Subdivision 1. Coverage, form, and rules. (a) Each mortgage loan originator must be covered by a surety bond meeting the requirements of section 58.08. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of the person subject to this chapter can be used in lieu of the mortgage loan originator's surety bond requirement.
(b) The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in subdivision 2.
(c) The surety bond must be in a form as prescribed by the commissioner.
Subd. 2. Penal sum of surety bond. The penal sum of the surety bond must be maintained in the amount that reflects the dollar amount of loans originated as determined under section 58.08, subdivision 1a, paragraph (c).
Subd. 3. Action on bond. When an action is commenced on a licensee's residential mortgage originator bond, the commissioner may require the filing of a new bond.
Subd. 4. New bond. Immediately upon recovery upon any action on the bond, the residential mortgage originator shall file a new bond.
2010 c 347 art 4 s 14; 2020 c 80 art 1 s 12
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.