reglab/housing_qa huggingface dataset:
MN Stat § 56.132 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.132 — Installment Sales Contracts.

56.132 INSTALLMENT SALES CONTRACTS. A person may enter into a credit sale or service contract for sale to a licensee under this chapter doing business in this state, and a licensee may purchase and enforce the contract under the terms and conditions set forth in section 47.59, subdivisions 2 and 4 to 14. History:  1993 c 257 s 41; 1995 c 202 art 3 s 19
MN Stat § 56.15 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.15 — Charges.

56.15 CHARGES. Subdivision 1. Limitation. No licensee shall directly or indirectly, charge, contract for, or receive any interest, discount, charges, or consideration greater than the lender would be permitted by law to charge if the lender were not a licensee hereunder upon the loan, use or forbearance of money, goods, or things in action, or upon the loan, use or sale of credit, of the amount or value of more than that regulated by this chapter. The foregoing prohibition shall also apply to any licensee who permits any person, as borrower, or otherwise, to owe, directly or contingently, or both, to the licensee at any time a sum of more than that regulated by this chapter for principal. Subd. 2.  [Repealed, 1981 c 258 s 23] History:  (7774-55) 1939 c 12 s 15; 1959 c 573 s 10; 1963 c 117 s 1; 1967 c 261 s 5; 1974 c 412 s 5; 1977 c 382 s 2; 1981 c 258 s 13; 1986 c 444
MN Stat § 56.16 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.16 — Overages Deemed Interest.

56.16 OVERAGES DEEMED INTEREST. The payment of money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a loan secured by the assignment, and the amount by which the assigned compensation exceeds the amount of the consideration actually paid shall, for the purposes of regulation under this chapter, be deemed interest or charges upon the loan from the date of the payment to the date the compensation is payable. This transaction shall be governed by, and subject to, the provisions of this chapter. History:  (7774-56) 1939 c 12 s 16; 1959 c 573 s 11; 1967 c 261 s 6; 1974 c 412 s 6; 1981 c 258 s 15
MN Stat § 56.17 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.17 — Limitation; Assignment Of Wages; Security Agreement.

56.17 LIMITATION; ASSIGNMENT OF WAGES; SECURITY AGREEMENT. No assignment of, or order for payment of, any salary, wages, commissions, or other compensation for services earned or to be earned, given to secure any loan made by any licensee under this chapter, shall be valid unless the principal amount of the loan is paid to the borrower simultaneously with its execution; nor shall any assignment or order, or any security agreement or other lien on household furniture then in the possession and use of the borrower, be valid unless it is in writing, signed in person by the borrower. If the borrower is married, an assignment, order, security agreement, or other lien is not valid without the spouse's written consent, if the spouse's consent would be necessary under applicable law to make the property offered as security available to satisfy the debt in the event of default. Under any assignment or order for the payment of future salary, wages, commissions, or other compensation for services, given as security for a loan made by any licensee under this chapter, a sum not to exceed ten percent of the borrower's salary, wages, commissions, or other compensation for services shall be collectible from the employer of the borrower by the licensee at the time for each payment to the borrower of salary, wages, commissions, or other compensation for services, from the time that a copy of the assignment, verified by the oath of the licensee or the licensee's agent, together with a similarly verified statement of the amount unpaid upon the loan and a printed copy of this section is served upon the employer; provided, that this section shall not be construed as giving the assignee any greater rights than those under section 181.05. This section shall control, with respect to licensees, notwithstanding anything in section 47.59, subdivision 12, clause (c), to the contrary. History:  (7774-57) 1939 c 12 s 17; 1981 c 258 s 16; 1986 c 444; 1995 c 202 art 1 s 24
MN Stat § 56.18 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.18 — Unlicensed Persons Not To Make Loans.

56.18 UNLICENSED PERSONS NOT TO MAKE LOANS. No person, except as authorized in this chapter, shall, directly or indirectly, charge, contract for, or receive any interest, discount, or consideration greater than the lender would be permitted by law to charge if that person were not authorized hereunder upon the loan, use, or forbearance of money, goods, or things in action, or upon the loan, use, or sale of credit of the amount regulated by this chapter. The foregoing prohibition shall apply to any person who, by any device, subterfuge, or pretense, shall charge, contract for, or receive greater interest, consideration, or charges than is authorized by this chapter for any such loan, use or forbearance of money, goods, or things in action, or for any such loan, use or sale of credit. No loan made by a person not authorized hereunder in an amount regulated by this chapter for which a greater rate of interest, consideration, or charges than is permitted by the laws of this state has been charged, contracted for, or received, wherever made, shall be enforced by a licensee in this state, and every person in anywise participating therein in this state shall be subject to the provisions of this chapter, provided, that the foregoing shall not apply to loans legally made in another state. History:  (7774-58) 1939 c 12 s 18; 1959 c 573 s 12; 1967 c 261 s 7; 1974 c 412 s 7; 1981 c 258 s 17; 1986 c 444
MN Stat § 56.19 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.19 — Violation.

56.19 VIOLATION. Subdivision 1. Criminal penalty. Any person or the several members, officers, directors, agents, and employees thereof, who violates or participates in the violation of any of the provisions of sections 56.01 and 56.18 is guilty of a gross misdemeanor. Subd. 2.  [Repealed, 1983 c 252 s 16] Subd. 2a. Penalty for intentional violations. Any lender intentionally violating this chapter, when the violation does not also constitute a violation of any other provision of state or federal law for which there is a remedy, shall be liable to the consumer in an amount not to exceed $100 for each violation. Subd. 3. Unlicensed lenders. If a person has violated this chapter by not obtaining a license when required to make loans subject to this chapter, the loan is void and the debtor is not obligated to pay any amounts owing. The debtor may recover from such persons all amounts paid. No action may be brought under this subdivision more than one year after the date of the last scheduled payment on the loan. Subd. 4. Remedies exclusive. The remedies set forth in this section and section 48.196 are exclusive. A violation of this chapter does not impair rights on a debt. History:  (7774-59) 1939 c 12 s 19; 1981 c 258 s 18; 1Sp1981 c 4 art 4 s 13; 1983 c 252 s 13; 1Sp1985 c 1 s 22,23
MN Stat § 56.21 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.21 — Rules Of Commissioner.

56.21 RULES OF COMMISSIONER. The commissioner of commerce is hereby authorized and empowered to make general rules and specific rulings, demands, and findings for the enforcement of this chapter, in addition hereto and not inconsistent herewith. History:  (7774-61) 1939 c 12 s 21; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1985 c 248 s 70
MN Stat § 56.22 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.22 — Modification Of Law Not To Affect Contracts.

56.22 MODIFICATION OF LAW NOT TO AFFECT CONTRACTS. This chapter, or any part thereof, may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any borrower. History:  (7774-62) 1939 c 12 s 22
MN Stat § 56.23 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.23 — Appeals.

56.23 APPEALS. Any applicant or licensee may appeal from any decision or order of the commissioner to the court of appeals in accordance with chapter 14. History:  (7774-63) 1939 c 12 s 23; 1983 c 247 s 27
MN Stat § 56.24 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.24 — Existing Contracts Valid.

56.24 EXISTING CONTRACTS VALID. Nothing herein contained shall be so construed as to impair or affect the obligation of any contract of loan, which was lawfully entered into prior to June 1, 1939. History:  (7774-64) 1913 c 439 s 1,2; 1915 c 117 s 1; 1939 c 12 s 24
MN Stat § 56.25 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.25 — Licensee To Be Responsible.

56.25 LICENSEE TO BE RESPONSIBLE. The licensee hereunder shall, at all times, be beholden and liable to the commissioner for all acts and proceedings taken by assignees, assigns, endorsees, and transferees in enforcing, and as to the method of enforcing, collection of any obligation taken hereunder, as fully and to the same extent as though the same were taken by the licensee hereunder. History:  (7774-65) 1939 c 12 s 25; 1986 c 444
MN Stat § 56.26 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 56 — Regulated Loans|Section 56.26 — Continuation Of Licensing.

56.26 CONTINUATION OF LICENSING. All persons licensed under the provisions of this chapter on August 1, 1981 are licensed to make loans regulated by Laws 1981, chapter 258, and the commissioner shall, upon request, within 90 days deliver evidence of licensing to the requester. History:  (7774-60a) 1939 c 22 s 1; 1981 c 258 s 19
MN Stat § 58.01 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.01 — Citation.

58.01 CITATION. This chapter shall be cited as the "Minnesota Residential Mortgage Originator and Servicer Licensing Act." History:   1998 c 343 art 1 s 1
MN Stat § 58.03 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.03 — Classes Of License.

58.03 CLASSES OF LICENSE. The commissioner may issue the following classes of license under this chapter: (1) a residential mortgage originator license; and (2) a residential mortgage servicer license. History:   1998 c 343 art 1 s 3
MN Stat § 58.05 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.05 — Exemptions From License.

58.05 EXEMPTIONS FROM LICENSE. Subdivision 1. Exempt person. 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 this chapter. Subd. 2.  [Repealed, 2000 c 427 s 21] Subd. 3. Certificate of exemption. A person must obtain a certificate of exemption from the commissioner to qualify as an exempt person under section 58.04, subdivision 1, paragraph (c), a financial institution under clause (2), or by order of the commissioner under clause (6); or under section 58.04, subdivision 2, paragraph (b), as a financial institution under clause (4), or by order of the commissioner under clause (8). History:  1998 c 343 art 1 s 5; 2000 c 427 s 14; 2007 c 57 art 3 s 14; 2009 c 37 art 3 s 6; 2009 c 86 art 1 s 9
MN Stat § 58.09 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.09 — Term Of License.

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
MN Stat § 58.10 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.10 — Fees.

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 for the purpose of making grants to programs and campaigns designed to help consumers avoid being victimized by unscrupulous lenders and mortgage brokers. Preference shall be given 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
MN Stat § 58.11 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.11 — License Renewal.

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 may continue to transact business as a residential mortgage originator or servicer whether or not the renewed license has been received on or before January 1 of the renewal year. Application for renewal of a license is considered timely filed if received by the commissioner by, or mailed with proper postage and postmarked by, December 15 of the renewal year. An application for renewal is considered properly filed if made upon forms duly executed and sworn to, accompanied by fees prescribed by this chapter, and containing any information that the commissioner requires. (b) A person who fails to make a timely application for renewal of a license and who has not received the renewal license as of January 1 of the renewal year is unlicensed until the renewal license has been issued by the commissioner and is received by the person. Subd. 3. Contents of renewal application. Application for the renewal of an existing license must contain the information specified in section 58.06, subdivision 2; however, only the requested information having changed from the most recent prior application need be submitted. Subd. 4. Cancellation. A licensee ceasing an activity or activities regulated by this chapter and desiring to no longer be licensed shall so inform the commissioner in writing and, at the same time, surrender the license and all other symbols or indicia of licensure. The licensee shall include a plan for the withdrawal from regulated business, including a timetable for the disposition of the business. History:  1998 c 343 art 1 s 11; 2010 c 347 art 5 s 6
MN Stat § 58.115 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.115 — Examinations.

58.115 EXAMINATIONS. The commissioner has under this chapter the same powers with respect to examinations that the commissioner has under section 46.04. History:  2007 c 57 art 3 s 19; 2014 c 222 art 1 s 9
MN Stat § 58.125 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.125 — Prohibition On Service As A Residential Mortgage Originator.

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 violation of any criminal statute. Dishonesty includes acts involving want of integrity, lack of probity, or a disposition to distort, cheat, or act deceitfully or fraudulently, and may include crimes which federal, state, or local laws define as dishonest. (b) "Breach of trust" means a wrongful act, use, misappropriation, or omission with respect to any property or fund which has been committed to a person in a fiduciary or official capacity, or the misuse of one's official or fiduciary position to engage in a wrongful act, use, misappropriation, or omission. Subd. 2. Generally. Except with the prior written consent of the commissioner under subdivision 4, any individual, who has been convicted of a criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to or entered into a pretrial diversion or similar program in connection with a prosecution for such offense, may not serve as a residential mortgage originator or be employed in that capacity by a person licensed as a mortgage originator. Subd. 3. De minimis offenses. Approval is automatically granted and an application will not be required if the covered offense is considered de minimis because it meets all of the following criteria: (1) there is only one conviction or program entry of record for a covered offense; (2) the offense was punishable by imprisonment for a term of less than one year and/or a fine of less than $1,000, and the individual did not serve time in jail; (3) the conviction or program was entered at least five years before the date an application would otherwise be required; and (4) the offense did not involve a financial institution or residential mortgage loans. Subd. 4. Prior consent. (a) An application for prior consent of the commissioner under this section must be in writing, under oath, and on a form obtained from and prescribed by the commissioner. The following factors must be considered by the commissioner when reviewing an application: (1) the specific nature of the offense and the circumstances surrounding the offense; (2) evidence of rehabilitation since the offense; (3) the age of the person at the time of conviction; and (4) whether or not restitution has been made. (b) The receipt by an individual of prior consent of the commissioner under this section must not be construed as imposing upon an employer an affirmative obligation to employ that individual in any capacity. Nothing in this section precludes an employer from denying employment based upon the existence of a criminal offense specified in subdivision 2 or for any other lawful reason. History:   2005 c 118 s 8
MN Stat § 58.136 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.136 — Rates And Charges.

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 charges, fees, and other charges as found in the laws of this state. Nothing in this section authorizes a residential mortgage originator to make loans on terms and conditions that would not be available to it in the absence of this section. This section applies to residential mortgage originators located in this state and residential mortgage originators located outside this state. History:   2001 c 56 s 9
MN Stat § 58.14 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.14 — Record Keeping And Notification Requirements.

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 bankruptcy petitions. A licensee or person who has been issued a certificate of exemption must advise the commissioner in writing immediately of any bankruptcy petitions filed against or by the licensee. Subd. 3. Documentation and resolution of complaints. A licensee or exempt person must investigate and attempt to resolve complaints made regarding acts or practices subject to the provisions of this chapter. If a complaint is received in writing, the licensee or exempt person must maintain a file containing all materials relating to the complaint and subsequent investigation for a period of 60 months. Subd. 4. Trust account records for mortgage originators. A residential mortgage originator shall keep and maintain for 60 months a record of all trust funds, sufficient to identify the transaction, date and source of receipt, and date and identification of disbursement. Subd. 5. Record retention. A licensee or exempt person must keep and maintain for 60 months the business records, including advertisements, regarding residential mortgage loans applied for, originated, or serviced in the course of its business. History:  1998 c 343 art 1 s 14; 2001 c 56 s 10; 2008 c 240 s 3-5
MN Stat § 58.15 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.15 — Disclosure Requirements For Certain Residential Mortgage Originators.

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 an advance fee, it must, within three business days of accepting an application for a residential mortgage loan, provide the borrower with a written disclosure as provided in subdivision 2. Subd. 2. Form and content requirements. The disclosure must be a separate document, 8-1/2 inches by 11 inches, must be signed by the borrower and must contain the following statement in 14-point boldface print: Originator IS NOT ACTING AS YOUR AGENT IN CONNECTION WITH OBTAINING A RESIDENTIAL MORTGAGE LOAN. WHILE WE SEEK TO ASSIST YOU IN MEETING YOUR FINANCIAL NEEDS, WE CANNOT GUARANTEE THE LOWEST OR BEST TERMS AVAILABLE IN THE MARKET. Subd. 3. Electronic application disclosure requirement. In case of an electronic residential mortgage application, the disclosure requirements of this section may be satisfied by providing the disclosure statement as a separate screen if the disclosure must be acknowledged by the borrower before an application is accepted. Subd. 4. Exemption from disclosure requirement. If the Department of Housing and Urban Development adopts and implements a disclosure requirement that the commissioner determines to be substantially similar to the disclosure required in subdivision 2, compliance with the HUD disclosure shall be considered sufficient to satisfy the requirements of subdivision 2. History:  1998 c 343 art 1 s 15; 2001 c 56 s 11; 2007 c 18 s 4