Recent Regulatory Actions by the Minnesota Department of Commerce

It has been a while since I checked on the erratic and heavy-handed Department of Commerce, but this week I took a peek at the recent regulatory actions it has imposed. Here are a few notable actions.

A series of alleged factual errors and fact omissions resulted in a $1,500 suspension of an appraiser in the northern suburbs.

A massive $55,000 civil penalty was assessed against a mortgage originator who received something of value that resulted in borrowers paying a higher interest rate.

An individual in the mortgage world changed the name on her retirement account from her own to a borrower's name to try and get the borrower approved. As a result, she had her license revoked and was assessed a $10,000 civil penalty.

A real estate agent who lied on a series of applications and renewals finally had his trail of lies catch up to him and his license was revoked.

The Department of Commerce should be dealt with very carefully. I do not recommend you deal with them on your own. You may have insurance that covers your attorney's fees and if so, I can help you secure coverage or assist you with addressing charges against you.

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