Section 58A.01 — Title.
58A.01 TITLE. This chapter may be cited as the “Minnesota Secure and Fair Enforcement for Mortgage Licensing Act of 2010” or “Minnesota S.A.F.E. Mortgage Licensing Act of 2010.” History: 2010 c 347 art 4 s 1
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
Section 58A.03 — License And Registration Required.
58A.03 LICENSE AND REGISTRATION REQUIRED. Subdivision 1. Generally. An individual, unless specifically exempted from this chapter under subdivision 2, shall not engage in the business of a mortgage loan originator with respect to a dwelling located in this state without first obtaining and maintaining a license under this chapter. An individual may not engage in […]
Section 58.12 — Denial, Suspension, Revocation Of Licenses.
58.12 DENIAL, SUSPENSION, REVOCATION OF LICENSES. Subdivision 1. Powers of commissioner. (a) The commissioner may by order take any or all of the following actions: (1) bar a person from engaging in residential mortgage origination or servicing; (2) deny, suspend, or revoke a residential mortgage originator or a servicer license; (3) censure a licensee; (4) […]
Section 58A.04 — State License And Registration Application And Issuance.
58A.04 STATE LICENSE AND REGISTRATION APPLICATION AND ISSUANCE. Subdivision 1. Application form. An applicant for a license shall apply in a form as prescribed by the commissioner. The form must contain content as set forth by rule, instruction, or procedure of the commissioner and may be changed or updated as necessary by the commissioner in […]
Section 58.125 — Prohibition On Service As A Residential Mortgage Originator.
58.125 PROHIBITION ON SERVICE AS A RESIDENTIAL MORTGAGE ORIGINATOR. Subdivision 1. Definitions. (a) “Dishonesty” means directly or indirectly to cheat or defraud; to cheat or defraud for monetary gain or its equivalent; or to wrongfully take property belonging to another in violation of any criminal statute. Dishonesty includes acts involving want of integrity, lack of […]
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 […]