language to be deleted (2) new language
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:
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 Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.
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
Presented to the governor April 23, 2018
Signed by the governor April 25, 2018, 11:37 a.m.