Chapter 58 — Minnesota Residential Mortgage Originator and Servicer Licensing Act

58.01 Citation This section gives the official short name for this chapter of law. It is called the 'Minnesota Residential Mortgage … 58.02 Definitions This section defines important terms used throughout the mortgage licensing law. It explains what words like 'borrower,' … 58.03 Classes of License This section establishes different classes of licenses for people and businesses in the mortgage industry. It sets up … 58.04 Licensing Requirement This section requires anyone who originates or services residential mortgage loans in Minnesota to hold the proper … 58.05 Exemptions From License This section lists who does not need a mortgage originator or servicer license. Exemptions include certain banks, credit … 58.06 Application Requirements for Residential Mortgage Originators and Servicers This section describes what you need to submit when applying for a mortgage originator or servicer license. Applications … 58.07 This section has been repealed and is no longer part of the law. It was removed in 1999 when the legislature updated the … 58.08 Bonds; Letters of Credit This section requires mortgage originators and servicers to maintain a surety bond or letter of credit as a condition of … 58.09 Term of License Licenses for residential mortgage originators and servicers in Minnesota expire on December 31 of each year. They can be … 58.10 Fees This section sets the fees that mortgage originators and servicers must pay for license applications, renewals, and … 58.11 License Renewal This section describes the process for renewing a mortgage originator or servicer license. Renewal applications must be … 58.115 Examinations The commissioner of commerce has the power to examine and audit licensed mortgage originators and servicers. The … 58.12 Denial, Suspension, Revocation of Licenses The commissioner of commerce can deny, suspend, or revoke a mortgage originator or servicer license for various reasons. … 58.125 Prohibition on Service as a Residential Mortgage Originator Certain people are banned from working as residential mortgage originators. This includes anyone who has been convicted … 58.126 This section has been repealed and is no longer part of the law. It was removed in 2010 when the legislature updated the … 58.13 Standards of Conduct This section sets rules for how licensed mortgage originators and servicers must behave. They must act honestly and in … 58.135 This section has been repealed and is no longer part of the law. It was removed in 2001 when the legislature updated the … 58.136 Rates and Charges Mortgage originators making home loans to Minnesota borrowers must follow all state limits on interest rates, discount … 58.137 Interest, Points, Finance Charges, Fees, and Other Charges This section regulates the interest, points, finance charges, fees, and other costs that mortgage originators can charge … 58.14 Record Keeping and Notification Requirements Licensed mortgage originators and servicers must keep detailed records of their business activities and notify the … 58.141 Reports and Unique Identifier Licensed mortgage originators and servicers must file regular reports called mortgage call reports with the … 58.15 Disclosure Requirements for Certain Residential Mortgage Originators Certain mortgage originators must provide specific written disclosures to borrowers. These disclosures tell borrowers … 58.16 Residential Mortgage Originators; Standards of Conduct for Agency or Advance Fee Transactions This section sets additional standards for mortgage originators who act as agents for borrowers or who collect advance … 58.161 Mortgage Broker Duties of Agency When a mortgage broker agrees to act as a borrower's agent, the broker owes the borrower a duty of loyalty and good … 58.162 Transaction Agents or Servicers; Disclosure of Note Owner Information to Mortgagor If you have a mortgage, you have the right to know who actually owns your loan. When you make a written request, the … 58.17 Scope of Chapter This section defines the scope of the mortgage licensing law. It clarifies that the chapter applies to residential … 58.18 Private Right of Action Borrowers who are harmed by violations of this chapter can sue the mortgage originator or servicer for damages. This … 58.19 Reverse Mortgage Loans Coordination With Chapter 47 Anyone who originates or services residential mortgages, whether licensed under this chapter or exempt, must follow the … 58.20 Definitions This section defines terms used in the mortgage servicer oversight provisions added later in the chapter. It includes … 58.21 Applicability; Exclusions This section explains which mortgage servicers must comply with the enhanced servicing rules in sections 58.20 through … 58.22 Financial Condition Mortgage servicers subject to this part of the chapter must maintain adequate financial resources. They must meet … 58.23 Corporate Governance Certain mortgage servicers must have a board of directors and follow corporate governance standards. The board must …