This is about an example of a membership organization being required to register with the AG's office:
Club Contracts | The Office of Attorney General Keith Ellison (state.mn.us) Registration. Minnesota law requires health, dating, and buying clubs to register with the Attorney General’s Office and renew their registration annually. Minn. Stat. § 325G.23-.28. Such clubs register by completing and filing the required forms (see below), paying a registration fee, and filing a surety bond if they accept prepayments from members of $50 or more. Members of a club who lose a portion of their pre-paid membership fee because, for example, the club closes or declares bankruptcy may file a claim with entity that provided the club with its surety bond. The Minnesota Attorney General’s Office may also file a claim on behalf of any member who loses a portion of their pre-paid membership fee. Notice the part about a surety bond being required in case the club goes bankrupt. There is no protection like this for HOA's. If the association folds, the home owners are left on the financial hook on their own. Comments are closed.
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