Section 86A.315 - Required liquidity, operating reserves and tangible net worth; compliance with federal standards as compliance with requirements; director's powers to enforce compliance(1)(a) A licensee shall maintain in accordance with generally accepted accounting principles sufficient liquidity, operating reserves and tangible net worth to permit the licensee to adequately meet all costs, expenses and other financial requirements related to servicing residential mortgage loans in this state. The Director of the Department of Consumer and Business Services may specify by rule the standards a licensee must meet to comply with the requirements set forth in this subsection.(b) A licensee that the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Government National Mortgage Association has approved to service a residential mortgage loan complies with the requirements set forth in paragraph (a) of this subsection if the licensee meets the standards for liquidity, operating reserves and tangible net worth established by the association or corporation that approved the licensee. If the applicable association's or corporation's standards do not apply to a particular residential mortgage loan, the licensee in servicing the residential mortgage loan shall meet the highest standards the association or corporation has established for liquidity, operating reserves and tangible net worth.(2)(a) If a licensee fails to meet the applicable standards for liquidity, operating reserves and tangible net worth set forth in subsection (1) of this section, the director may take and retain possession of the licensee's property, business and assets located in this state until the licensee returns, under the director's supervision or oversight, to compliance with the applicable standards.(b) In taking and retaining possession of the licensee's property, business and assets under paragraph (a) of this subsection, the director shall conduct an inventory appropriate for establishing a receivership for the licensee and file a copy of the inventory with:(A) The Department of Consumer and Business Services;(B) The clerk of the circuit court in the county in which the licensee's principal place of business in this state, or any branch office in this state, is located; and(C) Each of the licensee's controllers, at the last address for each controller that the director has in the director's records.(c) A circuit court that receives a copy of an inventory under paragraph (b)(B) of this subsection shall file the inventory, list the filing in the court's docket as a pending proceeding and assign a case number to the proceeding.(3) If a licensee refuses to permit the director to take and retain possession of the licensee's property, business and assets under subsection (2) of this section or if the director can show that the interests of the licensee's borrowers or creditors require the appointment of a receiver, the director may apply to the circuit court in the county in which the licensee's principal place of business in this state is located for an order to appoint a receiver to take and retain possession of, operate or liquidate the property, business and assets. The court may appoint the director as the receiver.(4) If, 60 days after the date on which the director took possession of a licensee's property, business and assets under subsection (2) of this section, the licensee has not returned to compliance with the applicable standards described in subsection (1) of this section, the director shall liquidate the property, business and assets. If the director is not the receiver for the licensee's property, business and assets, the director shall apply to the court with which the director filed an inventory under subsection (2)(b)(B) of this section for an order to appoint the director or another person as receiver.