Section 58.13 — Standards Of Conduct.
58.13 STANDARDS OF CONDUCT. Subdivision 1. Generally. (a) No person acting as a residential mortgage originator or servicer, including a person required to be licensed under this chapter, and no person exempt from the licensing requirements of this chapter under section 58.04, except as otherwise provided in paragraph (b), shall: (1) fail to maintain a […]
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 […]
Section 58.15 — Disclosure Requirements For Certain Residential Mortgage Originators.
58.15 DISCLOSURE REQUIREMENTS FOR CERTAIN RESIDENTIAL MORTGAGE ORIGINATORS. Subdivision 1. Nonagency disclosure. If a residential mortgage originator or exempt person other than a mortgage broker does not contract or offer to contract to act as an agent of a borrower, or accept an advance fee, it must, within three business days of accepting an application […]
Section 58.16 — Residential Mortgage Originators; Standards Of Conduct For Agency Or Advance Fee Transactions.
58.16 RESIDENTIAL MORTGAGE ORIGINATORS; STANDARDS OF CONDUCT FOR AGENCY OR ADVANCE FEE TRANSACTIONS. Subdivision 1. Compliance. Residential mortgage originators who solicit or receive an advance fee in exchange for assisting a borrower located in this state in obtaining a loan secured by a lien on residential real estate, or who offer to act as an […]
Section 58.161 — Mortgage Broker Duties Of Agency.
58.161 MORTGAGE BROKER DUTIES OF AGENCY. Subdivision 1. Generally. A mortgage broker shall be considered to have created an agency relationship with the borrower in all cases and shall comply with the following duties: (1) mortgage brokers shall act in the borrower’s best interest and in the utmost good faith toward borrowers, and shall not […]
Section 58.162 — Transaction Agents Or Servicers; Disclosure Of Note Owner Information To Mortgagor.
58.162 TRANSACTION AGENTS OR SERVICERS; DISCLOSURE OF NOTE OWNER INFORMATION TO MORTGAGOR. Upon written request of a mortgagor, a transaction agent or servicer shall provide in writing to the mortgagor the identity, address, and telephone number of the current owner of the note secured by the mortgage, based on the transaction agent’s or servicer’s actual […]
Section 58.17 — Scope Of Chapter.
58.17 SCOPE OF CHAPTER. Subdivision 1. Residential mortgage originator services. This chapter applies when an offer of residential mortgage origination services is made to a borrower in this state or when the residential mortgage originator is located in this state. Subd. 2. Residential mortgage servicing. The provisions of this chapter regarding residential mortgage servicing apply […]
Section 58.18 — Private Right Of Action.
58.18 PRIVATE RIGHT OF ACTION. Subdivision 1. Remedies. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, and 58.161 shall have a private right of action and the court shall award: (1) actual, incidental, and consequential damages; (2) statutory damages equal to the amount of […]