1997 Minnesota Statutes

     82.175 Mortgagee or lender broker in certain cases. 

    (a) Notwithstanding section 82.17, subdivision 4, clause 
 (g), for purposes of this chapter, the term "real estate broker" 
 includes a mortgagee or lender approved or certified by the 
 secretary of Housing and Urban Development, the administrator of 
 Veterans Affairs, the administrator of the Farmers Home 
 Administration, the Federal Home Loan Mortgage Corporation, or 
 the Federal National Mortgage Association if the commissioner 
 finds after a hearing that the mortgagee or lender, or an 
 officer, director, partner, employee, or agent of the mortgagee 
 or lender, or a person directly or indirectly controlling the 
 mortgagee or lender:  (1) has engaged in a fraudulent, 
 deceptive, or dishonest practice, or (2) has violated section 
 47.206. 

    (b) Prior to the hearing under paragraph (a), the 
 commissioner shall issue an order that requires the mortgagee or 
 lender to show cause why the mortgagee or lender should not be 
 determined to be a real estate broker under this section.  The 
 order must be calculated to give reasonable notice of the time 
 and place for the hearing and must state the reasons for the 
 entry of the order to show cause.  Hearings must be conducted 
 under chapter 14. 

    HIST: 1987 c 336 s 21