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Key: (1) language to be deleted (2) new language

CHAPTER 104--H.F.No. 3158

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 deleted text begin Mortgagedeleted text end new text begin Multistatenew text end Licensing System and Registry new text begin (NMLSR) and designated as the NMLSR's National Test Component with Uniform State Content for Mortgage Loan Originator Licensing new text end and administered by a test provider approved by the deleted text begin Nationwide Mortgage Licensing System and Registrydeleted text end new text begin NMLSRnew text end 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; deleted text begin anddeleted text end

(3) two hours of training related to lending standards for the nontraditional mortgage product marketplacenew text begin ; andnew text end

new text begin (4) one hour of Minnesota state law and rulesnew text end .

Sec. 3.

new text begin REVISOR'S INSTRUCTION. new text end

new text begin 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. new text end

Presented to the governor April 23, 2018

Signed by the governor April 25, 2018, 11:37 a.m.

Official Publication of the State of Minnesota
Revisor of Statutes