Minnesota Statutes 58.14 – Record Keeping and Notification Requirements
Subdivision 1.Change in licensing data.
A licensee must advise the commissioner of any material changes to the information submitted in the most recent license application within ten days of the change.
Subd. 2.Notice of bankruptcy petitions.
Terms Used In Minnesota Statutes 58.14
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 58.14
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
A licensee or person who has been issued a certificate of exemption must advise the commissioner in writing immediately of any bankruptcy petitions filed against or by the licensee.
Subd. 3.Documentation and resolution of complaints.
A licensee or exempt person must investigate and attempt to resolve complaints made regarding acts or practices subject to the provisions of this chapter. If a complaint is received in writing, the licensee or exempt person must maintain a file containing all materials relating to the complaint and subsequent investigation for a period of 60 months.
Subd. 4.Trust account records for mortgage originators.
A residential mortgage originator shall keep and maintain for 60 months a record of all trust funds, sufficient to identify the transaction, date and source of receipt, and date and identification of disbursement.
Subd. 5.Record retention.
A licensee or exempt person must keep and maintain for 60 months the business records, including advertisements, regarding residential mortgage loans applied for, originated, or serviced in the course of its business.