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 […]
Section 58.13 — Standards Of Conduct.
58.13 STANDARDS OF CONDUCT. Subdivision 1. Generally. (a) 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, except as otherwise provided in paragraph (b), shall: (1) fail to maintain a […]
Section 58.01 — Citation.
58.01 CITATION. This chapter shall be cited as the “Minnesota Residential Mortgage Originator and Servicer Licensing Act.” History: 1998 c 343 art 1 s 1
Section 58.02 — Definitions.
58.02 DEFINITIONS. Subdivision 1. Scope. For purposes of this chapter, the terms defined in this section have the meanings given to them. Subd. 2. Act. “Act” means the Minnesota Residential Mortgage Originator and Servicer Licensing Act. Subd. 3. Advance fee. “Advance fee” means a commission, fee, charge, or compensation of any kind paid to a […]
Section 58.03 — Classes Of License.
58.03 CLASSES OF LICENSE. The commissioner may issue the following classes of license under this chapter: (1) a residential mortgage originator license; and (2) a residential mortgage servicer license. History: 1998 c 343 art 1 s 3
Section 58.04 — Licensing Requirement.
58.04 LICENSING REQUIREMENT. Subdivision 1. Residential mortgage originator licensing requirements. (a) No person shall act as a residential mortgage originator, or make residential mortgage loans without first obtaining a license from the commissioner according to the licensing procedures provided in this chapter. (b) A licensee must be either a partnership, limited liability partnership, association, limited […]