1.1    .................... moves to amend H. F. No. 1004, the first committee engrossment,
1.2as follows:
1.3Page 6, delete section 4 and insert:

1.4    "Sec. 4. Minnesota Statutes 2006, section 58.16, subdivision 1, is amended to read:
1.5    Subdivision 1. Compliance. Residential mortgage originators who solicit or receive
1.6an advance fee in exchange for assisting a borrower located in this state in obtaining a
1.7loan secured by a lien on residential real estate, or who offer to act as an agent of the
1.8borrower located in this state in obtaining a loan secured by a lien on residential real estate
1.9shall be considered to have created a fiduciary relationship with the borrower and shall
1.10comply with the requirements of subdivisions 2 to 7 in addition to any duties imposed
1.11upon fiduciaries by statute or common law.

1.12    Sec. 5. Minnesota Statutes 2006, section 58.16, is amended by adding a subdivision to
1.13read:
1.14    Subd. 1a. Mortgage broker fiduciary duties. A mortgage broker shall be
1.15considered to have created a fiduciary relationship with the borrower in all cases and shall
1.16comply with the duties imposed upon fiduciaries by statute or common law."
1.17Amend the title accordingly