2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 332 Collection, Credit Services, Debt Prorating
Section 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.
History: 1994 c 638 s 5
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