US Lawyer Database

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 58.161 — 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 58.05 — Exemptions From License.

58.05 EXEMPTIONS FROM LICENSE. Subdivision 1. Exempt person. An exempt person as defined by section 58.04, subdivision 1, paragraph (c), and subdivision 2, paragraph (b), is exempt from the licensing requirements of this chapter, but is subject to all other provisions of this chapter. Subd. 2. [Repealed, 2000 c 427 s 21] Subd. 3. Certificate […]

Section 58.06 — Application Requirements For Residential Mortgage Originators And Servicers.

58.06 APPLICATION REQUIREMENTS FOR RESIDENTIAL MORTGAGE ORIGINATORS AND SERVICERS. Subdivision 1. License application form. Application for a residential mortgage originator or a residential mortgage servicer license must be in writing, under oath, and on a form obtained from and prescribed by the commissioner. Subd. 2. Application contents. (a) The application must contain the name and […]

Section 58.08 — Bonds; Letters Of Credit.

58.08 BONDS; LETTERS OF CREDIT. Subdivision 1. [Repealed, 2007 c 57 art 3 s 64] Subd. 1a. Residential mortgage originators. (a) An applicant for a residential mortgage originator license must file with the department a surety bond in the amount of $100,000, issued by an insurance company authorized to do so in this state. The […]