Minnesota § 58.14 - RECORD KEEPING AND NOTIFICATION REQUIREMENTS
Full text of Minnesota Minnesota Statutes § 58.14 — RECORD KEEPING AND NOTIFICATION REQUIREMENTS, with citation guidance and answers to common questions.
§ 58.14. RECORD KEEPING AND NOTIFICATION REQUIREMENTS
Subdivision 1.Change in licensing data.
A licensee must advise the commissioner of any material changes to the information submitted in the most recent license application within ten days of the change.
Subd. 2.Notice of bankruptcy petitions.
A licensee or person who has been issued a certificate of exemption must advise the commissioner in writing immediately of any bankruptcy petitions filed against or by the licensee.
Subd. 3.Documentation and resolution of complaints.
A licensee or exempt person must investigate and attempt to resolve complaints made regarding acts or practices subject to the provisions of this chapter. If a complaint is received in writing, the licensee or exempt person must maintain a file containing all materials relating to the complaint and subsequent investigation for a period of 60 months.
Subd. 4.Trust account records for mortgage originators.
A residential mortgage originator shall keep and maintain for 60 months a record of all trust funds, sufficient to identify the transaction, date and source of receipt, and date and identification of disbursement.
Subd. 5.Record retention.
A licensee or exempt person must keep and maintain for 60 months the business records, including advertisements, regarding residential mortgage loans applied for, originated, or serviced in the course of its business.
History:
1998 c 343 art 1 s 14; 2001 c 56 s 10; 2008 c 240 s 3-5
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 58.14
What does Minnesota Statutes § 58.14 cover?
Section 58.14 ("RECORD KEEPING AND NOTIFICATION REQUIREMENTS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 58.14?
A common citation format is "Minnesota Statutes § 58.14" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 58.14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.