Minnesota Modifies MLO Licensing Requirements

The state of Minnesota recently amended its mortgage loan originator (MLO) licensing provisions to now require individuals to take the Nationwide Multistate Licensing System and Registry’s (NMLSR) National Test Component with Uniform State Component and to require licensed MLOs to complete a one hour course on Minnesota state law and rules as a part of its annual continuing education requirements.  Minnesota is the last state to adopt the NMLS Uniform State Test and is part of a growing group of states that now require state-specific continuing education hours.  The changes are effective on August 1, 2018.

Specifically, Section 58A.07 of the Minnesota Statutes was modified to require individuals to pass the NMLSR’s National Test Component with Uniform State Content for Mortgage Loan Originator Licensing.  Beginning on August 1, 2018, individuals shall take the NMLS Uniform Test and will no longer be required to pass the Minnesota state-specific test component.  Individuals who wish to apply for a MLO license prior to August 1, 2018, will be required to pass both the Minnesota state-specific test component in addition to the National Test Component with Uniform State Content.

Additionally, Section 58A.09 of the Minnesota Statutes was amended to require MLOs to complete one hour of a continuing education course on Minnesota state law and rules as part of the required eight hours of annual continuing education requirements.

The full revisions are available here.