Source: https://collectionagency.info/laws/minnesota-debt-collection-laws/
Timestamp: 2019-10-19 15:00:38
Document Index: 10122092

Matched Legal Cases: ['§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332', '§ 332']

Minnesota Debt Collection Laws | Collection Agency | Free Collection Agencies Information
Debt Collections » Laws » Minnesota Debt Collection Laws
In addition to being regulated by the Fair Debt Collection Practices Act (FDCPA), Minnesota collection agencies are also regulated by Minnesota debt collection laws. Discover: Minnesota collection requirements, bad check laws (NSF), statutes of limitations for both debts and judgments, garnishments plus Minnesota collection agency license and bonding information.
Summary of the Minnesota fair debt collection practices laws:
MINNESOTA INTEREST RATE
Judgment: 5% |Changes Yearly|
MINNESOTA STATUTE OF LIMITATIONS |in years|
Goods Sold & Delivered |UCC|: 4
MINNESOTA BAD CHECK LAWS |NSF|
MINNESOTA COLLECTION AGENCY BONDING and LICENSING REQUIREMENTS
$1,000 – Initial
$400 – Annual
$10 – Per Collector
Below is the Minnesota debt collection statute:
§ 332.31 DEFINITIONS.
§ 332.311 TRANSFER OF ADMINISTRATIVE FUNCTIONS.
§ 332.32 EXCLUSIONS.
§ 332.33 LICENSING AND REGISTRATION.
Subd. 5. Collection agency license issuance. Every application for a collection agency license or renewal shall be acted upon promptly by the commissioner but in no event more than 45 days after receipt of the application. Each applicant may be issued a temporary license after submitting a complete application which meets all requirements for licensure. This license shall be effective until a permanent license is issued by the commissioner. If the application complies in form and substance with sections 332.31 to 332.45 and the rules adopted under those sections and the commissioner finds that the applicant is qualified under sections 332.31 to 332.45, the commissioner shall issue a license immediately. If the application is not sufficient in form or substance, the commissioner shall reject it and notify the applicant of the manner in which it is deficient. The rejection is without prejudice to the filing of a new application. On finding that the applicant is not qualified under sections 332.31 to 332.45, the commissioner shall reject the application and shall give the applicant written notice of the rejection and the reasons for the rejection.
§ 332.335 EXEMPTION FROM LICENSURE.
§ 332.34 BOND.
§ 332.35 PRIOR CONVICTION OR JUDGMENT AS DISQUALIFICATION.
§ 332.355 AGENCY RESPONSIBILITY FOR COLLECTORS.
§ 332.37 PROHIBITED PRACTICES.
§ 332.38 APPLICATION IN CASE OF PRETENDED PURCHASE, ASSIGNMENT OR USE OF A FICTITIOUS NAME.
§ 332.385 NOTIFICATION TO COMMISSIONER.
§ 332.39 INJUNCTIONS.
§ 332.395 COMMISSIONER’S POWER OVER INEFFECTIVE LICENSES AND REGISTRATIONS.
§ 332.40 INVESTIGATION, SUSPENSION, AND REVOCATION OF LICENSES OR REGISTRATIONS.
§ 332.41 APPEALS.
§ 332.42 REPORTS AND RECORDS.
§ 332.43 DELINQUENT COLLECTION AGENCIES.
§ 332.44 RULEMAKING POWER.
§ 332.45 LIABILITY OF SURETIES.
Knowing and abiding to the proper Minnesota debt collection laws is important for both creditors and collection agencies alike. There are debtor’s rights attorneys who are just waiting for creditors or collection agencies to slip up. If you mistakenly violate the Minnesota debt collection laws, you could create a liability for your business and even open yourself up to a expensive lawsuit.
Please note: Minnesota debt collection laws can change over time, and you need to consult with an attorney before you use this information.
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