HF 3969

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to commerce; directing the Department of Commerce to develop a plan
to license individual employees of mortgage originators; appropriating money.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin DEPARTMENT OF COMMERCE PLAN.
new text end

new text begin The Department of Commerce is directed by February 1, 2007, to develop a plan
to license individuals in the residential mortgage origination business. The plan shall
include recommendations for continuing education, enforcement, standards of conduct,
and other relevant regulatory requirements. The plan shall be presented in the form of
draft legislation, which shall include any appropriation from a funding source necessary
for the department to implement the plan.
new text end

Sec. 2. new text begin APPROPRIATION.
new text end

new text begin $300,000 is appropriated for fiscal year 2007 from the real estate education,
research, and recovery fund established under Minnesota Statutes, section 82.43, for
mortgage foreclosure prevention under the homeownership education, counseling, and
training program under Minnesota Statutes, section 462A.209.
new text end