Subdivision 1. Generally. The minimum standards for license renewal for a mortgage loan originator include that the mortgage loan originator:
(1) continues to meet the minimum standards for license issuance under section 58A.05;
(2) has satisfied the annual continuing education requirements described in section 58A.09; and
(3) has paid all required fees for renewal of the license.
Subd. 2. Failure to satisfy minimum standards of license renewal. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal expires. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Multistate Licensing System and Registry.
2010 c 347 art 4 s 9; 2018 c 104 s 3
Structure Minnesota Statutes
Chapter 58A — Individual Mortgage Originator Licensing
Section 58A.03 — License And Registration Required.
Section 58A.04 — State License And Registration Application And Issuance.
Section 58A.045 — Term Of License And Fees.
Section 58A.05 — Issuance Of License.
Section 58A.06 — Prelicensing And Relicensing Education Of Loan Originators.
Section 58A.07 — Testing Of Loan Originators.
Section 58A.08 — Standards For License Renewal.
Section 58A.09 — Continuing Education For Mortgage Loan Originators.
Section 58A.10 — Authority To Require License.
Section 58A.11 — Nationwide Multistate Licensing System And Registry Information Challenge Process.
Section 58A.12 — Enforcement Authorities, Violations, And Penalties.
Section 58A.13 — Surety Bond Required.
Section 58A.14 — Confidentiality.
Section 58A.15 — Investigation And Examination Authority.
Section 58A.16 — Prohibited Acts And Practices.
Section 58A.17 — Mortgage Call Reports.
Section 58A.18 — Report To Nationwide Multistate Licensing System And Registry.