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 the classes of license that the commissioner may issue under this chapter. There are two: a … 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 explains how exemptions from the chapter's licensing requirements work. A person who is exempt (as defined … 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 Applications … 58.07 This section has been repealed and is no longer part of the law.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, for servicers, an irrevocable … 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 specific fees that mortgage originators and servicers must pay to the commissioner of commerce. … 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 An individual convicted of a criminal offense involving dishonesty, breach of trust, or money laundering (or who has … 58.126 This section has been repealed and is no longer part of the law.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 limits certain mortgage charges in two main ways. First, a mortgage originator cannot finance lender fees … 58.14 Record Keeping and Notification Requirements Licensed mortgage originators and servicers must keep detailed business records and notify the commissioner of changes … 58.141 Reports and Unique Identifier A residential mortgage originator or servicer must submit reports of condition (mortgage call reports) to the Nationwide … 58.15 Disclosure Requirements for Certain Residential Mortgage Originators A residential mortgage originator (other than a mortgage broker) that does not agree to act as the borrower's agent or … 58.16 Residential Mortgage Originators; Standards of Conduct for Agency or Advance Fee Transactions A residential mortgage originator who solicits or receives an advance fee, or who offers to act as the borrower's agent, … 58.161 Mortgage Broker Duties of Agency A mortgage broker is considered to have created an agency relationship with the borrower in all cases and owes the … 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 servicer oversight rules in sections 58.20 to 58.23 … 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 …