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 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 [Repealed, 2000 c 427 s 21] Subd. 3.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 [Repealed, 2007 c 57 art 3 s 64] Subd. 1a.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 […]

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 58.10 — Fees.

58.10 FEES. Subdivision 1. Amounts. The following fees must be paid to the commissioner: (1) for a residential mortgage originator license, $1,000, $50 of which is credited to the consumer education account in the special revenue fund; (2) for a renewal license, $500, $50 of which is credited to the consumer education account in the […]

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 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 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 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 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 […]