Minnesota Statutes
Minn. Stat. § 332.345 (2026)
Segregated Accounts
✓ current as of May 2026
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A payment collected by a collector or collection agency on behalf of a customer shall be held by the collector or collection agency in a separate trust account clearly designated for customer funds. The account must be in a bank or other depository institution authorized or chartered under the laws of any state or of the United States. This section does not apply to a debt buyer, except to the extent the debt buyer engages in third-party debt collection for others.
Notes of Decisions
Cited in 1
case (1 in the last 5 years), 2025–2025 · leading case: In the Matter of the Unlicensed Debt Collection Activity of PurCo Fleet Servs., Inc (2025).
In the Matter of the Unlicensed Debt Collection Activity of PurCo Fleet Servs., Inc (2025). “Minn. Stat. § 332.345 . 17 that the commissioner lacks authority because relator is not conducting such business “in Minnesota” within the meaning of Minnesota’s collection agency statutes.”
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