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 […]
Section 56.26 — Continuation Of Licensing.
56.26 CONTINUATION OF LICENSING. All persons licensed under the provisions of this chapter on August 1, 1981 are licensed to make loans regulated by Laws 1981, chapter 258, and the commissioner shall, upon request, within 90 days deliver evidence of licensing to the requester. History: (7774-60a) 1939 c 22 s 1; 1981 c 258 s […]
Section 58.01 — Citation.
58.01 CITATION. This chapter shall be cited as the “Minnesota Residential Mortgage Originator and Servicer Licensing Act.” History: 1998 c 343 art 1 s 1
Section 58.02 — Definitions.
58.02 DEFINITIONS. Subdivision 1. Scope. For purposes of this chapter, the terms defined in this section have the meanings given to them. Subd. 2. Act. “Act” means the Minnesota Residential Mortgage Originator and Servicer Licensing Act. Subd. 3. Advance fee. “Advance fee” means a commission, fee, charge, or compensation of any kind paid to a […]