Every once in a while I peruse the regulatory actions taken by Minnesota's Departments of Commerce and Labor & Industry. This perusal is for the purpose of keeping up to date with what regulators are looking at and provide some prophylactic advice to clients.
Here are some recent actions of note by the Department of Commerce:
An appraiser in Hugo was assessed a civil penalty for handing out the lockbox code to a property. In do doing so, he permitted someone to improperly access the subject property.
Several appraiser coordinators were sanctioned for failing to pay their appraisers within 30 days of being paid by the client. The penalties ranged from $2,000 to $5,000.
In the gold bouillon industry, a St. Louis Park firm was sanctioned for selling regulated products without first registering with the Department. The penalty was $1,500.
On the debt side, most recent sanctions were for providing credit repair services without first being licensed. One company in California paid a $70,000 civil penalty for essentially disregarding the Fair Debt Collections Practices Act.
Several real estate licenses were suspended for unpaid personal taxes or child support.
An agent in Pequot Lakes was sanctioned $10,000 for failing to disclose known information, failing to provide a required disclosure, and failing to disclose that a principal in the transaction was a relative.
Maple Grove was a bad spot for real estate agents, with a few agents from there recently being sanctioned. One particularly notable action was against an agent who did, amongst other things, participated in using or creating a false power of attorney document.
Next week we'll see what Labor & Industry has been up to lately! See you then.
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