A credit services organization must submit to the commissioner at the time of registration, an annual surety bond of $10,000, expiring on June 30 of each year, by an insurance company which is authorized by the state of Minnesota to transact the business of fidelity and surety insurance. The credit services organization must be the obligor. The bond must benefit the state of Minnesota and any person who may have a cause of action against the obligor arising out of the obligor's activities as a credit services organization. The commissioner may accept a deposit in cash, or securities that may be legally purchased by savings banks or for trust funds of an aggregate market value equal to the bond requirement, in lieu of the surety bond. The cash or securities must be deposited with the commissioner of management and budget.
1991 c 314 s 4; 1992 c 564 art 4 s 16; 1993 c 295 s 6; 2003 c 112 art 2 s 50; 2009 c 101 art 2 s 109
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.