Section 58B.01 — Title.
58B.01 TITLE. This chapter may be cited as the “Student Loan Borrower Bill of Rights.” History: 1Sp2021 c 4 art 6 s 2
Section 58B.02 — Definitions.
58B.02 DEFINITIONS. Subdivision 1. Scope. For purposes of this chapter, the following terms have the meanings given them. Subd. 2. Borrower. “Borrower” means a resident of this state who has received or agreed to pay a student loan or a person who shares responsibility with a resident for repaying a student loan. Subd. 3. Commissioner. […]
Section 58B.03 — Licensing Of Student Loan Servicers.
58B.03 LICENSING OF STUDENT LOAN SERVICERS. Subdivision 1. License required. No person shall directly or indirectly act as a student loan servicer without first obtaining a license from the commissioner. Subd. 2. Exempt persons. The following persons are exempt from the requirements of this chapter: (1) a financial institution; (2) a person servicing student loans […]
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.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 […]
Section 58A.05 — Issuance Of License.
58A.05 ISSUANCE OF LICENSE. The commissioner shall not issue a mortgage loan originator license unless the commissioner finds at a minimum, that: (1) the applicant has never had a mortgage loan originator license revoked in a governmental jurisdiction, except that a subsequent formal vacation of a revocation shall not be deemed a revocation; (2) the […]
Section 58A.06 — Prelicensing And Relicensing Education Of Loan Originators.
58A.06 PRELICENSING AND RELICENSING EDUCATION OF LOAN ORIGINATORS. Subdivision 1. Minimum educational requirements. In order to meet the prelicensing education requirement referred to in section 58A.05, clause (4), a person shall complete at least 20 hours of education approved according to subdivision 2, that includes at least: (1) three hours of federal law and regulations; […]