1999 Minnesota Statutes

     58.15 Disclosure requirements for residential mortgage 
  originators. 

    Subdivision 1.    Nonagency disclosure.  If a 
 residential mortgage originator or exempt person does not 
 contract or offer to contract to act as an agent of a borrower, 
 or accept an advance fee, it must, within 72 hours of accepting 
 an application for a residential mortgage loan, provide the 
 borrower with a written disclosure as provided in subdivision 2. 

    Subd. 2.    Form and content requirements.  The 
 disclosure must be a separate document, 8-1/2 inches by 11 
 inches, must be signed by the borrower and must contain the 
 following statement in 14-point boldface print: 

      Originator  IS NOT ACTING AS YOUR AGENT IN CONNECTION 
    WITH OBTAINING A RESIDENTIAL MORTGAGE LOAN.  WHILE WE SEEK 
    TO ASSIST YOU IN MEETING YOUR FINANCIAL NEEDS, WE CANNOT 
    GUARANTEE THE LOWEST OR BEST TERMS AVAILABLE IN THE MARKET. 

    Subd. 3.    Electronic application disclosure requirement. 
  In case of an electronic residential mortgage application, 
 the disclosure requirements of this section may be satisfied by 
 providing the disclosure statement as a separate screen if the 
 disclosure must be acknowledged by the borrower before an 
 application is accepted.  

    Subd. 4.    Exemption from disclosure requirement.  If 
 the Department of Housing and Urban Development adopts and 
 implements a disclosure requirement for persons offering 
 mortgage origination services that the commissioner determines 
 to be substantially similar to the disclosure required in 
 subdivision 2, licensees and exempt persons complying with the 
 HUD disclosure shall be considered to have complied with the 
 requirements of subdivisions 1 and 2. 

    HIST: 1998 c 343 art 1 s 15 

*   NOTE:  This section, as added by Laws 1998, chapter 343, 
*article 1, section 15, is effective July 1, 1999.  Laws 1998, 
*chapter 343, article 1, section 19.