Title Minnesota Statutes, Minnesota Statutes

58.05 EXEMPTIONS FROM LICENSE. § Subdivision 1.Exempt person. (a) 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 th…

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 an…

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 [Repealed, 2007 c 57 art 3 s 64] § Subd. 1a.Residential mortgage originators.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 $125,000, issued by an insura…

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

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 whi…

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 …

58.115 EXAMINATIONS. The commissioner has under this chapter the same powers with respect to examinations that the commissioner has under section 46.04. In addition to the powers under section 46.04, the commissioner may accept examination reports prepared by a state agency that …

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 re…

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 viol…

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, e…

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 ch…

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 i…

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 ban…

58.141 REPORTS AND UNIQUE IDENTIFIER. § Subdivision 1.Mortgage call reports. A residential mortgage originator or servicer must submit reports of condition to the Nationwide Multistate Licensing System and Registry. Reports submitted under this subdivision must be in the form and…

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 …

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 s…

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 intere…

58.162 TRANSACTION AGENTS OR SERVICERS; DISCLOSURE OF NOTE OWNER INFORMATION TO MORTGAGOR. Upon written request of a mortgagor, a transaction agent or servicer shall provide in writing to the mortgagor the identity, address, and telephone number of the current owner of the note s…

58.17 SCOPE OF CHAPTER. § Subdivision 1.Residential mortgage originator services. This chapter applies when an offer of residential mortgage origination services is made to a borrower in this state or when the residential mortgage originator is located in this state. § Subd. 2.Re…

58.18 PRIVATE RIGHT OF ACTION. § Subdivision 1.Remedies. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, and 58.161 shall have a private right of action and the court shall award: (1) actual, inci…

58.19 REVERSE MORTGAGE LOANS COORDINATION WITH CHAPTER 47. 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, s…

58.20 DEFINITIONS. § Subdivision 1.Scope. For purposes of this section to section 58.23, the terms defined in this section have the meanings given. § Subd. 2.Allowable assets for liquidity. "Allowable assets for liquidity" means assets that may be used to satisfy the liquidity re…

58.21 APPLICABILITY; EXCLUSIONS. § Subdivision 1.Applicability. Sections 58.20 to 58.23 apply to covered institutions. For entities within a holding company or an affiliated group of companies, sections 58.20 to 58.23 apply at the covered institution level. § Subd. 2.Exclusions. …

58.22 FINANCIAL CONDITION. § Subdivision 1.Compliance required. A covered institution must maintain capital and liquidity in compliance with this section. § Subd. 2.Generally accepted accounting principles. For the purposes of complying with the capital and liquidity requirements…

58.23 CORPORATE GOVERNANCE. § Subdivision 1.Board of directors required. A covered institution must establish and maintain a board of directors that is responsible for oversight of the covered institution. § Subd. 2.Board of directors; alternative. If a covered institution has no…