Clarifying language relating to the Minnesota Residential Mortgage Originator and Servicer Licensing Act is the intent of a new law.
Signed by Gov. Tim Pawlenty April 25, the law, sponsored by Rep. A. Willie Dominguez (DFL-Mpls) and Sen. Linda Higgins (DFL-Mpls), takes effect Aug. 1, 2008.
It extends the timeframe from 26 to 60 months that a residential mortgage originator must keep and maintain records of all trust funds. It also extends from 26 to 60 months the time that a licensee must keep business records, including advertisements, regarding residential mortgage loan applications, originated or serviced in the course of its business.
HF3774/SF3214*/CH240
At Issue: The land trust model
A new way to help homeowners and their neighborhoods
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At Issue: Bipartisan focus on foreclosures
House moves on to help with mortgage foreclosure crisis
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Published 4/4/2008