Minnesota Session Laws - 1990, Regular Session

  

                         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.