reglab/statecodes huggingface dataset:
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.21 — Applicability; Exclusions.

58.21 APPLICABILITY; EXCLUSIONS.
Subdivision 1.
Applicability.
Sections 58.20 to 58.23 apply to covered institutions. For entities within a holding company or an affiliated group of companies, sections 58.20 to 58.23 apply at the covered institution level.
Subd. 2.
Exclusions.
(a) Sections 58.20 to 58.23 do not apply to (1) persons exempt from licensing under sections 58.04 and 58.05, and (2) an institution of the Farm Credit System established and authorized in accordance with the Farm Credit Act of 1971, as amended, United States Code, title 12, section 2001 et seq.
(b) Section 58.22 does not apply to (1) servicers that solely own or conduct reverse mortgage servicing, or (2) the reverse mortgage portfolio administered by a covered institution.
History:
2023 c 57 art 3 s 64
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.22 — Financial Condition.

58.22 FINANCIAL CONDITION.
Subdivision 1.
Compliance required.
A covered institution must maintain capital and liquidity in compliance with this section.
Subd. 2.
Generally accepted accounting principles.
For the purposes of complying with the capital and liquidity requirements of this section, all financial data must be determined in accordance with generally accepted accounting principles.
Subd. 3.
Federal Housing Finance Agency eligibility requirements; policies and procedures.
(a) A covered institution that meets the Federal Housing Finance Agency eligibility requirements for enterprise single-family sellers and servicers with respect to capital, net worth ratio, and liquidity meets the requirements of subdivisions 1 and 2, regardless of whether the servicer is approved for government-sponsored enterprise servicing.
(b) A covered institution must maintain written policies and procedures that implement the capital and servicing liquidity requirements of this section. The policies and procedures implemented pursuant to this paragraph must include a sustainable written methodology to satisfy the requirements of paragraph (a) and must be made available to the commissioner upon request.
Subd. 4.
Operating liquidity.
(a) A covered institution must maintain sufficient allowable assets for liquidity, in addition to the amounts required for servicing liquidity, to cover normal business operations.
(b) Covered institutions must have sound cash management and business operating plans that (1) match the complexity of the institution; and (2) ensure normal business operations.
(c) Management must develop, establish, and implement plans, policies, and procedures to maintain operating liquidity sufficient for the ongoing needs of the covered institution. Plans, policies, and procedures implemented pursuant to this paragraph must contain sustainable, written methodologies to maintain sufficient operating liquidity and must be made available to the commissioner upon request.
History:
2023 c 57 art 3 s 65
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58A — Individual Mortgage Originator Licensing › Section 58A.17 — Mortgage Call Reports.

58A.17 MORTGAGE CALL REPORTS.
A mortgage licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which must be in the form and contain the information the Nationwide Multistate Licensing System and Registry requires.
History:
2010 c 347 art 4 s 18; 2018 c 104 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58A — Individual Mortgage Originator Licensing › Section 58A.18 — Report To Nationwide Multistate Licensing System And Registry.

58A.18 REPORT TO NATIONWIDE MULTISTATE LICENSING SYSTEM AND REGISTRY.
The commissioner shall regularly report violations of this chapter, as well as enforcement actions and other relevant information, to the Nationwide Multistate Licensing System and Registry subject to the provisions contained in section 58A.14.
History:
2010 c 347 art 4 s 19; 2018 c 104 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58A — Individual Mortgage Originator Licensing › Section 58A.20 — Unique Identifier Shown.

58A.20 UNIQUE IDENTIFIER SHOWN.
The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule or order of the commissioner.
History:
2010 c 347 art 4 s 20
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58A — Individual Mortgage Originator Licensing › Section 58A.22 — Incorporation By Reference.

58A.22 INCORPORATION BY REFERENCE.
The final rules adopted by the United States Department of Housing and Urban Development under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, and subsequent amendments, are incorporated by reference.
History:
2010 c 347 art 4 s 21
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58B — Student Loan Borrower Bill Of Rights › Section 58B.011 — Student Loan Advocate.

58B.011 STUDENT LOAN ADVOCATE.
Subdivision 1.
Designation of a student loan advocate.
The commissioner of commerce must designate a student loan advocate within the Department of Commerce to provide timely assistance to borrowers and to effectuate this chapter.
Subd. 2.
Duties.
The student loan advocate has the following duties:
(1) receive, review, and attempt to resolve complaints from borrowers, including but not limited to attempts to resolve borrower complaints in collaboration with institutions of higher education, student loan servicers, and any other participants in student loan lending;
(2) compile and analyze data on borrower complaints received under clause (1);
(3) help borrowers understand the rights and responsibilities under the terms of student loans;
(4) provide information to the public, state agencies, legislators, and relevant stakeholders regarding the problems and concerns of borrowers;
(5) make recommendations to resolve the problems of borrowers;
(6) analyze and monitor the development and implementation of federal, state, and local laws, regulations, and policies relating to borrowers, and recommend any changes deemed necessary;
(7) review the complete student loan history for any borrower who has provided written consent to conduct the review;
(8) increase public awareness that the advocate is available to assist in resolving the student loan servicing concerns of potential and actual borrowers, institutions of higher education, student loan servicers, and any other participant in student loan lending; and
(9) take other actions as necessary to fulfill the duties of the advocate, as provided under this section.
Subd. 3.
Student loan education course.
The advocate must establish and maintain a borrower education course. The course must include educational presentations and materials regarding important topics in student loans, including but not limited to:
(1) the meaning of important terminology used in student lending;
(2) documentation requirements;
(3) monthly payment obligations;
(4) income-based repayment options;
(5) the availability of state and federal loan forgiveness programs; and
(6) disclosure requirements.
Subd. 4.
Reporting.
By January 15 of each odd-numbered year, the advocate must report to the legislative committees with primary jurisdiction over commerce and higher education. The report must describe the advocate's implementation of this section, the outcomes achieved by the advocate during the previous two years, and recommendations to improve the regulation of student loan servicers.
History:
2023 c 57 art 3 s 67
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58B — Student Loan Borrower Bill Of Rights › Section 58B.02 — Definitions.

58B.02 DEFINITIONS.
Subdivision 1.
Scope.
For purposes of this chapter, the following terms have the meanings given them.
Subd. 2.
Borrower.
"Borrower" means a resident of this state who has received or agreed to pay a student loan or a person who shares responsibility with a resident for repaying a student loan.
Subd. 3.
Commissioner.
"Commissioner" means the commissioner of commerce.
Subd. 4.
Financial institution.
"Financial institution" means any of the following organized under the laws of this state, any other state, or the United States: a bank, bank and trust, trust company with banking powers, savings bank, savings association, or credit union.
Subd. 5.
Nationwide Multistate Licensing System and Registry.
"Nationwide Multistate Licensing System and Registry" has the meaning given in section 58A.02, subdivision 8.
Subd. 6.
Person in control.
"Person in control" means any member of senior management, including owners or officers, and other persons who directly or indirectly possess the power to direct or cause the direction of the management policies of an applicant or student loan servicer under this chapter, regardless of whether the person has any ownership interest in the applicant or student loan servicer. Control is presumed to exist if a person directly or indirectly owns, controls, or holds with power to vote ten percent or more of the voting stock of an applicant or student loan servicer or of a person who owns, controls, or holds with power to vote ten percent or more of the voting stock of an applicant or student loan servicer.
Subd. 7.
Servicing.
"Servicing" means:
(1) receiving any scheduled periodic payments from a borrower or notification of payments, and applying payments to the borrower's account pursuant to the terms of the student loan or of the contract governing servicing;
(2) during a period when no payment is required on a student loan, maintaining account records for the loan and communicating with the borrower regarding the loan, on behalf of the loan's holder; and
(3) interacting with a borrower, including activities to help prevent default on obligations arising from student loans, conducted to facilitate the requirements in clauses (1) and (2).
Subd. 8.
Student loan.
"Student loan" means a government, commercial, or foundation loan for actual costs paid for tuition and reasonable education and living expenses.
Subd. 9.
Student loan servicer.
"Student loan servicer" means any person, wherever located, responsible for the servicing of any student loan to any borrower, including a nonbank covered person, as defined in Code of Federal Regulations, title 12, section 1090.101, who is responsible for the servicing of any student loan to any borrower.
History:
1Sp2021 c 4 art 6 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58B — Student Loan Borrower Bill Of Rights › Section 58B.04 — Licensing Multiple Places Of Business.

58B.04 LICENSING MULTIPLE PLACES OF BUSINESS.
A person licensed to act as a student loan servicer in this state is prohibited from servicing student loans under any other name or at any other place of business than that named in the license. Any time a student loan servicer changes the location of the servicer's place of business, the servicer must provide prior written notice to the commissioner. A student loan servicer may not maintain more than one place of business under the same license. The commissioner may issue more than one license to the same student loan servicer, provided that the servicer complies with the application procedures in section 58B.03 for each license.
History:
1Sp2021 c 4 art 6 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58B — Student Loan Borrower Bill Of Rights › Section 58B.05 — License Renewal.

58B.05 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. The person may continue to act as a student loan servicer whether or not the renewed license has been received on or before January 1 of the renewal year. An application for renewal of a license is considered timely filed if the application is received by the commissioner, or mailed with proper postage and postmarked, no later than December 15 of the year immediately preceding the renewal year. An application for renewal is considered properly filed if the application is made upon forms duly executed, 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.
An application for renewal of an existing license must contain the information specified in section 58B.03, subdivision 3, except that only the requested information having changed from the most recent prior application need be submitted.
Subd. 4.
Cancellation.
A student loan servicer ceasing an activity or activities regulated by this chapter and desiring to no longer be licensed shall 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 student loan servicing, including a timetable for the disposition of the student loans being serviced.
Subd. 5.
Renewal fees.
The following fees must be paid to the commissioner for a renewal license:
(1) a nonrefundable renewal license fee established by the commissioner; and
(2) a nonrefundable renewal investigation fee established by the commissioner.
History:
1Sp2021 c 4 art 6 s 6
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58B — Student Loan Borrower Bill Of Rights › Section 58B.07 — Prohibited Conduct.

58B.07 PROHIBITED CONDUCT.
Subdivision 1.
Misleading borrowers.
A student loan servicer must not directly or indirectly attempt to mislead a borrower.
Subd. 2.
Misrepresentation.
A student loan servicer must not engage in any unfair or deceptive practice or misrepresent or omit any material information in connection with the servicing of a student loan, including but not limited to misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a student loan, the terms and conditions of the loan agreement, or the borrower's obligations under the loan.
Subd. 3.
Misapplication of payments.
A student loan servicer must not knowingly or negligently misapply student loan payments.
Subd. 4.
Inaccurate information.
A student loan servicer must not knowingly or negligently provide inaccurate information to any consumer reporting agency.
Subd. 5.
Reporting of payment history.
A student loan servicer must not fail to report both the favorable and unfavorable payment history of the borrower to a consumer reporting agency at least annually, if the student loan servicer regularly reports payment history information.
Subd. 6.
Refusal to communicate with a borrower's representative.
A student loan servicer must not refuse to communicate with a representative of the borrower who provides a written authorization signed by the borrower. The student loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the borrower.
Subd. 7.
False statements and omissions.
A student loan servicer must not knowingly or negligently make any false statement or omission of material fact in connection with any application, information, or reports filed with the commissioner or any other federal, state, or local government agency.
Subd. 8.
Noncompliance with applicable laws.
A student loan servicer must not violate any other federal, state, or local laws, including those related to fraudulent, coercive, or dishonest practices.
Subd. 9.
Incorrect information regarding student loan forgiveness.
A student loan servicer must not misrepresent the availability of student loan forgiveness for which the servicer has reason to know the borrower is eligible. This includes but is not limited to student loan forgiveness programs specific to military borrowers, borrowers working in public service, or borrowers with disabilities.
Subd. 10.
Compliance with servicer duties.
A student loan servicer must comply with the duties and obligations under section 58B.06.
History:
1Sp2021 c 4 art 6 s 8
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58B — Student Loan Borrower Bill Of Rights › Section 58B.08 — Examinations.

58B.08 EXAMINATIONS.
The commissioner has the same powers with respect to examinations of student loan servicers under this chapter that the commissioner has under section 46.04.
History:
1Sp2021 c 4 art 6 s 9