Minnesota Modifies Provisions Regarding MLO Licensing Requirements
The state of Minnesota modified its provisions relating to mortgage loan originator continuing education requirements. These provisions are effective on August 1, 2018.
The amendment provides that in order to meet the written test requirement, an individual shall pass a qualified written test developed by the Nationwide Multistate Licensing System and Registry (NMLSR), designated as the NMLSR’s National Test Component with Uniform State Content for Mortgage Loan Originator Licensing, and administered by a test provider approved by NMLSR based upon reasonable standards.
The amendment further stipulates that in order to meet the annual continuing education requirements, a licensed mortgage loan originator shall complete at least eight hours of education that includes one hour of Minnesota state law and rules.
Lastly, the amendment provides that the revisor of statutes shall change the term “Nationwide Mortgage Licensing System and Registry” or similar term to “Nationwide Multistate Licensing System and Registry” wherever the term appears in Minnesota Statutes, chapter 58A.
Rhona Kyeyune, LLM, is a regulatory compliance consultant with CLA. She is a graduate of Makerere University and earned her master of laws at Boston University School of Law.
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