Minnesota Exam Prep 2025 Questions and Answers

Minnesota Exam Prep 2025 Questions
and Answers


Minnesota Department of Commerce - CORRECT ANSWER✔️✔️-The state agency responsible

for the business activities of Minnesota mortgage professionals


Secretary of State - CORRECT ANSWER✔️✔️-Office that the Minnesota Dept of Commerce is

located within


NMLS - CORRECT ANSWER✔️✔️-With the passing of the SAFE Act DOC shares mortgage

lending Licensing authority with whom?


State Regulatory Registry, LLC - CORRECT ANSWER✔️✔️-Who is the NMLS operated by


Commissioner - CORRECT ANSWER✔️✔️-Who heads the DOC?


Financial Institutions Division - CORRECT ANSWER✔️✔️-Regulates the activities of mortgage

lenders, mortgage originators, servicers and LOs


Office of Administrative Hearings - CORRECT ANSWER✔️✔️-Any enforcement actions that

the DOC pursues take place before whom?




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,Duties of the Commissioner and DOC - CORRECT ANSWER✔️✔️-Writing rules to guide

compliance

reviewing license apps

determining whether to issue or deny licenses to applicants

conducting investigations to assess compliance with the law

issuing orders to cease and desist

holding administrative hearings

subpoenaing witnesses for recording hearings

Imposing penalties for violations of the law


Examinations and investigations duties of the Commissioner - CORRECT ANSWER✔️✔️-

Require or permit any person to file a statement in wirting under oath for all the facts

hold hearings

Conduct investigations and hold hearings for the purpose of compiling information

Examine the books, accounts and records

publish orders

require any person subject to his authority to report regulated sales or transactions

Assess a person or entity the expenses of an investigation


30 Days - CORRECT ANSWER✔️✔️-How long does an applicant or licensee have to comply

with requests for information



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, Subpoena Power - CORRECT ANSWER✔️✔️-The commissioner has the same power as a court

to issue subpoenas and cause them to be served and enforced


Contempt of court - CORRECT ANSWER✔️✔️-Failure to obey an order of the court is

punishable as


At least once every 24 calendar months - CORRECT ANSWER✔️✔️-How often does the

Commissioner have to examine each mortgage originator

Control access to docs and records

Take possession of, or place in exclusive charge of, the docs and reocrds in the place where they are

usually kept - CORRECT ANSWER✔️✔️-In the course of an examination, the Commissioner

may do what to control access to docs?


A court order or the consent of the Commissioner - CORRECT ANSWER✔️✔️-While under

control, a document or record may not be removed by anyone except under what

A Loan originators employment history

Any publicly adjudicated disciplinary and enforcement actions in which a LO was involved -

CORRECT ANSWER✔️✔️-NMLS is authorized to publish and make available to the public

information about what?


Residential Mortgage Originator and Servicer Licensing Act - CORRECT ANSWER✔️✔️-

Minnesota's licensing law for mortgage lending institutions that are not traditional depository and

lending institutions such as banks, savings and loans and CU




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