MN SF2689

Requires creditors to send an "Intent to Commence a Lawsuit" notice to debtors at least 30 days before filing any action or arbitration to collect a purchased debt, containing ownership proof, original creditor name, account number, contract copy, itemized accounting, and dispute rights.

Prohibits filing suit within the 30-day notice period or if debtor disputes the debt in writing, until the creditor investigates and responds in writing to each reason for the dispute.

Requires creditors to attach to the summons and complaint an unbroken chain of ownership assignments, original debt contract with debtor's signature, affidavit of last payment date and amount, and attorney affidavit attesting the action is not time-barred.

Prevents default judgment entry unless creditor files properly authenticated business records, original account number, original creditor identification, charge-off balance information, payment history, and itemization of all charges and fees claimed.

Imposes statutory damages of $2,500 for violations of notice requirements or $5,000 for violations of documentation requirements, plus actual damages, attorney fees, and civil fines of $5,000 for false affidavits; authorizes injunctive relief and class action suits.