Subdivision 1. Verified financial statement. The commissioner of commerce may at any time require a licensee to submit a verified financial statement for examination by the commissioner to determine whether the licensee is financially responsible to carry on a collection business within the intents and purposes of sections 332.31 to 332.44.
Subd. 2. Record keeping. The commissioner shall require the collection agency or debt buyer licensee to keep such books and records in the licensee's place of business in this state as will enable the commissioner to determine whether there has been compliance with the provisions of sections 332.31 to 332.44, unless the agency is a foreign corporation duly authorized, admitted, and licensed to do business in this state and complies with all the requirements of chapter 303 and with all other requirements of sections 332.31 to 332.44. Every collection agency licensee shall preserve the records of final entry used in such business for a period of five years after final remittance is made on any amount placed with the licensee for collection or after any account has been returned to the claimant on which one or more payments have been made. Every debt buyer licensee must preserve the records of final entry used in the business for a period of five years after final collection of any purchased account.
1969 c 766 s 12; 1973 c 720 s 54 subd 2; 1979 c 144 s 6; 1980 c 516 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 2004 c 208 s 8; 2014 c 222 art 2 s 30,31; 1Sp2021 c 4 art 5 s 20,21
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.