Minn. R. agency 120, ch. 2885, pt. 2885.0400 - REPORT OF SERVICE CHARGES
If service charges have been deducted, a holder shall include or attach as part of the report filed pursuant to Minnesota Statutes, section 345.41:
A. the citation of the authority or a copy of
the form of contract authorizing such service charges;
B. the value or amount of each item of
property before any service charges were deducted therefrom;
C. the amount of service charges deducted
from each item and the date or dates on which such service charges were
deducted; and
D. such other
information or documentation as the commissioner of commerce may reasonably
require to explain the deduction of service charges. Such documentation may
include records of communications or correspondence with the owner, passbook
provisions, signature card, rules and regulations, bylaws, and any other
documents concerning any agreement between the holder and the owner.
This part shall also require the reporting of service charges if the total of such charges deducted from an item of property equals or exceeds the value of the item.
Notes
Statutory Authority: MS s 345.41; 345.56
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