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HF 3158

as introduced - 90th Legislature (2017 - 2018) Posted on 04/25/2018 04:19pm

KEY: stricken = removed, old language.
underscored = added, new language.
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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.


Section 1.

Minnesota Statutes 2016, section 58A.07, subdivision 1, is amended to read:

Subdivision 1.


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 beginMortgagedeleted text endnew text begin
new 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
new text endand administered by a test provider approved by the deleted text beginNationwide Mortgage
Licensing System and Registry
deleted text endnew 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.


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 beginand
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 beginREVISOR'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