Minnesota Statutes 332.303 – Segregated Accounts
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A payment received by an accelerated mortgage payment provider from or on behalf of a client shall be held by the accelerated mortgage payment provider in a separate trust account clearly designated for client funds. The account shall be in a bank or other depository institution authorized or chartered under the laws of any state or of the United States. The accelerated mortgage payment provider shall not commingle funds held for payment to lenders with its own property or funds.
Terms Used In Minnesota Statutes 332.303
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC