLEY MN- GAYLORD MN-GEM LAKE MN- GLENCOE MN- GOLDEN VALLEY MN- GOODHUE MN- GRANDY MN- GRANT MN- GREEN ISLE MN- GREENFIELD MN- HAM LAKE MN- HAMBURG MN- HAMEL MN- HAMPTON MN- HANOVER MN- HARRIS MN- HASTINGS MN- HEIDELBURG MN- HENDERSON MN- HILLTOP MN- HOPKINS MN- HOWARD LAKE MN- HUGO MN- HUTCHINSON MN- INDEPENDENCE MN- INVER GROVE HEIGHTS MN- ISANTI MN- JORDAN MN- KIMBALL MN- LAKE ELMO MN- LAKE SAINT CROIX BEACH MN- LAKELAND MN- LAKELAND MN- SHORES MN- LAKEVILLE MN- LANDFALL MN- LAUDERDALE MN- LE CENTER MN- LE SUEUR MN- LEXINGTON MN- LILYDALE MN- LINDSTROM MN- LINO LAKES MN- LINWOOD MN-LITTLE CANADA MN- LONG LAKE MN- LONSDALE MN- LORETTO MN- LUXEMBURG MN- MAHTOMEDI MN- MAPLE GROVE MN- MAPLE LAKE MN- MAPLE PLAIN MN- MAPLEWOOD MN- MARINE ON SAINT CROIX MN- MAYER MN- MEDICINE LAKE, MEDINA MN- MENDOTA MN- MENDOTA HEIGHTS MN- MIESVILLE MN- MINNEAPOLIS MN- MINNETONKA MN- MINNETONKA BEACH MN- MINNETRISTA MN- MONTGOMERY MN- MONTICELLO MN- MONTROSE MN- MOUND MN- MOUNDSVIEW MN- NAVARRE MN- NEW AUBURN MN-NEW BRIGHTON MN- NEW GERMANY MN- NEW HOPE MN- NEW MARKET MN- NEW PRAGUE MN- NEWPORT MN- NORTH BRANCH MN- NORTH OAKS MN- NORTH SAINT PAUL MN- NORTHFIELD MN- NORWOOD MN- NORWOOD YOUNG AMERICA MN- OAK GROVE MN- OAK PARK HEIGHTS MN- OAKDALE MN-ORONO MN- OSSEO MN- OTSEGO MN- PINE SPRINGS MN PLATO MN- PLEASANT LAKE MN- PLYMOUTH MN- PRINCETON MN- PRIOR LAKE MN- RAMSEY MN- RANDOLPH MN- REDWING MN-RICHFIELD MN- ROBBINSDALE MN- ROCKFORD MN- ROGERS MN- ROSEMOUNT MN- ROSEVILLE MN- RUSH CITY MN- SAINT ANTHONY MN- SAINT BONIFACIUS MN- SAINT FRANCIS MN- SAINT LOUIS PARK MN- SAINT MARY'S POINT MN- SAINT MICHAEL MN- SAINT PAUL MN- SAINT PAUL PARK MN- SANTIAGO MN- SAVAGE MN- SCANDIA MN- SHAFER MN- SHAKOPEE MN- SHOREVIEW MN- SHOREWOOD MN- SILVER CREEK MN- SILVER LAKE MN- SOUTH HAVEN MN- SOUTH SAINT PAUL, MN-SPRING LAKE PARK MN- SPRING PARK MN- STACY MN- STANCHFIELD MN- STILLWATER MN- TAYLORS FALLS MN- TONKA BAY MN- VADNAIS HEIGHTS MN- VENTURA MN- VERMILLION MN- VICTORIA MN- WACONIA MN- WATERTOWN MN- WAVERLY MN- WAYZATA MN-WEBSTER MN- WEST SAINT PAUL MN- WHITE BEAR LAKE MN- WILLERNIE MN- WINSTED MN- WOODBURY MN- WOODLAND MN – WYOMING MN- YOUNG AMERICA MN- ZIMMERMAN MN- SHERBURNE MN- RAMSEY MN- HENNEPIN MN-WASHINGTON MN- CARVER MN- DAKOTA MN- SCOTT MN- WRIGHT- MNNavigation
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Big Marine lake information homes for sale-Minnesota lake homes-lake shore mnlakeplace.com
April 29th 2012Lake information report
 |
Name: Big Marine
| Nearest Town: Forest Lake Primary County: Washington Survey Date: 08/04/2008 Inventory Number: 82005200 http://www.mnlakeplace.com/big-marine-lake- |
|
Public Access Information
| Ownership | Type | Description |
|---|---|---|
| County | Concrete | South west shoreline |
| DNR | Concrete | South east shoreline |
| DNR | Concrete | North end of lake |
Lake Characteristics
Lake Area (acres): 1799.18
Littoral Area (acres): 1152 Maximum Depth (ft): 60 Water Clarity (ft): 8.5 (7.1-9.9) |
Dominant Bottom Substrate: Sand (Abundant)
Abundance of Aquatic Plants: 41 Varieties Sampled Maximum Depth of Plant Growth (ft): 12.6 (4-23) |
| Did you know? Much of Minnesota's fisheries program is reimbursed by the Federal Aid in Sport Fish Restoration Program (federal excise tax), administered by the U.S. Fish and Wildlife Service. |
Fish Sampled for the 2008 Survey Year
| Species | Number of fish per net |
Average Fish Weight (lbs)
|
Normal Range(lbs)
| ||
|---|---|---|---|---|---|
| Caught | |||||
| Black Bullhead | Trap net | 0.53 | 0.7 - 25.7 | ND | 0.3 - 0.6 |
| Gill net | 0.12 | 2.5 - 45.0 | 0.56 | 0.3 - 0.7 | |
| Black Crappie | Trap net | 4.93 | 1.8 - 21.2 | 0.46 | 0.2 - 0.3 |
| Gill net | 7.38 | 2.5 - 16.5 | 0.13 | 0.1 - 0.3 | |
| Bluegill | Trap net | 48.40 | 7.5 - 62.5 | 0.15 | 0.1 - 0.3 |
| Gill net | 5.00 | N/A | 0.13 | N/A | |
| Brown Bullhead | Trap net | 0.20 | 0.2 - 1.4 | ND | 0.5 - 1.0 |
| Golden Shiner | Trap net | 0.07 | 0.2 - 0.8 | ND | 0.1 - 0.1 |
| Hybrid Sunfish | Trap net | 2.20 | N/A | ND | N/A |
| Largemouth Bass | Trap net | 0.67 | 0.2 - 0.7 | ND | 0.2 - 0.9 |
| Gill net | 2.75 | 0.3 - 0.8 | 1.02 | 0.4 - 1.0 | |
| Northern Pike | Trap net | 0.87 | N/A | ND | N/A |
| Gill net | 16.38 | 1.5 - 7.3 | 1.72 | 2.0 - 3.5 | |
| Pumpkinseed | Trap net | 1.73 | 0.7 - 4.2 | ND | 0.1 - 0.2 |
| Gill net | 0.75 | N/A | 0.07 | N/A | |
| Walleye | Trap net | 0.07 | 0.3 - 1.2 | ND | 0.8 - 2.8 |
| Gill net | 2.38 | 1.2 - 6.3 | 2.55 | 1.2 - 2.7 | |
| White Sucker | Trap net | 0.40 | 0.2 - 1.0 | ND | 1.6 - 2.8 |
| Yellow Bullhead | Trap net | 2.40 | 0.9 - 5.7 | ND | 0.5 - 0.8 |
| Gill net | 3.88 | 0.5 - 7.5 | 0.93 | 0.5 - 0.8 | |
| Yellow Perch | Trap net | 0.20 | 0.3 - 1.7 | ND | 0.1 - 0.2 |
Normal Ranges represent typical catches for lakes with similar physical and chemical characteristics.
Length of Selected Species (Trapnet, Gillnet) Sampled for the 2008 Survey Year
| Species | Number of fish caught in each category (inches) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 0-5 | 6-8 | 9-11 | 12-14 | 15-19 | 20-24 | 25-29 | 30+ | Total | |
| black bullhead | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 9 |
| black crappie | 39 | 49 | 42 | 3 | 0 | 0 | 0 | 0 | 133 |
| bluegill | 342 | 417 | 0 | 0 | 0 | 0 | 0 | 0 | 766 |
| brown bullhead | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| golden shiner | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| hybrid sunfish | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33 |
| largemouth bass | 1 | 6 | 3 | 8 | 4 | 0 | 0 | 0 | 32 |
| northern pike | 0 | 0 | 0 | 3 | 69 | 52 | 5 | 2 | 144 |
| pumpkinseed | 5 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 32 |
| walleye | 0 | 0 | 2 | 5 | 3 | 8 | 1 | 0 | 20 |
| white sucker | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 |
| yellow bullhead | 0 | 1 | 12 | 17 | 1 | 0 | 0 | 0 | 67 |
| yellow perch | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| A lot of field work important to anglers isn't getting done because costs have risen, license prices have stayed the same for the past 11 years and despite numerous cost-saving measures DNR Fisheries has had to reduce work that affects the quality and quantity of fishing. Learn what's at stake and how you can help. |
Fish Stocking Activity
Fish Stocked by Species for the Last Ten Years
| Year | Species | Size | Number | Pounds |
|---|---|---|---|---|
| 2011 | Walleye | yearlings | 240 | 12.0 |
| 2010 | Walleye | yearlings | 372 | 286.0 |
| Walleye | fingerlings | 3,926 | 302.0 | |
| Walleye | yearlings | 8 | 11.0 | |
| Walleye | fry | 3,600,000 | 32.4 | |
| Walleye | fingerlings | 18,704 | 542.0 | |
| 2008 | Walleye | yearlings | 210 | 50.0 |
| Walleye | fingerlings | 56,550 | 917.0 | |
| Walleye | adults | 42 | 88.8 | |
| 2006 | Walleye* | fingerlings | 14,869 | 1,151.2 |
| 2005 | Walleye | yearlings | 6,639 | 370.9 |
| 2002 | Walleye | fingerlings | 17,672 | 1,151.9 |
| Privately Stocked Fish |
|---|
| * indicates privately stocked fish. Private stocking includes fish purchased by the DNR for stocking and fish purchased and stocked by private citizens and sporting groups. |
| Stocking Fish Sizes |
|---|
| Fry - Newly hatched fish that are ready to be stocked usually called "swim-ups". Walleye fry are 1/3 of an inch or around 8 mm. |
| Fingerling - Fingerlings are one to six months old and can range from a size of one to twelve inches depending on the species. Walleye fingerlings range from three to eight inches each fall. |
| Yearling - Yearling fish are at least one year old. A one-year-old fish can range from three to twenty inches depending on the species. Walleye yearlings average from six to twelve inches. |
| Adult - Adult fish are fish that have reached maturity. Depending on the species, maturity can be reached at two years of age. Walleye reach maturity between the ages of four and six years. |
mnlakeplace.com/big-marine-lake-homes-cabins-waterfront-properties-
Fish Consumption Guidelines
These fish consumption guidelines help people make choices about which fish to eat and how often. Following the guidelines enables people to reduce their exposure to contaminants while still enjoying the many benefits from fish.
Pregnant Women, Women who may become pregnant and Children under age 15
| LAKE NAME County, DOWID | Species | Meal Advice | Contaminants | |||
|---|---|---|---|---|---|---|
| Unrestricted | 1 meal/week | 1 meal/month | Do not eat | |||
| BIG MARINE Washington Co., 82005200 | Bluegill Sunfish | All sizes | Mercury | |||
| Bullhead | All sizes | Mercury | ||||
| Crappie | All sizes | Mercury | ||||
| Northern Pike | All sizes | Mercury | ||||
| Walleye | All sizes | Mercury | ||||
General Population
| LAKE NAME County, DOWID | Species | Meal Advice | Contaminants | |||
|---|---|---|---|---|---|---|
| Unrestricted | 1 meal/week | 1 meal/month | Do not eat | |||
| BIG MARINE Washington Co., 82005200 | Bluegill Sunfish | All sizes | ||||
| Bullhead | All sizes | Mercury | ||||
| Crappie | All sizes | Mercury | ||||
| Northern Pike | All sizes | Mercury | ||||
| Walleye | shorter than 21" | 21" or longer | Mercury | |||
DOWID - MN DNR, Divion of Waters' lake ID number.
Contaminants listed were measured at levels high enough to warrant a recommendation to limit consumption.
Listing of consumption guidelines do not imply the fish are legal to keep, MN DNR fishing regulations should be consulted.
mnlakeplace.com/big-marine-lake-homes-sold-Status of the Fishery (as of 08/04/2008)
This survey, and subsequent biennial surveys, is being done to gain a better understanding of the game fish population of Big Marine Lake.
Walleyes were sampled within the normal range for this lake. The gill net catch of 2.38/set is an increase over the 2006 walleye catch. The walleyes sampled averaged 18.24 inches in length and 2.55 pounds. A total of 1152 lbs of walleye are stocked biennially. Northern pike were sampled at 16.38/set, which is the fourth highest gill net catch rate. This species continues to have a high population in Big Marine Lake. Conditions for high northern pike reproduction have been common recently. The average size pike in the lake is 19.92 inches and 1.72 pounds. Largemouth bass, while normally not sampled effectively in nets, were found in high abundance. Anglers have reported good catches of largemouth bass from this lake. Forage species such as yellow perch and white sucker continue to be found in low abundance. Bluegills were sampled in good abundance. They averaged 5.87 inches in length. Black crappies were also found in good numbers. They averaged 9.28 inches in the spring sample. Individuals over 12 inches were caught. Black and brown bullheads were found in low numbers, while yellow bullhead were found in average numbers.
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