reglab/housing_qa huggingface dataset:
MN Stat § 58.161 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.161 — Mortgage Broker Duties Of Agency.

58.161 MORTGAGE BROKER DUTIES OF AGENCY. Subdivision 1. Generally. A mortgage broker shall be considered to have created an agency relationship with the borrower in all cases and shall comply with the following duties: (1) mortgage brokers shall act in the borrower's best interest and in the utmost good faith toward borrowers, and shall not compromise a borrower's right or interest in favor of another's right or interest, including a right or interest of the mortgage broker. A mortgage broker shall not accept, give, or charge any undisclosed compensation or realize any undisclosed remuneration, either through direct or indirect means, that inures to the benefit of the mortgage broker on an expenditure made for the borrower; (2) mortgage brokers will carry out all lawful instructions given by borrowers; (3) mortgage brokers will disclose to borrowers all material facts of which the mortgage broker has knowledge which might reasonably affect the borrower's rights, interests, and/or ability to receive the borrower's intended benefit from the residential mortgage loan, but not facts which are reasonably susceptible to the knowledge of the borrower; (4) mortgage brokers will use reasonable care in performing duties; and (5) mortgage brokers will account to a borrower for all the borrower's money and property received as agent. Subd. 2. Scope. (a) The duty of agency between mortgage broker and borrower applies when the mortgage broker is acting in the capacity of mortgage broker as described in section 58.02, subdivision 14 or 23. (b) Nothing in this section prohibits a mortgage broker from contracting for or collecting a fee for services rendered and which had been disclosed to the borrower in advance of the provision of such services. (c) Nothing in this section requires a mortgage broker to obtain a loan containing terms or conditions not available to the mortgage broker in the mortgage broker's usual course of business, or to obtain a loan for the borrower from a mortgage lender with whom the mortgage broker does not have a business relationship. History:   2007 c 18 s 6
MN Stat § 58.162 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.162 — Transaction Agents Or Servicers; Disclosure Of Note Owner Information To Mortgagor.

58.162 TRANSACTION AGENTS OR SERVICERS; DISCLOSURE OF NOTE OWNER INFORMATION TO MORTGAGOR. Upon written request of a mortgagor, a transaction agent or servicer shall provide in writing to the mortgagor the identity, address, and telephone number of the current owner of the note secured by the mortgage, based on the transaction agent's or servicer's actual knowledge. A transaction agent or servicer must provide the information within ten business days of receipt of the request. Upon request of a mortgagor, a transaction agent or servicer must provide this information about the current owner of the note without a fee once per calendar year. In lieu of complying with this section, a transaction agent or servicer may comply with the requirements of section 6(k) of the Real Estate Settlement Procedures Act, as amended by section 1463 of Public Law 111-203, regardless of whether those acts apply to the mortgage. History:   2011 c 61 s 1
MN Stat § 58.17 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.17 — Scope Of Chapter.

58.17 SCOPE OF CHAPTER. Subdivision 1. Residential mortgage originator services. This chapter applies when an offer of residential mortgage origination services is made to a borrower in this state or when the residential mortgage originator is located in this state. Subd. 2. Residential mortgage servicing. The provisions of this chapter regarding residential mortgage servicing apply when the borrower is a resident of this state. Subd. 3. Offer. For purposes of this section, an "offer" means any advertisement or solicitation of any type, including an advertisement or solicitation in newspapers and magazines, by mail, by telephone, on television, on radio, or via the Internet or any other electronic medium of any kind, for residential mortgage originator services. The term "offer" excludes an advertisement or solicitation that specifically states that the services are not available to Minnesota residents. History:   1998 c 343 art 1 s 17
MN Stat § 58.18 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.18 — Private Right Of Action.

58.18 PRIVATE RIGHT OF ACTION. Subdivision 1. Remedies. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, and 58.161 shall have a private right of action and the court shall award: (1) actual, incidental, and consequential damages; (2) statutory damages equal to the amount of all lender fees included in the amount of the principal of the residential mortgage loan as defined in section 58.137; (3) punitive damages if appropriate, and as provided in sections 549.191 and 549.20; and (4) court costs and reasonable attorney fees. Subd. 2. Private attorney general statute. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, and 58.161 also may bring an action under section 8.31. A private right of action by a borrower under this chapter is in the public interest. Subd. 3. Remedies cumulative. The remedies provided in this section are cumulative and do not restrict any other right or remedy otherwise available to the borrower. Subd. 4. Exemption. This section does not apply to a residential mortgage loan originated by a federal or state chartered bank, savings bank, or credit union. History:  2007 c 74 s 5; 2008 c 276 s 3,4
MN Stat § 58.19 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58 — Mortgage Originator And Servicer Licensing|Section 58.19 — Reverse Mortgage Loans Coordination With Chapter 47.

58.19 REVERSE MORTGAGE LOANS COORDINATION WITH CHAPTER 47. No person acting as a residential mortgage originator or servicer, including a person required to be licensed under this chapter, and no person exempt from the licensing requirements of this chapter under section 58.04, shall make, provide, or arrange for a reverse mortgage as defined in chapter 47 without complying with that chapter. History:   2010 c 375 s 7
MN Stat § 58A.01 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.01 — Title.

58A.01 TITLE. This chapter may be cited as the "Minnesota Secure and Fair Enforcement for Mortgage Licensing Act of 2010" or "Minnesota S.A.F.E. Mortgage Licensing Act of 2010." History:   2010 c 347 art 4 s 1
MN Stat § 58A.045 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.045 — Term Of License And Fees.

58A.045 TERM OF LICENSE AND FEES. Subdivision 1. Term. Licenses for mortgage loan originators issued under this chapter expire on December 31 and are renewable on January 1 of each year after that date. Subd. 2. Fees. The following fees must be paid to the commissioner: (1) for a mortgage loan originator license, $90; and (2) for a renewal mortgage loan originator license, $50. History:   2010 c 347 art 4 s 5
MN Stat § 58A.05 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.05 — Issuance Of License.

58A.05 ISSUANCE OF LICENSE. The commissioner shall not issue a mortgage loan originator license unless the commissioner finds at a minimum, that: (1) the applicant has never had a mortgage loan originator license revoked in a governmental jurisdiction, except that a subsequent formal vacation of a revocation shall not be deemed a revocation; (2) the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court: (i) during the seven-year period preceding the date of the application for licensing and registration; (ii) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; or (iii) provided that a pardon of a conviction is not a conviction for purposes of this clause; (3) the applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this chapter, a person has shown that the person is not financially responsible when the person has shown a disregard in the management of the person's own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to: (i) current outstanding judgments, except judgments solely as a result of medical expenses; (ii) current outstanding tax liens or other government liens and filings; (iii) foreclosures within the past three years; and (iv) a pattern of seriously delinquent accounts within the past three years; (4) the applicant has completed the prelicensing education requirement described in section 58A.06; (5) the applicant has passed a written test that meets the test requirement described in section 58A.07; and (6) the applicant has met the surety bond requirement as required under section 58A.13. History:   2010 c 347 art 4 s 6
MN Stat § 58A.06 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.06 — Prelicensing And Relicensing Education Of Loan Originators.

58A.06 PRELICENSING AND RELICENSING EDUCATION OF LOAN ORIGINATORS. Subdivision 1. Minimum educational requirements. In order to meet the prelicensing education requirement referred to in section 58A.05, clause (4), a person shall complete at least 20 hours of education approved according to subdivision 2, that includes at least: (1) three hours of federal law and regulations; (2) three hours of ethics, which includes instruction on fraud, consumer protection, and fair lending issues; and (3) two hours of training related to lending standards for the nontraditional mortgage product marketplace. Subd. 2. Approved educational courses. For purposes of subdivision 1, prelicensing education courses must be reviewed and approved by the Nationwide Multistate Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course must include review and approval of the course provider. Subd. 3. Approval of employer and affiliate educational courses. Nothing in this section precludes a prelicensing education course, as approved by the Nationwide Multistate Licensing System and Registry, that is provided by the employer of the applicant or an entity that is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of the employer or entity. Subd. 4. Venue of education. Prelicensing education may be offered in a classroom, online, or by any other means approved by the Nationwide Multistate Licensing System and Registry. Subd. 5. Reciprocity of education. The prelicensing education requirements approved by the Nationwide Multistate Licensing System and Registry in subdivision 1 for a state must be accepted as credit toward completion of prelicensing education requirements in Minnesota. Subd. 6. Relicensing education requirements. A person previously licensed under this chapter after July 31, 2010, applying to be licensed again must prove that the person has completed all of the continuing education requirements for the year in which the license was last held. History:  2010 c 347 art 4 s 7; 2018 c 104 s 3
MN Stat § 58A.07 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.07 — Testing Of Loan Originators.

58A.07 TESTING OF LOAN ORIGINATORS. Subdivision 1. Generally. In order to meet the written test requirement referred to in section 58A.05, clause (5), an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Multistate Licensing System and Registry (NMLSR) and designated as the NMLSR's National Test Component with Uniform State Content for Mortgage Loan Originator Licensing and administered by a test provider approved by the NMLSR based upon reasonable standards. Subd. 2. Qualified test. A written test must not be treated as a qualified written test for purposes of subdivision 1 unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including: (1) ethics; (2) federal law and regulation pertaining to mortgage origination; (3) state law and rule pertaining to mortgage origination; and (4) federal and state law and rule, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues. Subd. 3. Testing location. Nothing in this section prohibits a test provider approved by the Nationwide Multistate Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of a subsidiary or affiliate of the employer of the applicant, or the location of an entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator. Subd. 4. Minimum competence. (a) An individual is not considered to have passed a qualified written test unless the individual achieves a test score of not less than 75 percent correct answers to questions. (b) An individual may retake a test three consecutive times with each consecutive taking occurring at least 30 days after the preceding test. (c) After failing three consecutive tests, an individual shall wait at least six months before taking the test again. (d) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which the individual is a registered mortgage loan originator. History:  2010 c 347 art 4 s 8; 2018 c 104 s 1,3
MN Stat § 58A.08 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.08 — Standards For License Renewal.

58A.08 STANDARDS FOR LICENSE RENEWAL. Subdivision 1. Generally. The minimum standards for license renewal for a mortgage loan originator include that the mortgage loan originator: (1) continues to meet the minimum standards for license issuance under section 58A.05; (2) has satisfied the annual continuing education requirements described in section 58A.09; and (3) has paid all required fees for renewal of the license. Subd. 2. Failure to satisfy minimum standards of license renewal. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal expires. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Multistate Licensing System and Registry. History:  2010 c 347 art 4 s 9; 2018 c 104 s 3
MN Stat § 58A.10 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.10 — Authority To Require License.

58A.10 AUTHORITY TO REQUIRE LICENSE. In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Multistate Licensing System and Registry. In order to carry out this requirement, the commissioner may participate in the Nationwide Multistate Licensing System and Registry. For this purpose, the commissioner may establish by rule or order requirements as necessary, including but not limited to: (1) background checks for: (i) criminal history through fingerprint or other databases; (ii) civil or administrative records; (iii) credit history; or (iv) other information as determined necessary by the Nationwide Multistate Licensing System and Registry; (2) the payment of fees to apply for or renew licenses through the Nationwide Multistate Licensing System and Registry; (3) the setting or resetting as necessary of renewal or reporting dates; and (4) requirements for amending or surrendering a license or other activities the commissioner considers necessary for participation in the Nationwide Multistate Licensing System and Registry. History:  2010 c 347 art 4 s 11; 2018 c 104 s 3
MN Stat § 58A.11 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.11 — Nationwide Multistate Licensing System And Registry Information Challenge Process.

58A.11 NATIONWIDE MULTISTATE LICENSING SYSTEM AND REGISTRY INFORMATION CHALLENGE PROCESS. The commissioner shall establish a process that allows mortgage loan originators to challenge information entered into the Nationwide Multistate Licensing System and Registry by the commissioner. History:  2010 c 347 art 4 s 12; 2018 c 104 s 3
MN Stat § 58A.12 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.12 — Enforcement Authorities, Violations, And Penalties.

58A.12 ENFORCEMENT AUTHORITIES, VIOLATIONS, AND PENALTIES. (a) In order to ensure the effective supervision and enforcement of this chapter, the commissioner may, pursuant to chapter 14: (1) deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules issued under this chapter, or order or directive entered under this chapter; (2) deny, suspend, revoke, condition, or decline to renew a license if an applicant or licensee fails at anytime to meet the requirements of section 58A.05 or 58A.08, or withholds information or makes a material misstatement in an application for a license or renewal of a license; (3) order restitution against persons subject to this chapter for violations of this chapter; (4) impose fines on persons subject to this chapter pursuant to paragraphs (b) to (d); and (5) issue orders or directives under this chapter as follows: (i) order or direct persons subject to this chapter to cease and desist from conducting business, including immediate temporary orders to cease and desist; (ii) order or direct persons subject to this chapter to cease any harmful activities or violations of this chapter, including immediate temporary orders to cease and desist; (iii) enter immediate temporary orders to cease business under a license if the commissioner determines that the license was erroneously granted or the licensee is currently in violation of this chapter; and (iv) order or direct other affirmative action the commissioner considers necessary. (b) The commissioner may impose a civil penalty on a mortgage loan originator or person subject to this chapter if the commissioner finds, on the record after notice and opportunity for hearing, that the mortgage loan originator or person subject to this chapter has violated or failed to comply with any requirement of this chapter or any rule prescribed by the commissioner under this chapter or order issued under authority of this chapter. (c) The maximum amount of penalty for each act or omission described in paragraph (b) is $25,000. (d) Each violation or failure to comply with any directive or order of the commissioner is a separate and distinct violation or failure. History:  2010 c 347 art 4 s 13; 2014 c 313 s 1
MN Stat § 58A.13 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.13 — Surety Bond Required.

58A.13 SURETY BOND REQUIRED. Subdivision 1. Coverage, form, and rules. (a) Each mortgage loan originator must be covered by a surety bond meeting the requirements of section 58.08. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of the person subject to this chapter can be used in lieu of the mortgage loan originator's surety bond requirement. (b) The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in subdivision 2. (c) The surety bond must be in a form as prescribed by the commissioner. Subd. 2. Penal sum of surety bond. The penal sum of the surety bond must be maintained in the amount that reflects the dollar amount of loans originated as determined under section 58.08, subdivision 1a, paragraph (c). Subd. 3. Action on bond. When an action is commenced on a licensee's residential mortgage originator bond, the commissioner may require the filing of a new bond. Subd. 4. New bond. Immediately upon recovery upon any action on the bond, the residential mortgage originator shall file a new bond. History:  2010 c 347 art 4 s 14; 2020 c 80 art 1 s 12
MN Stat § 58A.14 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 58A — Individual Mortgage Originator Licensing|Section 58A.14 — Confidentiality.

58A.14 CONFIDENTIALITY. Subdivision 1. Protections. Except as otherwise provided in Public Law 110-289, section 1512, the requirements under chapter 13 or any federal law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the Nationwide Multistate Licensing System and Registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by chapter 13 or federal law. Subd. 2. Agreements and sharing arrangements. For purposes of this section, the commissioner is authorized to enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, or other associations representing governmental agencies as established by rule or order of the commissioner. Subd. 3. Nonapplicability of certain requirements. Information or material that is subject to a privilege or confidentiality under subdivision 1 is not subject to: (1) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or (2) subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Multistate Licensing System and Registry with respect to the information or material, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege. Subd. 4. Coordination with Minnesota Government Data Practices Act. Chapter 13 relating to the disclosure of confidential supervisory information or any information or material described in subdivision 1 that is inconsistent with subdivision 1 is superseded by the requirements of this section. Subd. 5. Public access to information. This section does not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that are included in the Nationwide Multistate Licensing System and Registry for access by the public. History:  2010 c 347 art 4 s 15; 2018 c 104 s 3