Section 58.09 — Term Of License.
58.09 TERM OF LICENSE. Licenses for residential mortgage originators and residential mortgage servicers issued under this chapter expire on December 31 and are renewable on January 1 of each year after that date. History: 1998 c 343 art 1 s 9; 2010 c 347 art 5 s 4
Section 56.25 — Licensee To Be Responsible.
56.25 LICENSEE TO BE RESPONSIBLE. The licensee hereunder shall, at all times, be beholden and liable to the commissioner for all acts and proceedings taken by assignees, assigns, endorsees, and transferees in enforcing, and as to the method of enforcing, collection of any obligation taken hereunder, as fully and to the same extent as though […]
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 […]
Section 58.03 — Classes Of License.
58.03 CLASSES OF LICENSE. The commissioner may issue the following classes of license under this chapter: (1) a residential mortgage originator license; and (2) a residential mortgage servicer license. History: 1998 c 343 art 1 s 3
Section 58.04 — Licensing Requirement.
58.04 LICENSING REQUIREMENT. Subdivision 1. Residential mortgage originator licensing requirements. (a) No person shall act as a residential mortgage originator, or make residential mortgage loans without first obtaining a license from the commissioner according to the licensing procedures provided in this chapter. (b) A licensee must be either a partnership, limited liability partnership, association, limited […]
Section 56.15 — Charges.
56.15 CHARGES. Subdivision 1. Limitation. No licensee shall directly or indirectly, charge, contract for, or receive any interest, discount, charges, or consideration greater than the lender would be permitted by law to charge if the lender were not a licensee hereunder upon the loan, use or forbearance of money, goods, or things in action, or […]
Section 56.155 — Insurance In Connection With Loan.
56.155 INSURANCE IN CONNECTION WITH LOAN. Subdivision 1. Authorization. Notwithstanding section 47.59 to the contrary, no licensee shall, directly or indirectly, sell or offer for sale any insurance in connection with any loan made under this chapter except as and to the extent authorized by this section. The sale of credit life, credit accident and […]
Section 56.16 — Overages Deemed Interest.
56.16 OVERAGES DEEMED INTEREST. The payment of money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a loan […]