Section 332A.13 — Fees, Payments, And Consent Of Creditors.
332A.13 FEES, PAYMENTS, AND CONSENT OF CREDITORS. Subdivision 1. Origination fee. The registrant may charge a nonrefundable origination fee of not more than $50, which may be retained by the registrant from the initial amount paid by the debtor to the registrant. Subd. 2. Monthly maintenance fee. The registrant may charge a periodic fee for […]
Section 332A.14 — Prohibitions.
332A.14 PROHIBITIONS. No debt management services provider shall: (1) purchase from a creditor any obligation of a debtor; (2) use, threaten to use, seek to have used, or seek to have threatened the use of any legal process, including but not limited to garnishment and repossession of personal property, against any debtor while the debt […]
Section 332A.16 — Advertisement Of Debt Management Services.
332A.16 ADVERTISEMENT OF DEBT MANAGEMENT SERVICES. No debt management services provider may make false, deceptive, or misleading statements or omissions about the rates, terms, or conditions of an actual or proposed debt management services plan or its debt management services, or create the likelihood of consumer confusion or misunderstanding regarding its services, including but not […]
Section 332A.17 — Debt Management Services Agreement Rescission.
332A.17 DEBT MANAGEMENT SERVICES AGREEMENT RESCISSION. Any debtor has the right to rescind any debt management services agreement with a debt management services provider that commits a material violation of this chapter. On rescission, all fees paid to the debt management services provider or any other person other than creditors of the debtor must be […]
Section 332A.18 — Enforcement; Remedies.
332A.18 ENFORCEMENT; REMEDIES. Subdivision 1. Violation a deceptive practice. A violation of any of the provisions of this chapter is considered an unfair or deceptive trade practice under section 8.31, subdivision 1. A private right of action under section 8.31 by an aggrieved debtor is in the public interest. Subd. 2. Private right of action. […]
Section 332A.19 — Investigation.
332A.19 INVESTIGATION. At any reasonable time, the commissioner may examine the books and records of every registrant and of any person engaged in the business of providing debt management services as defined in section 332A.02. The commissioner once during any calendar year may require the submission of an audit prepared by a certified public accountant […]
Section 332A.03 — Requirement Of Registration.
332A.03 REQUIREMENT OF REGISTRATION. (a) On or after August 1, 2007, it is unlawful for any person, whether or not located in this state, to operate as a debt management services provider or provide debt management services, including but not limited to offering, advertising, or executing or causing to be executed any debt management services […]
Section 332A.04 — Registration.
332A.04 REGISTRATION. Subdivision 1. Form. Application for registration to operate as a debt management services provider in this state must be made in writing to the commissioner, under oath, in the form prescribed by the commissioner, and must contain: (1) the full name of each principal of the entity applying; (2) the address, which must […]
Section 332A.05 — Nonassignment Of Registration.
332A.05 NONASSIGNMENT OF REGISTRATION. A registration must not be transferred or assigned without the consent of the commissioner. History: 2007 c 57 art 3 s 48
Section 332A.06 — Renewal Of Registration.
332A.06 RENEWAL OF REGISTRATION. Each year, each registrant under the provisions of this chapter must, not more than 60 nor less than 30 days before its registration is to expire, apply to the commissioner for renewal of its registration on a form prescribed by the commissioner. The application must be signed by the registrant under […]