MN SF2581

Amends Minnesota Statutes section 58A.07, subdivision 1 to clarify that mortgage loan originators must pass a written test developed by the Nationwide Multistate Licensing System and Registry (NMLSR) and administered by an NMLSR-approved test provider.

Amends Minnesota Statutes section 58A.09, subdivision 1 to maintain annual continuing education requirements of at least 8 hours for licensed mortgage loan originators, including 3 hours on federal law and regulations, 2 hours on ethics and consumer protection, 2 hours on nontraditional mortgage lending standards, and 1 hour on Minnesota state law and rules.

Directs the revisor of statutes to replace all instances of "Nationwide Mortgage Licensing System and Registry" with "Nationwide Multistate Licensing System and Registry" throughout Minnesota Statutes, chapter 58A.