2002 Minnesota Statutes

     58.06 Application requirements for residential mortgage 
  originators and servicers. 

    Subdivision 1.    License application form.  Application 
 for a residential mortgage originator or a residential mortgage 
 servicer license must be in writing, under oath, and on a form 
 obtained from and prescribed by the commissioner. 

    Subd. 2.    Application contents.  The application must 
 contain the name and complete business address or addresses of 
 the license applicant.  If the license applicant is a 
 partnership, limited liability partnership, association, limited 
 liability company, corporation, or other form of business 
 organization, the application must contain the names and 
 complete business addresses of each partner, member, director, 
 and principal officer.  The application must also include a 
 description of the activities of the license applicant, in the 
 detail and for the periods the commissioner may require.  The 
 application must also include all of the following: 

    (a) an affirmation under oath that the applicant: 

    (1) will maintain competent staff and adequate staffing 
 levels, through direct employees or otherwise, to meet the 
 requirements of this chapter; 

    (2) will advise the commissioner of any material changes to 
 the information submitted in the most recent application within 
 ten days of the change; 

    (3) will advise the commissioner in writing immediately of 
 any bankruptcy petitions filed against or by the applicant or 
 licensee; 

    (4) is financially solvent; 

    (5) complies with federal and state tax laws; 

    (6) complies with sections 345.31 to 345.60, the Minnesota 
 unclaimed property law; and 

    (7) is, or that a person in control of the license 
 applicant is, at least 18 years of age; 

    (b) information as to the mortgage lending, servicing, or 
 brokering experience of the applicant and persons in control of 
 the applicant; 

    (c) information as to criminal convictions, excluding 
 traffic violations, of persons in control of the license 
 applicant; 

    (d) whether a court of competent jurisdiction has found 
 that the applicant or persons in control of the applicant have 
 engaged in conduct evidencing gross negligence, fraud, 
 misrepresentation, or deceit in performing an act for which a 
 license is required under this chapter; 

    (e) whether the applicant or persons in control of the 
 applicant have been the subject of:  an order of suspension or 
 revocation, cease and desist order, or injunctive order, or 
 order barring involvement in an industry or profession issued by 
 this or another state or federal regulatory agency or by the 
 Secretary of Housing and Urban Development within the ten-year 
 period immediately preceding submission of the application; and 

    (f) other information required by the commissioner. 

    HIST: 1998 c 343 art 1 s 6; 1999 c 151 s 35