Transcript Highlights:

• authority statute, which would expressly exempt loans that meet the federal qualified mortgage, or QM
• Modernizing Minnesota law to align with federal QM standards will ensure consumers are protected and
• ><00:07:10.360> that<00:07:10.520> meet<00:07:10.800> Federal<00:07:11.160> qm
• <00:07:11.599> standards for loans that meet Federal qm standards for loans that meet Federal
• qm standards ensuring<00:07:12.960> consumer<00:07:13.440> protections<00:07:13.840>

Bills: HF1865, HF2014, HF2028

Keywords: mortgage, qualified mortgage, QM, points and fees, conventional loan, consumer lending, home loan, residential real estate, lender fees, service charge, finance charge, closing costs, Minnesota Statutes 47.20, housing finance, borrower protections, cooperative apartment loan, contract for deed, real estate lending, foreclosure, notice requirements

Transcript Highlights:

• But under the QM, they allow you two bona fide discount points that don't count towards the fee restriction
• as I explained this, gentlemen, to our leadership team when we were talking about this agenda, the QM
• c> this<00:08:41.640> agenda, about this agenda, about this agenda, the<00:08:42.960> QM
• c> came<00:08:43.919> under<00:08:44.120> the<00:08:44.200> Dodd-Frank the QM
• rule came under the Dodd-Frank the QM rule came under the Dodd-Frank Act.<00:08:45.480> And<00

Keywords: Meeting Start 00:00 Call to Order and Roll Call 00:09 Discussion SB 157 02:43 Vote SB 157 09:04 Discussion SB 219 09:53 Vote SB 219 13:00, 958, all

Transcript Highlights:

• c><00:23:01.520> for<00:23:01.679> our<00:23:02.360> district<00:23:03.720> qm
• <00:23:04.720> we<00:23:04.960> have $29,000 loss for our district qm we have $29,000
• loss for our district qm we have qm<00:23:05.720> and<00:23:05.840> it's<00:23:06.279>
• extremely<00:23:07.279> powerful<00:23:08.559> program qm and it's extremely powerful
• program qm and it's extremely powerful program and<00:23:09.840> if<00:23:10.000> we<00

Keywords: 1187, senate, all

Transcript Highlights:

• One more recent project is a pilot program with QM and Versa to manage the python removal contract program

Summary: The Appropriations Committee on Agriculture, Environment, and General Government convened with a quorum present and excused Senators Arrington and Pizzo. The committee first took up confirmation hearings for appointments on tabs 1 through 4, and Senator DiCeglie moved to recommend confirmation of all appointees together. The motion passed unanimously, and the appointees were favorably recommended. The main presentation was from FWC Chief Conservation Officer George Wharton on invasive species management in Florida. He described the scale of the problem, including more than 500 non-native species reported in the state, and outlined FWC’s prevention, containment, removal, outreach, and research efforts. He highlighted risk screenings, the conditional/prohibited species framework, enforcement actions against illegal wildlife trafficking, and public programs such as the Florida Python Challenge, lionfish outreach, the Exotic Pet Amnesty Program, and the “I’ve Got One” reporting app. He also noted ongoing removal efforts for pythons, tegus, lionfish, and iguanas, and discussed new technologies and partnerships aimed at improving control efforts. Members asked follow-up questions about FWC issues beyond invasive species, including the status of special activity licenses for threatened species and giant manta rays, the upcoming bear hunt, and whether the committee could help reduce barriers to invasive species removal on federal lands. Wharton said all SAL permits for threatened species are currently suspended pending Commission review, that Florida is on track for a bear hunt this December with 172 permits issued across four subpopulations, and that bear management is based on scientific data while urban bear conflicts still require separate management. He also said federal partners are increasingly cooperative on python control, including commercialization of hides, and that drones, sentinel snakes, robotic lures, and AI-based traps may improve future invasive species removal. Senator Sharief and Senator Burton later requested to be recorded as voting affirmatively on tabs 1 through 4, and the committee then adjourned.

Transcript Highlights:

• . >> They they qm our chair. Thank you, Senator Berman.

Keywords: 999, senate, all

Transcript Highlights:

• This restriction was implemented prior to the establishment of the QM standards, with the intent of providing
• Freddy This proposed amendment will provide an exception to the restriction for loans that meet QM
• proposal will align Minnesota with over 40 states that do not have fee restrictions in excess of the QM

Keywords: 1187, senate, all

Transcript Highlights:

• the alternative line nine shows the alternative compensation<01:32:28.159> or<01:32:28.560> qm
• Levy<01:32:30.920> not<01:32:31.199> quite<01:32:31.400> as compensation or qm
• Levy not quite as compensation or qm Levy not quite as large<01:32:31.880> as<01:32:32.040>

Keywords: 1183, house

Summary: The Education Finance Committee met on January 21, 2025, for its first hearing of the session and began with organizational business. Members and staff introduced themselves, described their districts and backgrounds, and the chair reviewed committee procedures, including how to request bill hearings, amendment deadlines, and handout deadlines. The committee also heard introductions from nonpartisan and partisan staff, including House Research and House Fiscal Analysis personnel who will support the committee’s work this session. The main substantive item was an overview presentation on the state budget and education finance process. Staff explained how Minnesota’s general fund is forecast twice a year, how the committee should read the budget documents and aid/levy tracking sheets, and how the current biennium compares with the upcoming budget window. They described the November forecast, noted that the committee will later receive the February forecast, and outlined the committee’s role in reviewing K-12 state aid spending, school district revenue, and property tax impacts. Staff walked through the aid appropriation summary spreadsheet and explained its columns, including end-of-session spending, fiscal year 2024-25 actuals and estimates, and the 2026-27 and 2028-29 planning horizons. They emphasized that many education programs are forecast-driven and can change with enrollment and other data. The presentation also summarized the state’s overall revenue mix and spending priorities, noting that K-12 education is the largest general fund category and that state aid makes up the majority of school revenue. No bills were heard and no votes or formal actions were taken.

Transcript Highlights:

• This is a QM plot.
• This is a QM plot.

Keywords: 908, all

Summary: The committee met to continue its tax reform and relief study agenda, approved the December 3, 2025 minutes, and announced a new subcommittee to examine property tax statement issues with counties, auditors, and the tax office. Representative Headland was named chair, Senator Rummel vice chair, and Representatives Dressler and Dr. Dr. and Senator Patton were also assigned. The chair noted the group may need an additional meeting and thanked staff and attendees. A major portion of the meeting focused on economic development incentives. The Department of Commerce presented on the Renaissance Zone program and TIF districts, describing Renaissance Zones as locally tailored tools that combine local property tax relief with state income tax incentives. Commerce said the program has supported thousands of projects since 1999 and cited examples from Beach and Mandan showing increases in property and taxable value, business retention, housing, and downtown revitalization. Committee members raised concerns that smaller rural communities often lack the staff and expertise to apply, and Commerce said it provides outreach through conferences, office hours, and one-on-one assistance. League of Cities and local officials from Bismarck and Ellendale echoed the capacity issue, discussed how the programs have worked in their communities, and suggested possible reforms or more targeted support for small towns. Ellendale’s mayor also described two TIF districts, one for industrial infrastructure in Oaks and one for housing infrastructure tied to a data center project in Ellendale. The committee then turned to stripper oil taxation. The Tax Department gave a comparison of oil and gas tax structures in selected states, noting that most have some form of stripper or marginal well provision, while Alaska does not appear to have a specific stripper-well exemption. Members asked for more detail on definitions and North Dakota’s annual adjusted rate. The Department of Mineral Resources followed with a detailed presentation on North Dakota stripper wells, explaining the statutory thresholds, the 12-consecutive-month production test, and the fact that once a well qualifies it remains on stripper status even if production later rises. DMR said about 11,332 stripper wells are active, representing roughly 54% of wells and about 16% of state production, and emphasized that stripper status can extend well life, preserve tax revenue, and reduce orphaned wells. Committee members and industry witnesses discussed refracs, the economics of keeping marginal wells active, and the competitive disadvantage created by North Dakota’s oil price discount. No votes were taken on these informational items.

Transcript Highlights:

• real estate transaction are part of the cost, that means that the fee can make a transaction involving QM

Keywords: 995, all

Summary: The Joint Committee on Revenue held a public hearing on a series of bills focused largely on local-option real estate transfer fees and housing funding tools for communities facing severe affordability pressures. Testimony strongly favored bills for Somerville, Concord, Martha’s Vineyard, Nantucket, Chatham, and a statewide local-option transfer fee, with speakers arguing that high-end real estate transactions should help fund affordable housing, anti-displacement efforts, workforce housing, and related capital improvements. Elected officials and local housing leaders described rising rents and home prices, investor activity, shrinking year-round housing stock, and difficulty recruiting or retaining teachers, police, health care workers, and other essential employees. Several witnesses emphasized that the proposals would be optional for municipalities, could include exemptions for first-time homebuyers or seniors, and would direct revenue into local affordable housing trust funds or housing banks. Committee members asked questions about who would pay the fee and whether it could make housing less affordable, and supporters responded that the fees would be targeted at higher-value transactions and designed with local flexibility. For Somerville, the delegation and Mayor Katjana Ballantyne backed both a local home rule petition and statewide enabling legislation, saying the city has already used zoning reform, inclusionary zoning, and local housing funds but still needs a new revenue source to address displacement and investor-driven purchases. For Concord, Representative Carmine Gentile and Concord housing advocates supported a home rule petition and the statewide bill, arguing that a modest fee on sales above $1 million could generate predictable revenue for affordable housing production and preservation. One committee exchange focused on whether the fee would affect most Concord sales and whether it would be passed on to buyers; supporters said the policy was intended to shift costs toward higher-value properties and help leverage other funding sources. The committee also heard testimony on House 4105, which would redirect a casino-related revenue stream to the Healthy Incentives Program. Farmers, advocates, and residents said the current funding was originally intended to support horse racing but has not met that goal, and that the money would be better used to support Massachusetts farmers and food-insecure residents through HIP. In a separate bill, Senator Becca Rausch testified in support of Senate 268, which would create a state-level hostile learning environment complaint process for higher education institutions and potentially strip tax exemptions from colleges or universities found to have such environments; she cited anti-Semitic and transphobic incidents on campuses and argued that existing federal protections should be mirrored in state law. The hearing also included testimony on college tuition debt reduction legislation from Senator Michael Moore, who said the bill would allow a deduction for tuition and fees paid to Massachusetts public colleges and universities to ease student debt and support the state’s workforce. A major portion of the hearing focused on Martha’s Vineyard and Nantucket housing bank proposals. Hospital, school, housing, planning, and municipal officials from Martha’s Vineyard said the island’s year-round housing shortage is harming health care, schools, and the local workforce, and urged approval of a housing bank funded by a local-option transfer fee. Nantucket witnesses made similar arguments, pointing to a very high median home price, a large seasonal housing stock, and the need for a dedicated revenue stream to preserve and create year-round housing. Supporters repeatedly cited the long-running success of the islands’ land banks as evidence that transfer fees can work without harming real estate markets. Senator Julian Cyr and Representative Thomas Moakley Luddy also backed the Cape and Islands transfer-fee bills, saying the region needs bold action and a sustainable local funding source to address its housing crisis.