Section 1 increases the net worth requirements for money transmitter licensees.
Section 2 requires a money transmission licensee to maintain a physical presence in the United States at all times.
Section 3 requires money transmitters to notify the commissioner of material changes related to their application within 30 days of the change.
Section 4 increases the bond requirements of money transmitters. Allows the specified amounts to be increased by the commissioner based on the risk profile of the applicant.
Section 5 provides that a money transmitter license term is for a calendar year and is annually renewable.
Section 6 requires a copy of the license to be displayed on the Internet.
Section 7 provides the commissioner prescribes the form related to a license application after change of control.
Section 8 exempts a company sponsoring independent loan processors or underwriters from residential mortgage licensing requirements.
Section 9 removes requirement of physical receipt of a license to cure a lapse in authority to operate as a mortgage originator.
Section 10 clarifies written test requirements for mortgage originator licensing.
Section 11 requires one hour continuing education in Minnesota law for mortgage originators.
Section 12 is a revisor instruction.
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