2005 Minnesota Statutes - 332.303 — Segregated accounts.

     332.303 Segregated accounts. 


    A payment received by an accelerated mortgage payment 
 provider from or on behalf of a client shall be held by the 
 accelerated mortgage payment provider in a separate trust 
 account clearly designated for client funds.  The account shall 
 be in a bank or other depository institution authorized or 
 chartered under the laws of any state or of the United States.  
 The accelerated mortgage payment provider shall not commingle 
 funds held for payment to lenders with its own property or funds.


    HIST: 1994 c 638 s 5