Subdivision 1. Definitions. (a) For purposes of this section, the terms in this subdivision have the meanings given them.
(b) "Closing agent" has the meaning given in section 82.55, subdivision 4.
(c) "Collected funds" means funds deposited, finally settled, and credited to the closing agent's escrow account.
(d) "Federally insured financial institution" means an institution in which monetary deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.
(e) "Lender" means a person who makes residential mortgage loans including a person who engages in table funding. "Lender" does not include any organization described in section 501(c)(3) or 501(c)(4) of the Internal Revenue Code of 1986, as amended, if the organization is exempt from tax under section 501(a) of the Internal Revenue Code of 1986, as amended. "Lender" does not include a state or any political subdivision of a state.
(f) "Qualified loan funds" means funds in one of the following forms:
(1) lawful money of the United States;
(2) wired funds when unconditionally held by the closing agent;
(3) cashier's checks, certified checks, bank money orders, or teller's checks issued by a federally insured financial institution and unconditionally held by the closing agent; and
(4) United States treasury checks, Federal Reserve Bank checks, federal home loan bank checks, and state of Minnesota warrants.
(g) "Table funding" means a closing or settlement at which a mortgage loan is funded by a lender by a contemporaneous advance of mortgage loan funds and an assignment of the mortgage loan to the lender advancing the funds.
Subd. 2. Requirements. (a) A closing agent shall not make disbursements out of an escrow, security deposit, settlement, or closing account unless the funds received from the lender are collected funds or qualified loan funds.
(b) A lender, using the closing services of a closing agent, shall at or before the time of the closing deliver loan funds to the closing agent either in the form of collected funds or qualified loan funds.
1998 c 344 s 1; 2004 c 203 art 2 s 61; 2008 c 347 s 3
Structure Minnesota Statutes
Chapters 82 - 83 — Real Estate Sales Regulations
Chapter 82 — Real Estate Brokers And Salespersons
Section 82.58 — Licensing: Application.
Section 82.59 — Licensing; Examinations And Instruction.
Section 82.60 — Education; Course Curriculum.
Section 82.61 — Licensing: Continuing Education And Instruction.
Section 82.62 — Licensing: Renewal.
Section 82.63 — Licensing; Other Requirements.
Section 82.641 — Real Estate Closing Agent Licensing.
Section 82.65 — Notice To Commissioner.
Section 82.67 — Agency Disclosure Requirements.
Section 82.68 — Other Disclosure Requirements.
Section 82.69 — Advertising Requirements.
Section 82.73 — Standards Of Conduct.
Section 82.735 — Broker Price Opinion; Requirements; Duties Of Licensee; Regulations.
Section 82.74 — Guaranteed Sale Programs.
Section 82.75 — Trust Account Requirements.
Section 82.77 — Table Funding.
Section 82.78 — Rental Services.
Section 82.80 — Unclaimed Property Act Compliance.
Section 82.82 — Denial, Suspension And Revocation Of Licenses.
Section 82.84 — Publication Of Information.
Section 82.85 — Civil Actions.
Section 82.86 — Real Estate Education, Research And Recovery Fund.
Section 82.87 — Computation Of Time.