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 […]
Section 58A.08 — Standards For License Renewal.
58A.08 STANDARDS FOR LICENSE RENEWAL. Subdivision 1. Generally. The minimum standards for license renewal for a mortgage loan originator include that the mortgage loan originator: (1) continues to meet the minimum standards for license issuance under section 58A.05; (2) has satisfied the annual continuing education requirements described in section 58A.09; and (3) has paid all […]
Section 58A.09 — Continuing Education For Mortgage Loan Originators.
58A.09 CONTINUING EDUCATION FOR MORTGAGE LOAN ORIGINATORS. Subdivision 1. Generally. In order to meet the annual continuing education requirements referred to in section 58A.08, subdivision 1, clause (2), a licensed mortgage loan originator shall complete at least eight hours of education approved according to subdivision 2 that includes at least: (1) three hours of federal […]
Section 58A.10 — Authority To Require License.
58A.10 AUTHORITY TO REQUIRE LICENSE. In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Multistate Licensing System and Registry. In order to carry out this requirement, the commissioner may participate in the Nationwide Multistate Licensing System and […]
Section 58A.11 — Nationwide Multistate Licensing System And Registry Information Challenge Process.
58A.11 NATIONWIDE MULTISTATE LICENSING SYSTEM AND REGISTRY INFORMATION CHALLENGE PROCESS. The commissioner shall establish a process that allows mortgage loan originators to challenge information entered into the Nationwide Multistate Licensing System and Registry by the commissioner. History: 2010 c 347 art 4 s 12; 2018 c 104 s 3
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 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 58A.02 — Definitions.
58A.02 DEFINITIONS. Subdivision 1. Application. For purposes of this chapter, the definitions in subdivisions 2 to 15 have the meanings given them. Subd. 2. Depository institution. “Depository institution” has the meaning given in United States Code, title 12, section 1813, and includes a credit union. Subd. 3. Federal banking agencies. “Federal banking agencies” means the […]
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