Minnesota § 58A.05 ISSUANCE OF LICENSE

Minnesota Statutes

§ 58A.05 — ISSUANCE OF LICENSE

Minnesota § 58A.05

PartBANKING

Ch. 58AINDIVIDUAL MORTGAGE ORIGINATOR LICENSING

This text of Minnesota § 58A.05 (ISSUANCE OF LICENSE) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 58A.05 (2026).

Text

The commissioner shall not issue a mortgage loan originator license unless the commissioner finds at a minimum, that:

(1)the applicant has never had a mortgage loan originator license revoked in a governmental jurisdiction, except that a subsequent formal vacation of a revocation shall not be deemed a revocation;

(2)the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:

(i)during the seven-year period preceding the date of the application for licensing and registration;

(ii)at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; or

(iii)provided that a pardon of a conviction is not a conviction for purposes of this clause; (3

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The commissioner shall not issue a mortgage loan originator license unless the commissioner finds at a minimum, that:
(1) the applicant has never had a mortgage loan originator license revoked in a governmental jurisdiction, except that a subsequent formal vacation of a revocation shall not be deemed a revocation;
(2) the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
(i) during the seven-year period preceding the date of the application for licensing and registration;
(ii) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; or
(iii) provided that a pardon of a conviction is not a conviction for purposes of this clause;
(3) the applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this chapter, a person has shown that the person is not financially responsible when the person has shown a disregard in the management of the person's own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to:
(i) current outstanding judgments, except judgments solely as a result of medical expenses;
(ii) current outstanding tax liens or other government liens and filings;
(iii) foreclosures within the past three years; and
(iv) a pattern of seriously delinquent accounts within the past three years;
(4) the applicant has completed the prelicensing education requirement described in section58A.06;
(5) the applicant has passed a written test that meets the test requirement described in section58A.07; and
(6) the applicant has met the surety bond requirement as required under section58A.13.