Bill Text: MN HF2705 | 2011-2012 | 87th Legislature | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Closing agents regulated, and licensed attorneys and direct employees of licensed attorneys exempted from the licensing requirements for closing agents.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2012-05-07 - Secretary of State Chapter 260 05/01/12 [HF2705 Detail]
Download: Minnesota-2011-HF2705-Engrossed.html
Bill Title: Closing agents regulated, and licensed attorneys and direct employees of licensed attorneys exempted from the licensing requirements for closing agents.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2012-05-07 - Secretary of State Chapter 260 05/01/12 [HF2705 Detail]
Download: Minnesota-2011-HF2705-Engrossed.html
1.2relating to commerce; regulating closing agents; exempting a licensed attorney
1.3and a direct employee of a licensed attorney from the licensing requirements for
1.4closing agents;amending Minnesota Statutes 2010, section 82.641, subdivision
1.56; Minnesota Statutes 2011 Supplement, section 82.641, subdivision 1.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2011 Supplement, section 82.641, subdivision 1, is
1.8amended to read:
1.9 Subdivision 1. License required. Except as otherwise provided in subdivision
1.106, a person shall not act as a real estate closing agent unless licensed as provided in
1.11this section. The commissioner shall issue a license as a closing agent to a person who
1.12qualifies for the license under the terms of this chapter.
1.13EFFECTIVE DATE.This section is effective the day following final enactment.
1.14 Sec. 2. Minnesota Statutes 2010, section 82.641, subdivision 6, is amended to read:
1.15 Subd. 6. Exemption. The following persons, when acting as closing agents,
1.16are exempt from the requirements of this section and sections82.75 and
82.81 unless
1.17otherwise required in this chapter:
1.18(1) a direct employee of a title insurance company authorized to do business in this
1.19state, or a direct employee of a title company, or a person who has an agency agreement
1.20with a title insurance company or a title company in which the agent agrees to perform
1.21closing services on the title insurance company's or title company's behalf and the title
1.22insurance company or title company assumes responsibility for the actions of the agent as
1.23if the agent were a direct employee of the title insurance company or title company;
2.1(2) a licensed attorney or a direct employee of a licensed attorney;
2.2(3) a licensed real estate broker or salesperson;
2.3(4) a direct employee of a licensed real estate broker if the broker maintains all funds
2.4received in connection with the closing services in the broker's trust account;
2.5(5) a bank, trust company, savings association, credit union, industrial loan and thrift
2.6company, regulated lender under chapter 56, public utility, or land mortgage or farm loan
2.7association organized under the laws of this state or the United States, when engaged in
2.8the transaction of businesses within the scope of its corporate powers as provided by law;
2.9(6) a title insurance company authorized to do business in this state; and
2.10(7) a title company that has a contractual agency relationship with a title insurance
2.11company authorized to do business in this state, where the title insurance company
2.12assumes responsibility for the actions of the title company and its employees or agents as
2.13if they were employees or agents of the title insurance company.
2.14EFFECTIVE DATE.This section is effective the day following final enactment.
1.3and a direct employee of a licensed attorney from the licensing requirements for
1.4closing agents;amending Minnesota Statutes 2010, section 82.641, subdivision
1.56; Minnesota Statutes 2011 Supplement, section 82.641, subdivision 1.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2011 Supplement, section 82.641, subdivision 1, is
1.8amended to read:
1.9 Subdivision 1. License required. Except as otherwise provided in subdivision
1.106, a person shall not act as a real estate closing agent unless licensed as provided in
1.11this section. The commissioner shall issue a license as a closing agent to a person who
1.12qualifies for the license under the terms of this chapter.
1.13EFFECTIVE DATE.This section is effective the day following final enactment.
1.14 Sec. 2. Minnesota Statutes 2010, section 82.641, subdivision 6, is amended to read:
1.15 Subd. 6. Exemption. The following persons, when acting as closing agents,
1.16are exempt from the requirements of this section and sections
1.17otherwise required in this chapter:
1.18(1) a direct employee of a title insurance company authorized to do business in this
1.19state, or a direct employee of a title company, or a person who has an agency agreement
1.20with a title insurance company or a title company in which the agent agrees to perform
1.21closing services on the title insurance company's or title company's behalf and the title
1.22insurance company or title company assumes responsibility for the actions of the agent as
1.23if the agent were a direct employee of the title insurance company or title company;
2.1(2) a licensed attorney or a direct employee of a licensed attorney;
2.2(3) a licensed real estate broker or salesperson;
2.3(4) a direct employee of a licensed real estate broker if the broker maintains all funds
2.4received in connection with the closing services in the broker's trust account;
2.5(5) a bank, trust company, savings association, credit union, industrial loan and thrift
2.6company, regulated lender under chapter 56, public utility, or land mortgage or farm loan
2.7association organized under the laws of this state or the United States, when engaged in
2.8the transaction of businesses within the scope of its corporate powers as provided by law;
2.9(6) a title insurance company authorized to do business in this state; and
2.10(7) a title company that has a contractual agency relationship with a title insurance
2.11company authorized to do business in this state, where the title insurance company
2.12assumes responsibility for the actions of the title company and its employees or agents as
2.13if they were employees or agents of the title insurance company.
2.14EFFECTIVE DATE.This section is effective the day following final enactment.
