as introduced - 90th Legislature (2017 - 2018) Posted on 05/14/2018 05:10pm
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:
Minnesota Statutes 2016, section 58A.07, subdivision 1, is amended to read:
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 beginnew text end Licensing System and Registry new text beginnew text endand administered by a test provider approved by the deleted text beginNationwide Mortgage
Licensing System and Registrydeleted text endnew text beginnew text end based upon reasonable standards.
Minnesota Statutes 2016, section 58A.09, subdivision 1, is amended to read:
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 beginnew text end
new text beginnew text end.
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