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.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; […]
Section 58A.07 — Testing Of Loan Originators.
58A.07 TESTING OF LOAN ORIGINATORS. Subdivision 1. Generally. In order to meet the written test requirement referred to in section 58A.05, clause (5), an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Multistate Licensing System and Registry (NMLSR) and designated as the NMLSR’s […]