Minnesota Legislature
HF 3158
as introduced - 90th Legislature (2017 - 2018) Posted on 04/25/2018 04:19pm
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A bill for an act
relating to commerce; modifying licensing requirements for mortgage loan
originators; amending Minnesota Statutes 2016, sections 58A.07, subdivision 1;
58A.09, subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2016, section 58A.07, subdivision 1, is amended to read:
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 deleted text begin Mortgagedeleted text end new text begin
Multistatenew text end Licensing System and Registry new text begin (NMLSR) and designated as the NMLSR's
National Test Component with Uniform State Content for Mortgage Loan Originator
Licensing new text end and administered by a test provider approved by the deleted text begin Nationwide Mortgage
Licensing System and Registrydeleted text end new text begin NMLSRnew text end based upon reasonable standards.
Sec. 2.
Minnesota Statutes 2016, section 58A.09, subdivision 1, is amended to read:
Subdivision 1.
Generally.
In order to meet the annual continuing education requirements
referred to in section 58A.08, subdivision 1, clause (2), a licensed mortgage loan originator
shall complete at least eight hours of education approved according to subdivision 2 that
includes at least:
(1) three hours of federal law and regulations;
(2) two hours of ethics, which includes instruction on fraud, consumer protection, and
fair lending issues; deleted text begin and
deleted text end
(3) two hours of training related to lending standards for the nontraditional mortgage
product marketplacenew text begin ; and
new text end
new text begin (4) one hour of Minnesota state law and rulesnew text end .
Sec. 3. new text begin REVISOR'S INSTRUCTION.
new text end
new text begin
The revisor of statutes shall change the term "Nationwide Mortgage Licensing System
and Registry" or similar term to "Nationwide Multistate Licensing System and Registry"
wherever the term appears in Minnesota Statutes, chapter 58A.
new text end