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 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 58.136 — Rates And Charges.
58.136 RATES AND CHARGES. Notwithstanding any other law to the contrary, a residential mortgage originator making a residential mortgage loan to a borrower located in this state must comply with any applicable limits on the rate and amount of interest, discount points, finance charges, fees, and other charges as found in the laws of this […]
Section 58.137 — Interest, Points, Finance Charges, Fees, And Other Charges.
58.137 INTEREST, POINTS, FINANCE CHARGES, FEES, AND OTHER CHARGES. Subdivision 1. Financed interest, points, finance charges, fees, and other charges. A residential mortgage originator making or modifying a residential mortgage loan to a borrower located in this state must not include in the principal amount of any residential mortgage loan all or any portion of […]
Section 58.14 — Record Keeping And Notification Requirements.
58.14 RECORD KEEPING AND NOTIFICATION REQUIREMENTS. Subdivision 1. Change in licensing data. A licensee must advise the commissioner of any material changes to the information submitted in the most recent license application within ten days of the change. Subd. 2. Notice of bankruptcy petitions. A licensee or person who has been issued a certificate of […]