language to be deleted (2) new language
Laws of Minnesota 1990 CHAPTER 364-S.F.No. 1922 An act relating to commerce; exempting credit unions from certain requirements for closing agents; amending Minnesota Statutes 1989 Supplement, section 82.20, subdivision 15. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1989 Supplement, section 82.20, subdivision 15, is amended to read: Subd. 15. [EXEMPTION.] The following closing agents are exempt from the requirements of sections 82.19 and 82.24 unless otherwise required in this section or chapter: (1) a direct employee of a title company, or a person who has an agency agreement with a title company in which the agent agrees to perform closing services on the title company's behalf and the title company assumes responsibility for the actions of the agent as if the agent were a direct employee of the title company; (2) a licensed attorney or a direct employee of a licensed attorney; (3) a licensed real estate broker or salesperson; (4) a direct employee of a licensed real estate broker if the broker maintains all funds received in connection with the closing services in the broker's trust account; and (5) any bank, trust company, savings and loan association, credit union, industrial loan and thrift company, regulated lender under chapter 56, public utility, or land mortgage or farm loan association organized under the laws of this state or the United States, when engaged in the transaction of businesses within the scope of its corporate powers as provided by law. Sec. 2. [EFFECTIVE DATE.] Section 1 is effective the day following final enactment. Presented to the governor March 27, 1990 Signed by the governor March 30, 1990, 7:00 p.m.