Find Laws Find Lawyers Free Legal Forms USA State Laws

MINNESOTA STATUTES AND CODES

Section 58A.16 Prohibited Acts and Practices

58A.16 PROHIBITED ACTS AND PRACTICES.

Subdivision 1.Generally.

It is a violation of this chapter for a person or individual subject to this chapter to:

(1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person;

(2) engage in any unfair or deceptive practice toward any person;

(3) obtain property by fraud or misrepresentation;

(4) solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter may earn a fee or commission through "best efforts" to obtain a loan even though no loan is actually obtained for the borrower;

(5) solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting;

(6) conduct any business covered by this chapter without holding a valid license as required under this chapter, or assist or aide and abet any person in the conduct of business under this chapter without a valid license as required under this chapter;

(7) fail to make disclosures as required by this chapter and any other applicable state or federal law or regulations;

(8) fail to comply with this chapter or rules adopted under this chapter or fail to comply with any other state or federal law or regulations applicable to any business authorized or conducted under this chapter;

(9) make, in any manner, any false or deceptive statement or representation including, with regard to the rates, points, or other financing terms or conditions for a residential mortgage loan; or engage in bait-and-switch advertising;

(10) negligently make a false statement or knowingly and willfully make an omission of material fact in connection with any information or reports filed with a governmental agency or the Nationwide Mortgage Licensing System and Registry or in connection with an investigation conducted by the commissioner or another governmental agency;

(11) make a payment, threat, or promise, directly or indirectly, to a person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make a payment threat or promise, directly or indirectly, to an appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property;

(12) collect, charge, attempt to collect or charge, or use or propose an agreement purporting to collect or charge a fee prohibited by this chapter;

(13) cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer; or

(14) fail to truthfully account for money belonging to a party to a residential mortgage loan transaction.

Subd. 2.Loan processor or underwriter activities.

An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.

History:

2010 c 347 art 4 s 17

Minnesota Forms by Issue

Minnesota Administration/Filing Fees Forms
Minnesota Adoption Forms
Minnesota Bankruptcy Forms
Minnesota Business Forms
Minnesota Child Support Agency Forms
Minnesota Court Forms
> Criminal
> DUI
> Probate
> Traffic
> Civil (District)
> Domestic Violence
> Enforcement of Judgement
> Forfeiture
> Service of Process
> Small Claims
> Subpoena
Minnesota Divorce Forms
Minnesota Expungement Forms
Minnesota Family Forms
Minnesota Guardianship Forms
Minnesota Landlord/Tenant Forms
Minnesota Name Change Forms
Minnesota Parental Notification Forms
Minnesota Spousal Support Forms
Minnesota Tax Forms

Minnesota Law

Minnesota State Laws
    > Minnesota Child Support
    > Minnesota Child Support Online
    > Minnesota Gun Law
    > Minnesota State Tax
    > Minnesota Statute
Minnesota Tax
    > Minnesota State Tax
Minnesota Labor Laws
    > Minnesota Unemployment Benefits
Minnesota Court
    > Minnesota Court Records
    > Near v. Minnesota
Minnesota Agencies
    > Miinnesota Department of Health
    > Minnesota Department of Corrections
    > Minnesota Department of Education
    > Minnesota Department of Revenue
    > Minnesota Department of Transportation
    > Minnesota DMV
    > Minnesota Secretary of State

Minnesota Court Map

Tips