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?
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
,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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
, 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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 3
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?
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
,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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
, 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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 3
