2006 Minnesota Statutes

325N.04 VIOLATIONS.
It is a violation for a foreclosure consultant to:
(1) claim, demand, charge, collect, or receive any compensation until after the foreclosure
consultant has fully performed each and every service the foreclosure consultant contracted to
perform or represented he or she would perform;
(2) claim, demand, charge, collect, or receive any fee, interest, or any other compensation
for any reason which exceeds eight percent per annum of the amount of any loan which the
foreclosure consultant may make to the owner;
(3) take any wage assignment, any lien of any type on real or personal property, or other
security to secure the payment of compensation. Any such security is void and unenforceable;
(4) receive any consideration from any third party in connection with services rendered to an
owner unless the consideration is first fully disclosed to the owner;
(5) acquire any interest, directly or indirectly, or by means of a subsidiary or affiliate in a
residence in foreclosure from an owner with whom the foreclosure consultant has contracted;
(6) take any power of attorney from an owner for any purpose, except to inspect documents
as provided by law; or
(7) induce or attempt to induce any owner to enter a contract which does not comply in all
respects with sections 325N.02 and 325N.03.
History: 2004 c 263 s 4

NOTE: This section, as added by Laws 2004, chapter 263, section 4, expires December
31, 2009. Laws 2004, chapter 263, section 26.