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 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 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 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 58A.045 — Term Of License And Fees.
58A.045 TERM OF LICENSE AND FEES. Subdivision 1. Term. Licenses for mortgage loan originators issued under this chapter expire on December 31 and are renewable on January 1 of each year after that date. Subd. 2. Fees. The following fees must be paid to the commissioner: (1) for a mortgage loan originator license, $90; and […]
Section 58A.05 — Issuance Of License.
58A.05 ISSUANCE OF LICENSE. The commissioner shall not issue a mortgage loan originator license unless the commissioner finds at a minimum, that: (1) the applicant has never had a mortgage loan originator license revoked in a governmental jurisdiction, except that a subsequent formal vacation of a revocation shall not be deemed a revocation; (2) the […]
Section 58A.06 — Prelicensing And Relicensing Education Of Loan Originators.
58A.06 PRELICENSING AND RELICENSING EDUCATION OF LOAN ORIGINATORS. Subdivision 1. Minimum educational requirements. In order to meet the prelicensing education requirement referred to in section 58A.05, clause (4), a person shall complete at least 20 hours of education approved according to subdivision 2, that includes at least: (1) three hours of federal law and regulations; […]
Section 58A.07 — Testing Of Loan Originators.
58A.07 TESTING OF LOAN ORIGINATORS. Subdivision 1. Generally. In order to meet the written test requirement referred to in section 58A.05, clause (5), an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Multistate Licensing System and Registry (NMLSR) and designated as the NMLSR’s […]
Section 58A.08 — Standards For License Renewal.
58A.08 STANDARDS FOR LICENSE RENEWAL. Subdivision 1. Generally. The minimum standards for license renewal for a mortgage loan originator include that the mortgage loan originator: (1) continues to meet the minimum standards for license issuance under section 58A.05; (2) has satisfied the annual continuing education requirements described in section 58A.09; and (3) has paid all […]
Section 58A.09 — Continuing Education For Mortgage Loan Originators.
58A.09 CONTINUING EDUCATION FOR MORTGAGE LOAN ORIGINATORS. Subdivision 1. Generally. In order to meet the annual continuing education requirements referred to in section 58A.08, subdivision 1, clause (2), a licensed mortgage loan originator shall complete at least eight hours of education approved according to subdivision 2 that includes at least: (1) three hours of federal […]
Section 58A.10 — Authority To Require License.
58A.10 AUTHORITY TO REQUIRE LICENSE. In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Multistate Licensing System and Registry. In order to carry out this requirement, the commissioner may participate in the Nationwide Multistate Licensing System and […]
Section 58A.11 — Nationwide Multistate Licensing System And Registry Information Challenge Process.
58A.11 NATIONWIDE MULTISTATE LICENSING SYSTEM AND REGISTRY INFORMATION CHALLENGE PROCESS. The commissioner shall establish a process that allows mortgage loan originators to challenge information entered into the Nationwide Multistate Licensing System and Registry by the commissioner. History: 2010 c 347 art 4 s 12; 2018 c 104 s 3
Section 58A.12 — Enforcement Authorities, Violations, And Penalties.
58A.12 ENFORCEMENT AUTHORITIES, VIOLATIONS, AND PENALTIES. (a) In order to ensure the effective supervision and enforcement of this chapter, the commissioner may, pursuant to chapter 14: (1) deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules issued under this chapter, or order or directive entered under this […]
Section 58A.13 — Surety Bond Required.
58A.13 SURETY BOND REQUIRED. Subdivision 1. Coverage, form, and rules. (a) Each mortgage loan originator must be covered by a surety bond meeting the requirements of section 58.08. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of the person […]
Section 58A.14 — Confidentiality.
58A.14 CONFIDENTIALITY. Subdivision 1. Protections. Except as otherwise provided in Public Law 110-289, section 1512, the requirements under chapter 13 or any federal law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry, and any privilege arising under federal or state law, including the rules […]
Section 58A.15 — Investigation And Examination Authority.
58A.15 INVESTIGATION AND EXAMINATION AUTHORITY. Subdivision 1. Generally. In addition to any authority allowed under this chapter, the commissioner may conduct investigations and examinations according to subdivisions 2 to 9. Subd. 2. Authority to access information. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific […]
Section 58A.16 — Prohibited Acts And Practices.
58A.16 PROHIBITED ACTS AND PRACTICES. Subdivision 1. Generally. It is a violation of this chapter for a person or individual subject to this chapter to: (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) engage in any unfair or deceptive practice […]
Section 58A.17 — Mortgage Call Reports.
58A.17 MORTGAGE CALL REPORTS. A mortgage licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which must be in the form and contain the information the Nationwide Multistate Licensing System and Registry requires. History: 2010 c 347 art 4 s 18; 2018 c 104 s 3
Section 58A.18 — Report To Nationwide Multistate Licensing System And Registry.
58A.18 REPORT TO NATIONWIDE MULTISTATE LICENSING SYSTEM AND REGISTRY. The commissioner shall regularly report violations of this chapter, as well as enforcement actions and other relevant information, to the Nationwide Multistate Licensing System and Registry subject to the provisions contained in section 58A.14. History: 2010 c 347 art 4 s 19; 2018 c 104 s […]
Section 58A.20 — Unique Identifier Shown.
58A.20 UNIQUE IDENTIFIER SHOWN. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule or order of the commissioner. History: 2010 c 347 art 4 s 20