Subdivision 1. Filing. It is unlawful for any credit services organization to offer, advertise, or execute or cause to be executed by a consumer any contract in this state unless the credit services organization at the time of the offer, advertisement, sale, or execution of a contract has been properly registered with the commissioner.
Subd. 2. Disclosure. The registration must contain the following information:
(1) the name and address of the credit services organization;
(2) the name and address of the registered agent authorized to accept service of process on behalf of the credit services organization;
(3) the name and address of any person who directly or indirectly owns or controls a ten percent or greater interest in the credit services organization;
(4) the name and address of the surety company that issued the bond required under section 332.55; and
(5) full disclosure of any litigation or unresolved complaint filed within the preceding five years with the state, any other state, or the United States relating to the operation of the credit services organization, or a notarized statement that there has been no litigation or unresolved complaint filed within the preceding five years with the state, any other state, or the United States relating to the operation of the credit services organization.
Subd. 3. Additional information. The credit services organization must attach to the registration statement a copy of the contract which the credit services organization intends to execute with its consumers and evidence of the required bond.
Subd. 4. Update of information. The credit services organization must update the registration statement required under this section not later than 30 days after the date from which a change in the information required in the statement occurs.
Subd. 5. Buyer inspection. Each credit services organization registering under this section must maintain a copy of the registration statement in its files. The credit services organization must allow a buyer to inspect the registration statement on request.
Subd. 6. Term. Registration issued or renewed by the commissioner of commerce under sections 332.52 to 332.60 expires on June 30 of each year.
Subd. 7. Fees. The fee for a credit services organization's registration is $1,000 for issuance or renewal for each location of business.
Subd. 8. Records and fees; maintenance and processing. Section 58A.04, subdivisions 2 and 3, apply to this section.
1991 c 314 s 3; 1993 c 295 s 3-5; 2007 c 44 s 8; 2007 c 57 art 3 s 44; 2020 c 80 art 1 s 24,25
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.