MARCH 1, 2024                                                                                                                                      VOL. 28
 RAISING THE BAR  
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The Minnesota Debt Fairness Act was introduced in the Minnesota Legislature. The proposed law seeks to amend the law governing debt collection, garnishment and consumer finance. The Minnesota Governor's office has announced support for the Act. The proposed bill includes new terms and definitions, new prohibitions on collection activity and creates other new rules regarding consumer debt. If passed, the law will drastically change how debt is collected in Minnesota and will have long-lasting consequences for debt collectors and consumers.

One of the big changes involves the statute of limitations for consumer debt as well as judgements on consumer debt. The amendments would include a reduction of a consumer debt judgment's statute of limitation to 5 years down from 10 years. A judgment on a consumer debt cannot be renewed. Debts incurred after July 1, 2024 would have a three-year statute of limitations.

The proposed bill raises concerns about the future feasibility of debt collection in the state of Minnesota. Not only are timelines going to be heavily accelerated by the statute of limitations changes, but the process and amount that can be collected will be greatly impacted as well. The Minnesota legislature has already introduced the bill and is looking to move this through quickly.*
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*Bryce Noel Content Contributor insideARM
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