Updating Regulatory Information

In order to get professional licenses, such as a real estate agent or mortgage originator, you need to fill out an application. In Minnesota, that goes to the Department of Commerce. Other states have agencies by another name, but that serves the same function.

That original application never goes away. The answers you provided therein are deemed to be accurate for so long as you have a license. What's critical to remember is that you have a statutory obligation to notify the regulatory agencies of any changes to your application. You move from Hugo to Lino Lakes - send in a notice. You get sued in district court, send in notice.

Failing to provide the required change of information can lead to a very heavy, indefensible sanction. In Minnesota, it could actually cost you $10,000.00!!!!

Keeping your regulatory requirements at the forefront is critical. Keeping me in mind if you have regulatory questions may save your livelihood.

The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney. All information contained in links are the property of the linked site.

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