2007 Minnesota Statutes

332A.11 RIGHT TO CANCEL.
    Subdivision 1. Debtor's right to cancel. A debtor has the right to cancel the debt
management services agreement without cause at any time upon ten days' written notice to the
debt management services provider. In the event of cancellation, the debt management services
provider must, within ten days of the cancellation, notify the debtor's creditors of the cancellation
and provide a refund of all unexpended funds paid by or for the debtor to the debt management
services provider.
    Subd. 2. Notice of debtor's right to cancel. A debt management services agreement must
contain, on its face, in an easily readable typeface immediately adjacent to the space for signature
by the debtor, the following notice: "Right To Cancel: You have the right to cancel this contract at
any time on ten days' written notice."
    Subd. 3. Automatic termination. Upon the payment of all listed debts and fees, the debt
management services agreement must automatically terminate, and all unexpended funds paid
by or for the debtor to the debt management services provider must be immediately returned to
the debtor.
    Subd. 4. Debt management services provider's right to cancel. A debt management
services provider may cancel a debt management services agreement with good cause upon 30
days' written notice to the debtor. Within ten days after the cancellation, the debt management
services provider must: (1) notify the debtor's creditors of the cancellation; and (2) return to the
debtor all unexpended funds paid by or for the debtor.
History: 2007 c 57 art 3 s 54