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Tom Bottern
State of Minnesota
S.F. No. 2876 - Financial Institution Commerce Policy Bill
Author: Senator Kevin L. Dahle
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
Date: March 18, 2016


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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