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     58.07 Net worth for originators and servicers. 


    Subdivision 1.    Requirement.  A licensee who is issued 
 a residential mortgage originator license shall maintain a 
 minimum net worth of $25,000.  A licensee who is issued a 
 residential mortgage servicer's license shall maintain a minimum 
 net worth of $250,000. 


    Subd. 2.    Computation.  Net worth must be computed 
 according to generally accepted accounting principles and must 
 reflect any adjustment to net worth required by the Government 
 National Mortgage Association. 


    Subd. 3.    Certified financials.  The commissioner may 
 require the submission of financial data audited by an 
 independent certified public accountant when it is considered 
 necessary for an investigation or examination. 


    HIST: 1998 c 343 art 1 s 7

Official Publication of the State of Minnesota
Revisor of Statutes