This document represents the act as presented to the governor. The version passed by the legislature is the final engrossment. It does not represent the official 2018 session law, which will be available here summer 2018.
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 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.
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 beginanddeleted 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.
new text begin new text end
Presented to the governor April 23, 2018
Signed by the governor April 25, 2018, 11:37 a.m.
Copyright © 2018 by the Revisor of Statutes, State of Minnesota. All rights reserved.