Subd. 1. Residential mortgage originator licensing requirements.
- (a) Beginning August 1, 1999, no person shall act as a residential mortgage originator, or make residential mortgage loans without first obtaining a license from the commissioner according to the licensing procedures provided in this chapter.
(b) The following persons are exempt from the residential mortgage originator licensing requirements:
- (1) an employee of one mortgage originator licensee or one person holding a certificate of exemption;
- (2) a person engaged solely in commercial mortgage activities;
(3) a person licensed as a real estate broker under chapter 82, and an individual licensee who is licensed to the broker if:
- (i) the individual licensee acts only under the name, authority, and supervision of the broker to whom the licensee is licensed;
- (ii) the broker obtains a certificate of exemption according to section 58.05, subdivision 2;
- (iii) the broker does not collect an advance fee for its residential mortgage-related activities; and
- (iv) the residential mortgage origination activities are incidental to the real estate licensee's primary activities as a real estate broker or salesperson;
- (4) a person making no more than five residential mortgage loans with its own funds, during any 12-month period;
- (5) a financial institution as defined in section 58.02, subdivision 10;
- (6) an agency of the federal government, or of a state or municipal government;
- (7) an employee or employer pension plan making loans only to its participants;
- (8) a person acting in a fiduciary capacity, such as a trustee or receiver, as a result of a specific order issued by a court of competent jurisdiction; or
- (9) a person exempted by order of the commissioner.
Subd. 2. Residential mortgage servicer licensing requirements.
- (a) Beginning August 1, 1999, no person shall engage in activities or practices that fall within the definition of "servicing a residential mortgage loan" under section 58.02, subdivision 22, without first obtaining a license from the commissioner according to the licensing procedures provided in this chapter.
(b) The following persons are exempt from the residential mortgage servicer licensing requirements:
- (1) a person licensed as a residential mortgage originator;
- (2) an employee of one licensee or one person holding a certificate of exemption based on an exemption under this subdivision;
- (3) a person engaged solely in commercial mortgage activities;
- (4) a person servicing loans made with its own funds, if no more than five such loans are made in any 12-month period;
- (5) a financial institution as defined in section 58.02, subdivision 10;
- (6) an agency of the federal government, or of a state or municipal government;
- (7) an employee or employer pension plan making loans only to its participants;
- (8) a person acting in a fiduciary capacity, such as a trustee or receiver, as a result of a specific order issued by a court of competent jurisdiction; or
- (9) a person exempted by order of the commissioner.
Subd. 3. Conducting business under license.
No person required to be licensed under this chapter may, without a license, do business under a name or title or circulate or use advertising or make representations or give information to a person, that indicates or reasonably implies activity within the scope of this chapter.
Subd. 4. Applicability to banks and credit unions.
Except for section 58.13, this chapter does not apply to a bank, savings bank, savings association, or credit union subject to supervision by either a federal regulatory agency or the commissioner.