Section 58A.14 — Confidentiality.
58A.14 CONFIDENTIALITY. Subdivision 1. Protections. Except as otherwise provided in Public Law 110-289, section 1512, the requirements under chapter 13 or any federal law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry, and any privilege arising under federal or state law, including the rules […]
Section 58A.15 — Investigation And Examination Authority.
58A.15 INVESTIGATION AND EXAMINATION AUTHORITY. Subdivision 1. Generally. In addition to any authority allowed under this chapter, the commissioner may conduct investigations and examinations according to subdivisions 2 to 9. Subd. 2. Authority to access information. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific […]
Section 58A.16 — Prohibited Acts And Practices.
58A.16 PROHIBITED ACTS AND PRACTICES. Subdivision 1. Generally. It is a violation of this chapter for a person or individual subject to this chapter to: (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) engage in any unfair or deceptive practice […]
Section 58A.17 — Mortgage Call Reports.
58A.17 MORTGAGE CALL REPORTS. A mortgage licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which must be in the form and contain the information the Nationwide Multistate Licensing System and Registry requires. History: 2010 c 347 art 4 s 18; 2018 c 104 s 3
Section 58A.18 — Report To Nationwide Multistate Licensing System And Registry.
58A.18 REPORT TO NATIONWIDE MULTISTATE LICENSING SYSTEM AND REGISTRY. The commissioner shall regularly report violations of this chapter, as well as enforcement actions and other relevant information, to the Nationwide Multistate Licensing System and Registry subject to the provisions contained in section 58A.14. History: 2010 c 347 art 4 s 19; 2018 c 104 s […]
Section 58A.20 — Unique Identifier Shown.
58A.20 UNIQUE IDENTIFIER SHOWN. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule or order of the commissioner. History: 2010 c 347 art 4 s 20
Section 58A.22 — Incorporation By Reference.
58A.22 INCORPORATION BY REFERENCE. The final rules adopted by the United States Department of Housing and Urban Development under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, and subsequent amendments, are incorporated by reference. History: 2010 c 347 art 4 s 21
Section 58A.12 — Enforcement Authorities, Violations, And Penalties.
58A.12 ENFORCEMENT AUTHORITIES, VIOLATIONS, AND PENALTIES. (a) In order to ensure the effective supervision and enforcement of this chapter, the commissioner may, pursuant to chapter 14: (1) deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules issued under this chapter, or order or directive entered under this […]
Section 58A.13 — Surety Bond Required.
58A.13 SURETY BOND REQUIRED. Subdivision 1. Coverage, form, and rules. (a) Each mortgage loan originator must be covered by a surety bond meeting the requirements of section 58.08. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of the person […]
Section 58A.045 — Term Of License And Fees.
58A.045 TERM OF LICENSE AND FEES. Subdivision 1. Term. Licenses for mortgage loan originators issued under this chapter expire on December 31 and are renewable on January 1 of each year after that date. Subd. 2. Fees. The following fees must be paid to the commissioner: (1) for a mortgage loan originator license, $90; and […]