S.F. No. 2643 - Minnesota S.A.F.E. Mortgage Licensing Act of 2010

• Establishes licensing and registration requirements for individual mortgage loan originators in Minnesota through the Nationwide Mortgage Licensing System and Registry, effective July 31, 2010.

• Requires mortgage loan originators to complete 20 hours of prelicensing education (including 3 hours federal law, 3 hours ethics, 2 hours nontraditional mortgage training), pass a written test with 75% minimum score, and maintain 8 hours annual continuing education.

• Mandates background checks including fingerprints for FBI criminal history, credit reports, and administrative/civil records before issuance of license; applies disqualification criteria including felony convictions and financial irresponsibility.

• Requires surety bonds scaled by loan volume ($100,000-$200,000 based on dollar amount of loans originated), with commissioner authority to enforce compliance through license denial, suspension, revocation, and civil penalties up to $25,000 per violation.

• Exempts registered mortgage loan originators employed by depository institutions, family member transactions, attorneys in ancillary matters, real estate brokers, and other specified categories from individual licensing requirements.