HF 3158

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

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 Mortgage
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 Nationwide Mortgage
Licensing System and Registry NMLSR 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; and

(3) two hours of training related to lending standards for the nontraditional mortgage
product marketplace; and

(4) one hour of Minnesota state law and rules.

Sec. 3. REVISOR'S INSTRUCTION.

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.