Subdivision 1. Change in licensing data. A licensee must advise the commissioner of any material changes to the information submitted in the most recent license application within ten days of the change.
Subd. 2. Notice of bankruptcy petitions. A licensee or person who has been issued a certificate of exemption must advise the commissioner in writing immediately of any bankruptcy petitions filed against or by the licensee.
Subd. 3. Documentation and resolution of complaints. A licensee or exempt person must investigate and attempt to resolve complaints made regarding acts or practices subject to the provisions of this chapter. If a complaint is received in writing, the licensee or exempt person must maintain a file containing all materials relating to the complaint and subsequent investigation for a period of 60 months.
Subd. 4. Trust account records for mortgage originators. A residential mortgage originator shall keep and maintain for 60 months a record of all trust funds, sufficient to identify the transaction, date and source of receipt, and date and identification of disbursement.
Subd. 5. Record retention. A licensee or exempt person must keep and maintain for 60 months the business records, including advertisements, regarding residential mortgage loans applied for, originated, or serviced in the course of its business.
1998 c 343 art 1 s 14; 2001 c 56 s 10; 2008 c 240 s 3-5
Structure Minnesota Statutes
Chapter 58 — Mortgage Originator And Servicer Licensing
Section 58.03 — Classes Of License.
Section 58.04 — Licensing Requirement.
Section 58.05 — Exemptions From License.
Section 58.06 — Application Requirements For Residential Mortgage Originators And Servicers.
Section 58.08 — Bonds; Letters Of Credit.
Section 58.09 — Term Of License.
Section 58.11 — License Renewal.
Section 58.115 — Examinations.
Section 58.12 — Denial, Suspension, Revocation Of Licenses.
Section 58.125 — Prohibition On Service As A Residential Mortgage Originator.
Section 58.13 — Standards Of Conduct.
Section 58.136 — Rates And Charges.
Section 58.137 — Interest, Points, Finance Charges, Fees, And Other Charges.
Section 58.14 — Record Keeping And Notification Requirements.
Section 58.15 — Disclosure Requirements For Certain Residential Mortgage Originators.
Section 58.161 — Mortgage Broker Duties Of Agency.
Section 58.162 — Transaction Agents Or Servicers; Disclosure Of Note Owner Information To Mortgagor.
Section 58.17 — Scope Of Chapter.
Section 58.18 — Private Right Of Action.
Section 58.19 — Reverse Mortgage Loans Coordination With Chapter 47.