{"data":{"id":"us-mn/minn.-stat.-58a.05","jurisdiction":"us-mn","citation":"Minn. Stat. § 58A.05","heading":"ISSUANCE OF LICENSE.","body":"The commissioner shall not issue a mortgage loan originator license unless the commissioner finds at a minimum, that:\n(1) the applicant has never had a mortgage loan originator license revoked in a governmental jurisdiction, except that a subsequent formal vacation of a revocation shall not be deemed a revocation;\n(2) the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:\n(i) during the seven-year period preceding the date of the application for licensing and registration;\n(ii) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; or\n(iii) provided that a pardon of a conviction is not a conviction for purposes of this clause;\n(3) the applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this chapter, a person has shown that the person is not financially responsible when the person has shown a disregard in the management of the person's own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to:\n(i) current outstanding judgments, except judgments solely as a result of medical expenses;\n(ii) current outstanding tax liens or other government liens and filings;\n(iii) foreclosures within the past three years; and\n(iv) a pattern of seriously delinquent accounts within the past three years;\n(4) the applicant has completed the prelicensing education requirement described in section 58A.06;\n(5) the applicant has passed a written test that meets the test requirement described in section 58A.07; and\n(6) the applicant has met the surety bond requirement as required under section 58A.13.","path":["BANKING","CHAPTER 58A. INDIVIDUAL MORTGAGE ORIGINATOR LICENSING"],"source_url":"https://www.revisor.mn.gov/statutes/cite/58A.05","current_through":"2025 Minnesota Statutes","vintage":"","retrieved_at":"2026-09-02T22:10:28Z","sha256":"a5e7b04783c5219e983ecf899c993045158f98be0bffe62d9dec99a1fdd5b57f","source_id":"us-mn","stale":false,"prev":"us-mn/minn.-stat.-58a.045","next":"us-mn/minn.-stat.-58a.06"},"notice":"GroundRules: Original legal text. Not legal advice."}