Chapter 58A — Title

58A.01 Title This section gives the law its official name. It can be called the 'Minnesota Secure and Fair Enforcement for Mortgage … 58A.02 Definitions This section defines key terms used throughout the mortgage licensing law. It explains what words like 'mortgage loan … 58A.03 License and Registration Required This section says that anyone who wants to work as a mortgage loan originator in Minnesota must get a license first. … 58A.04 State License and Registration Application and Issuance This section explains how to apply for a mortgage loan originator license. Applicants must fill out a form from the … 58A.045 Term of License and Fees This section sets the license term and fees for mortgage loan originators. Licenses expire on December 31 each year and … 58A.05 Issuance of License This section lists the requirements someone must meet to get a mortgage loan originator license. The applicant must have … 58A.06 Prelicensing and Relicensing Education of Loan Originators This section sets the education requirements for getting a mortgage loan originator license. Applicants must complete at … 58A.07 Testing of Loan Originators This section describes the written test that mortgage loan originator applicants must pass. The test covers ethics, … 58A.08 Standards for License Renewal This section sets the minimum standards for renewing a mortgage loan originator license. To renew, you must still meet … 58A.09 Continuing Education for Mortgage Loan Originators This section requires licensed mortgage loan originators to complete at least 8 hours of continuing education each year. … 58A.10 Authority to Require License This section gives the commissioner authority to require mortgage loan originators to be licensed through the Nationwide … 58A.11 Nationwide Multistate Licensing System and Registry Information Challenge Process This section requires the commissioner to create a process that lets mortgage loan originators challenge information … 58A.12 Enforcement Authorities, Violations, and Penalties This section gives the commissioner power to enforce the mortgage licensing law. The commissioner can deny, suspend, or … 58A.13 Surety Bond Required This section requires every mortgage loan originator to have a surety bond. If the originator works for a licensed … 58A.14 Confidentiality This section protects the privacy of information submitted to the national licensing database (NMLS). Confidential … 58A.15 Investigation and Examination Authority This section gives the commissioner broad power to investigate and examine mortgage loan originators. The commissioner … 58A.16 Prohibited Acts and Practices This section lists actions that are illegal for mortgage loan originators. Prohibited acts include fraud, deceptive … 58A.17 Mortgage Call Reports This section requires mortgage licensees to submit regular reports about their business to the national licensing … 58A.18 Report to Nationwide Multistate Licensing System and Registry This section requires the commissioner to report violations and enforcement actions to the national licensing database … 58A.20 Unique Identifier Shown This section requires mortgage loan originators to display their unique NMLS identifier number on all loan applications, … 58A.22 Incorporation by Reference This section says that the federal rules created by the U.S. Department of Housing and Urban Development under the …