§ 58.10 — Fees
Plain-Language Summary
This section sets the fees that mortgage originators and servicers must pay for license applications, renewals, and other regulatory services. The fees help fund the commissioner of commerce's work in overseeing the mortgage industry.
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 special revenue fund;
(3) for a residential mortgage servicer’s license, $500;
(4) for a renewal license, $250; and
(5) for a certificate of exemption, $100. §
Subd. 2.Forfeiture.
All fees are nonrefundable except that an overpayment of a fee must be refunded upon proper application. §
Subd. 3.Consumer education account; money credited and appropriated.
(a) The consumer education account is created in the special revenue fund. Money credited to this account may be appropriated to the commissioner to: (1) make grants to programs and campaigns designed to help consumers avoid being victimized by unscrupulous lenders and mortgage brokers; and (2) pay for expenses the commissioner incurs to provide outreach and education related to affordable housing and home ownership education. The commissioner must give preference for grants to programs and campaigns designed by coalitions of public sector, private sector, and nonprofit agencies, institutions, companies, and organizations.
(b) A sum sufficient is appropriated annually from the consumer education account to the commissioner to make the grants described in paragraph (a).
History:
1998 c 343 art 1 s 10; 2000 c 427 s 16; 2001 c 208 s 3,4; 2007 c 57 art 3 s 18; 2010 c 347 art 5 s 5; 2024 c 114 art 2 s 28
History: History: 1998 c 343 art 1 s 10; 2000 c 427 s 16; 2001 c 208 s 3,4; 2007 c 57 art 3 s 18; 2010 c 347 art 5 s 5; 2024 c 114 art 2 s 28