Section 58.161 — Mortgage Broker Duties Of Agency.
58.161 MORTGAGE BROKER DUTIES OF AGENCY. Subdivision 1. Generally. A mortgage broker shall be considered to have created an agency relationship with the borrower in all cases and shall comply with the following duties: (1) mortgage brokers shall act in the borrower’s best interest and in the utmost good faith toward borrowers, and shall not […]
Section 58.162 — Transaction Agents Or Servicers; Disclosure Of Note Owner Information To Mortgagor.
58.162 TRANSACTION AGENTS OR SERVICERS; DISCLOSURE OF NOTE OWNER INFORMATION TO MORTGAGOR. Upon written request of a mortgagor, a transaction agent or servicer shall provide in writing to the mortgagor the identity, address, and telephone number of the current owner of the note secured by the mortgage, based on the transaction agent’s or servicer’s actual […]
Section 58.17 — Scope Of Chapter.
58.17 SCOPE OF CHAPTER. Subdivision 1. Residential mortgage originator services. This chapter applies when an offer of residential mortgage origination services is made to a borrower in this state or when the residential mortgage originator is located in this state. Subd. 2. Residential mortgage servicing. The provisions of this chapter regarding residential mortgage servicing apply […]
Section 58.18 — Private Right Of Action.
58.18 PRIVATE RIGHT OF ACTION. Subdivision 1. Remedies. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, and 58.161 shall have a private right of action and the court shall award: (1) actual, incidental, and consequential damages; (2) statutory damages equal to the amount of […]
Section 58.19 — Reverse Mortgage Loans Coordination With Chapter 47.
58.19 REVERSE MORTGAGE LOANS COORDINATION WITH CHAPTER 47. No person acting as a residential mortgage originator or servicer, including a person required to be licensed under this chapter, and no person exempt from the licensing requirements of this chapter under section 58.04, shall make, provide, or arrange for a reverse mortgage as defined in chapter […]
Section 58.10 — Fees.
58.10 FEES. Subdivision 1. Amounts. The following fees must be paid to the commissioner: (1) for a residential mortgage originator license, $1,000, $50 of which is credited to the consumer education account in the special revenue fund; (2) for a renewal license, $500, $50 of which is credited to the consumer education account in the […]
Section 58.11 — License Renewal.
58.11 LICENSE RENEWAL. Subdivision 1. Term. Licenses are renewable on January 1 of each year. Subd. 2. Timely renewal. (a) A person whose application is properly and timely filed who has not received notice of denial of renewal is considered approved for renewal and the person may continue to transact business as a residential mortgage […]
Section 58.115 — Examinations.
58.115 EXAMINATIONS. The commissioner has under this chapter the same powers with respect to examinations that the commissioner has under section 46.04. History: 2007 c 57 art 3 s 19; 2014 c 222 art 1 s 9
Section 58.12 — Denial, Suspension, Revocation Of Licenses.
58.12 DENIAL, SUSPENSION, REVOCATION OF LICENSES. Subdivision 1. Powers of commissioner. (a) The commissioner may by order take any or all of the following actions: (1) bar a person from engaging in residential mortgage origination or servicing; (2) deny, suspend, or revoke a residential mortgage originator or a servicer license; (3) censure a licensee; (4) […]
Section 58.125 — Prohibition On Service As A Residential Mortgage Originator.
58.125 PROHIBITION ON SERVICE AS A RESIDENTIAL MORTGAGE ORIGINATOR. Subdivision 1. Definitions. (a) “Dishonesty” means directly or indirectly to cheat or defraud; to cheat or defraud for monetary gain or its equivalent; or to wrongfully take property belonging to another in violation of any criminal statute. Dishonesty includes acts involving want of integrity, lack of […]