Section 332.32 — Exclusions.
332.32 EXCLUSIONS. (a) The term “collection agency” does not include banks when collecting accounts owed to the banks and when the bank will sustain any loss arising from uncollectible accounts, abstract companies doing an escrow business, real estate brokers, public officers, persons acting under order of a court, lawyers, trust companies, insurance companies, credit unions, […]
Section 332.33 — Licensing And Registration.
332.33 LICENSING AND REGISTRATION. Subdivision 1. Requirement. Except as otherwise provided in this chapter, no person shall conduct business in Minnesota as a collection agency or debt buyer, as defined in sections 332.31 to 332.44, without having first applied for and obtained a collection agency license. A person acting under the authority of a collection […]
Section 332.3351 — Exemption From Licensure.
332.3351 EXEMPTION FROM LICENSURE. A collection agency shall be exempt from the licensing and registration requirements of this chapter if all of the following conditions are met: (1) the agency is located in another state that regulates and licenses collection agencies, but does not require a Minnesota collection agency to obtain a license to collect […]
Section 332.34 — Bond.
332.34 BOND. The commissioner of commerce shall require each licensee to file and maintain in force a corporate surety bond, in a form to be prescribed by, and acceptable to, the commissioner, and in a sum of at least $50,000 plus an additional $5,000 for each $100,000 received by the collection agency from debtors located […]
Section 332.345 — Segregated Accounts.
332.345 SEGREGATED ACCOUNTS. A payment collected by a collector or collection agency on behalf of a customer shall be held by the collector or collection agency in a separate trust account clearly designated for customer funds. The account must be in a bank or other depository institution authorized or chartered under the laws of any […]
Section 332.35 — Prior Conviction Or Judgment As Disqualification.
332.35 PRIOR CONVICTION OR JUDGMENT AS DISQUALIFICATION. No registration shall be accepted for, and no license shall be issued to, any person, firm, corporation or association who or which, or any of the officers of which have, within the past five years: (1) been convicted in any court of fraud or any felony; (2) been […]
Section 332.355 — Agency Responsibility For Collectors.
332.355 AGENCY RESPONSIBILITY FOR COLLECTORS. The commissioner may take action against a licensee for any violations of debt collection laws by its debt collectors. The commissioner may also take action against the debt collectors themselves for these same violations. History: 2000 c 483 s 51; 1Sp2021 c 4 art 5 s 16
Section 332.365 — Credit Counseling Organizations; Debtors.
332.365 CREDIT COUNSELING ORGANIZATIONS; DEBTORS. Subdivision 1. Duties of commissioner. (a) The commissioner shall develop and maintain a document that includes the contact information for nonprofit organizations domiciled in Minnesota that provide credit counseling services to debtors. Credit counseling services include but are not limited to (1) helping debtors understand their rights and responsibilities, and […]
Section 332.37 — Prohibited Practices.
332.37 PROHIBITED PRACTICES. (a) No collection agency, debt buyer, or collector shall: (1) in collection letters or publications, or in any communication, oral or written threaten wage garnishment or legal suit by a particular lawyer, unless it has actually retained the lawyer; (2) use or employ sheriffs or any other officer authorized to serve legal […]
Section 332.31 — Definitions.
332.31 DEFINITIONS. Subdivision 1. Terms. The terms in this section for the purposes of sections 332.31 to 332.44 shall have the meanings given them. Subd. 2. Person. “Person” means and includes individuals, partnerships, associations or corporations. Subd. 3. Collection agency. “Collection agency” or “licensee” means (1) a person engaged in the business of collection for […]