Minnesota § 332.345 - SEGREGATED ACCOUNTS

Full text of Minnesota Minnesota Statutes § 332.345 — SEGREGATED ACCOUNTS, with citation guidance and answers to common questions.

§ 332.345. SEGREGATED ACCOUNTS

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.

History:

2008 c 344 s 55; 1Sp2021 c 4 art 5 s 15

Official Publication of the State of Minnesota
Revisor of Statutes

Related Minnesota Legal Topics

Frequently Asked Questions About Minnesota § 332.345

What does Minnesota Statutes § 332.345 cover?

Section 332.345 ("SEGREGATED ACCOUNTS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Minnesota § 332.345?

A common citation format is "Minnesota Statutes § 332.345" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Minnesota law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.

How does Minnesota § 332.345 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.