SF 2517

as introduced - 87th Legislature (2011 - 2012) Posted on 03/20/2012 09:07am

A bill for an act
relating to commerce; regulating debt collection agencies; modifying an
exclusion; amending Minnesota Statutes 2010, section 332.32.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 332.32, is amended to read:

332.32 EXCLUSIONS.

The term "collection agency" shall not include persons whose collection activities
are confined to and are directly related to the operation of a business other than that of
a collection agency such as, but not limited to banks when collecting accounts owed to
the banks and when the bank will sustain any loss arising from uncollectible accounts,
abstract companies doing an escrow business, real estate brokers, public officers, persons
acting under order of a court, lawyers, trust companies, insurance companies, credit
unions, savings associations, loan or finance companies unless they are engaged in
asserting, enforcing or prosecuting unsecured claims which have been purchased from
any person, firm, or association when there is recourse to the seller for all or part of the
claim if the claim is not collected.

new text begin The term also does not include a registered individual collector performing the duties
of a collector under sections 332.32 to 332.45 as an employee of a licensed collection
agency, if this business is being conducted in or from the collector's home.
new text end