A Minnesota residential mortgage originator licensed under chapter 58 begins conducting mortgage business under a marketing name different from the name under which its license was issued. Under section 58.13, subdivision 1(a)(10), is that permitted?
Correct Answer
A) No, business must use the name under which the license was issued
A. The provision prohibits conducting the business under a different name. The restriction links the business name to the issued license or certificate of exemption. Internal approval and borrower familiarity do not change the name under which the authorization was issued. Scope and exceptions: This tests use of an unauthorized different name, not the procedure for obtaining an approved name change. Corporate registration, individual sponsorship and mortgage licensing are distinct requirements. Source: 58.13, subdivision 1(a)(10), displayed 2025 compilation — https://www.revisor.mn.gov/statutes/cite/58.13
Why This Is the Correct Answer
A. The provision prohibits conducting the business under a different name. The restriction links the business name to the issued license or certificate of exemption. Internal approval and borrower familiarity do not change the name under which the authorization was issued. Scope and exceptions: This tests use of an unauthorized different name, not the procedure for obtaining an approved name change. Corporate registration, individual sponsorship and mortgage licensing are distinct requirements.
Why the Other Options Are Wrong
Option B: Yes, if a manager approved the marketing name internally
Internal approval is not the licensing authority's action.
Option C: Yes, if borrowers recognize the originator behind the name
Recognition is not an exception.
Option D: Yes, until the next annual license renewal
Adds a renewal-period grace allowance not stated here.
Exam Tip
Match the name used in business to the applicable licensing authorization.
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