A contract entered into between an accelerated mortgage payment provider and a mortgagor shall be in writing and include all applicable terms and conditions including, but not limited to, all fees, costs, and charges. A conforming copy must be provided to the mortgagor before any fees in connection with the accelerated mortgage payment services are received by the accelerated mortgage payment provider. A contract shall provide that the arrangement between the accelerated mortgage payment provider and lender or lenders requires:
(1) that if the original terms of the mortgage, mortgage note, or escrow agreement are in default because of nonpayment by the accelerated mortgage payment provider, the lender or lenders mail or otherwise deliver to the mortgagor a written notice within 30 days of the default; and
(2) that a written summary of payments received by the accelerated mortgage payment provider by date and amount, payments made to the lender or lenders on behalf of the mortgagor by date and amount, and unremitted balance held by the accelerated mortgage payment provider be provided to the mortgagor at least annually or more frequently on a date or dates mutually agreed upon between the accelerated mortgage payment provider and mortgagor.
1994 c 638 s 4
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.