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BankersOnline.com Forums State-Specific Compliance Issues Minnesota Document Preparation Fee - Finance Charge?
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#2247166 - 01/05/21 04:00 PM Document Preparation Fee - Finance Charge?
mnbanker09 Offline
100 Club
Joined: Jan 2018
Posts: 128
We charge a "Doc Prep Fee" on all consumer loans. When should the Doc Prep Fee be listed as a Finance Charge, and when should it not?

I've reviewed different banker threads with various responses. As I understand Reg Z, a Doc Prep Fee is not considered a finance charge for RE credit transactions. But, in Minnesota, it is? We currently do not include as a Finance Charge for any consumer credit transaction, and will refund any portion necessary if paid off early. I'm thinking this is not accurate? Please help!

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#2247410 - 01/08/21 09:05 PM Re: Document Preparation Fee - Finance Charge? mnbanker09
RR Sarah Offline
Power Poster
RR Sarah
Joined: Mar 2004
Posts: 2,514
Up North
You'll find that in MN Statute 47.59
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Sometimes you have to burn a few bridges to keep the crazies from following you.

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