Chapter 332B — Requirement of Registration

332B.02 Definitions This section defines terms used in the debt settlement law, like debtor, creditor, and debt settlement services … 332B.03 Requirement of Registration Anyone offering debt settlement services in Minnesota must register with the Department of Commerce before doing … 332B.04 Registration Debt settlement companies must apply for registration with the commerce commissioner, providing details about owners, … 332B.05 Denial, Suspension, Revocation, or Nonrenewal of Registration The commerce commissioner can deny, suspend, revoke, or refuse to renew a debt settlement company's registration. 332B.06 Written Debt Settlement Services Agreement; Disclosures; Trust Account Debt settlement companies must use a written agreement that explains all fees, services, and risks before starting any … 332B.07 Right to Cancel Debtors can cancel a debt settlement agreement at any time with 10 days written notice and get unused fees back. 332B.08 Books, Records, and Information Debt settlement companies must keep detailed records for at least 6 years and file annual reports with the commissioner. 332B.09 Fees; Withdrawal of Creditors; Notification to Debtor of Settlement Offer Debt settlement fees can be based on a percentage of debt or percentage of savings, and must be clearly disclosed. 332B.10 Prohibitions Debt settlement companies cannot guarantee results, misrepresent timelines, or advise debtors to stop paying creditors. 332B.11 Advertisement and Solicitation of Debt Settlement Services Debt settlement advertising must not be false or misleading. Lead generators must also follow these rules. 332B.12 Debt Settlement Services Agreement Rescission Debtors can rescind their agreement if the debt settlement company commits a material violation of this chapter. 332B.13 Enforcement; Remedies Violations of the debt settlement law are unfair trade practices. Debtors can sue for damages, penalties, and attorney … 332B.14 Investigations The commerce commissioner can examine debt settlement company records at any time and investigate complaints.