MN HF3158

Amends Minnesota Statutes section 58A.07 to standardize terminology, replacing "Nationwide Mortgage Licensing System and Registry" with "Nationwide Multistate Licensing System and Registry" (NMLSR) for the written test requirement for mortgage loan originators.

Maintains the requirement that individuals pass the NMLSR's National Test Component with Uniform State Content for Mortgage Loan Originator Licensing administered by an approved test provider based on reasonable standards.

Specifies annual continuing education requirements of at least 8 hours for licensed mortgage loan originators, including 3 hours of federal law and regulations, 2 hours of ethics instruction (covering fraud, consumer protection, and fair lending), 2 hours on nontraditional mortgage product lending standards, and 1 hour on Minnesota state law and rules.

Directs the revisor of statutes to change all instances of "Nationwide Mortgage Licensing System and Registry" or similar terminology to "Nationwide Multistate Licensing System and Registry" throughout Minnesota Statutes chapter 58A.