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58.07 Net worth for originators and servicers.

Subdivision 1. Requirement. A licensee who is issued a residential mortgage originator license shall maintain a minimum net worth of $25,000. A licensee who is issued a residential mortgage servicer's license shall maintain a minimum net worth of $250,000.

Subd. 2. Computation. Net worth must be computed according to generally accepted accounting principles and must reflect any adjustment to net worth required by the Government National Mortgage Association.

Subd. 3. Certified financials. The commissioner may require the submission of financial data audited by an independent certified public accountant when it is considered necessary for an investigation or examination.

HIST: 1998 c 343 art 1 s 7