SF 2673

as introduced - 88th Legislature (2013 - 2014) Posted on 03/14/2014 09:19am

A bill for an act
relating to debt collection; regulating debt buyers; amending Minnesota Statutes
2012, section 332.31, subdivisions 3, 6.

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

Section 1.

Minnesota Statutes 2012, section 332.31, subdivision 3, is amended to read:

Subd. 3.

Collection agency.

"Collection agency" means and includes any person
engaged in the business of collection for others any account, bill or other indebtedness
except as hereinafter provided. It includes persons who furnish collection systems
carrying a name which simulates the name of a collection agency and who supply forms
or form letters to be used by the creditor, even though such forms direct the debtor to
make payments directly to the creditor rather than to such fictitious agency. new text begin The term also
includes a person who (1) purchases an account, bill, or other indebtedness that was
incurred by the debtor for personal, family, or household purposes, and (2) collects the
purchased account, bill, or other indebtedness on its own behalf.
new text end

Sec. 2.

Minnesota Statutes 2012, section 332.31, subdivision 6, is amended to read:

Subd. 6.

Collector.

"Collector" is a person acting under the authority of a collection
agency under subdivision 3, and on its behalf in the business of collection for others an
account, bill, or other indebtedness except as otherwise provided in this chapter. new text begin The term
includes a person acting under the authority of a collection agency under subdivision 3
that (1) purchases any account, bill, or other indebtedness that was incurred by the debtor
for personal, family, or household purposes, and (2) collects the purchased account, bill,
or other indebtedness on its own behalf.
new text end