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58.11 LICENSE RENEWAL.
    Subdivision 1. Term. Licenses are renewable on August 1, 2001, and on August 1 of each
odd-numbered year after that date.
    Subd. 2. Timely renewal. (a) A person whose application is properly and timely filed who
has not received notice of denial of renewal is considered approved for renewal and the person
may continue to transact business as a residential mortgage originator or servicer whether or not
the renewed license has been received on or before August 1 of the renewal year. Application for
renewal of a license is considered timely filed if received by the commissioner by, or mailed with
proper postage and postmarked by, July 15 of the renewal year. An application for renewal is
considered properly filed if made upon forms duly executed and sworn to, accompanied by fees
prescribed by this chapter, and containing any information that the commissioner requires.
(b) A person who fails to make a timely application for renewal of a license and who has not
received the renewal license as of August 1 of the renewal year is unlicensed until the renewal
license has been issued by the commissioner and is received by the person.
    Subd. 3. Contents of renewal application. Application for the renewal of an existing
license must contain the information specified in section 58.06, subdivision 2; however, only the
requested information having changed from the most recent prior application need be submitted.
    Subd. 4. Cancellation. A licensee ceasing an activity or activities regulated by this chapter
and desiring to no longer be licensed shall so inform the commissioner in writing and, at the same
time, surrender the license and all other symbols or indicia of licensure. The licensee shall include
a plan for the withdrawal from regulated business, including a timetable for the disposition
of the business.
History: 1998 c 343 art 1 s 11

Official Publication of the State of Minnesota
Revisor of Statutes