Minn. R. agency 201, ch. 4850, pt. 4850.0026
Current through Register Vol. 49, No. 24, December 9, 2024
Part 4850.0026 - COSIGNERSubpart 1.Cosigner required. A borrower must have a creditworthy cosigner when a loan is approved. The cosigner must be either a United States citizen or a permanent resident. Subp. 2.Cosigner duties. A cosigner is jointly and separately responsible for making loan payments, including principal, interest, and other loan-related charges. A cosigner must: A. permanently reside in the United States;B. be at least 24 years of age or, if a borrower's sibling or stepsibling, at least 18 years of age; andC. agree to have information released to a consumer credit reporting agency as described under part 4850.0012, subpart 4.Minn. R. agency 201, ch. 4850, pt. 4850.0026