MN SF2673

Amends Minnesota Statutes section 332.31 to expand the definition of "collection agency" to include persons who purchase consumer debts incurred for personal, family, or household purposes and collect those debts on their own behalf.

Expands the definition of "collector" to include persons acting under authority of a collection agency who purchase consumer debts and collect them on their own behalf.

Brings debt buyers operating independently within the regulatory framework previously applied only to traditional collection agencies working on behalf of creditors.

Applies to debts incurred for personal, family, or household purposes specifically.