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    Debt Management

    Debt Management Services Providers help aid over-extended consumers with financial planning by developing a budget and receiving funds from the consumer to repay creditors under a specific plan.

    You are a Debt Management Services Provider and need to be registered (whether or not you are located in Minnesota) if you provide any one or more of the following services in connection with debt incurred primarily for personal, family, or household services:

    • Managing the financial affairs of an individual by distributing income or money to the individual's creditors;
    • Receiving funds for the purpose of distributing the funds among creditors in payment or partial payment of obligations of a debtor; or
    • Adjusting, prorating, pooling, or liquidating the indebtedness of a debtor.

    Any person so engaged or holding out as so engaged is deemed to be engaged in the provision of debt management services regardless of whether or not a fee is charged for such services.

    Commerce registers these companies and provides regulatory oversight to ensure fair business practices.

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