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 […]