The commissioner may accept an initial surety bond or deposit in an amount less than $100,000 based upon the business plan of the accelerated mortgage payment provider, provided the commissioner obtains a third-party background check at the expense of the accelerated mortgage payment provider and from a source to be determined by the commissioner. The commissioner may require a third-party background check in connection with any accelerated mortgage payment provider at the expense of the accelerated mortgage payment provider, but no more often than annually.
1994 c 638 s 3
Structure Minnesota Statutes
Chapters 324 - 341 — Trade Regulations, Consumer Protection
Chapter 332 — Collection, Credit Services
Section 332.30 — Accelerated Mortgage Payment Provider; Bond Requirements.
Section 332.301 — Bond; Background Check.
Section 332.302 — Contracts; Notice To Mortgagor.
Section 332.303 — Segregated Accounts.
Section 332.311 — Transfer Of Administrative Functions.
Section 332.33 — Licensing And Registration.
Section 332.3351 — Exemption From Licensure.
Section 332.345 — Segregated Accounts.
Section 332.35 — Prior Conviction Or Judgment As Disqualification.
Section 332.355 — Agency Responsibility For Collectors.
Section 332.365 — Credit Counseling Organizations; Debtors.
Section 332.37 — Prohibited Practices.
Section 332.38 — Application In Case Of Pretended Purchase, Assignment Or Use Of A Fictitious Name.
Section 332.385 — Notification To Commissioner.
Section 332.395 — Commissioner's Power Over Ineffective Licenses And Registrations.
Section 332.40 — Investigation, Suspension, And Revocation Of Licenses Or Registrations.
Section 332.42 — Reports And Records.
Section 332.43 — Delinquent Collection Agencies.
Section 332.44 — Rulemaking Power.
Section 332.53 — Waiver Of Rights.
Section 332.54 — Registration.
Section 332.56 — Prohibited Acts.
Section 332.57 — Disclosure Statement.
Section 332.70 — Business Screening Services; Data Practices.