Minnesota Administrative Rules

4850.0026 COSIGNER.

Subpart 1.

Cosigner required.

A borrower must have a creditworthy cosigner when a loan is approved. The cosigner must be either a United States citizen or a permanent resident.

Subp. 2.

Cosigner duties.

A cosigner is jointly and separately responsible for making loan payments, including principal, interest, and other loan-related charges. A cosigner must:

A.

permanently reside in the United States;

B.

be at least 24 years of age or, if a borrower's sibling or stepsibling, at least 18 years of age; and

C.

agree to have information released to a consumer credit reporting agency as described under part 4850.0012, subpart 4.

Statutory Authority:

MS s 136A.16

History:

46 SR 542

Published Electronically:

October 26, 2021