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HF 2705

as introduced - 87th Legislature (2011 - 2012) Posted on 03/07/2012 02:14pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to commerce; regulating closing agents; exempting a licensed attorney
and a direct employee of a licensed attorney from the licensing requirements for
closing agents; amending Minnesota Statutes 2011 Supplement, section 82.641,
subdivision 1.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2011 Supplement, section 82.641, subdivision 1, is
amended to read:


Subdivision 1.

License required.

new text begin (a) Except as otherwise provided in paragraph
(b), new text end a person shall not act as a real estate closing agent unless licensed as provided in
this section. The commissioner shall issue a license as a closing agent to a person who
qualifies for the license under the terms of this chapter.

new text begin (b) A licensed attorney, and a direct employee of a licensed attorney, are exempt
from the licensing requirements of paragraph (a).
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end