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"April 18, 2024"

April is Financial Literacy Month

April is Financial Literacy Month – a good time for you to do an annual financial well-being check-up to review how you are managing your money and how you are prepared and planning for the future.   

The Minnesota Department of Commerce assists and protects consumers by licensing and regulating professionals and businesses in multiple industries, including student loan servicers, mortgage lenders, insurers for home, auto, health and other areas of insurance, real estate agents and brokers, and more. See [ [link removed] ]our A-Z list of licensees [ [link removed] ]. This newsletter provides more info about our new Student Loan Advocate, offers reasons why homeowner and auto insurance rates are rising, and compares a fixed mortgage vs. contract for deed for home purchases.  

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*F**REE** financial literacy event: **A Pathway to Building Wealth* 

*April 24 (Wednesday) 5-7 p.m. *
*Project for Pride in Living, 1021 E Franklin Ave, Mpls* 

Family

The Minnesota Department of Commerce is joining Project for Pride in Living and Wealthy Habits for a fun and informative event for the whole family. Career and credit counselors will work with groups of adults and youth looking to take control of your financial futures. Come participate in our breakout classes covering savings, credit building, budgeting and investing. Save your spot: 



*REGISTER* [ [link removed] ]


What’s your financial well-being?

Complete the survey offered by the U.S. Consumer Financial Protection Bureau and compare your answers to other U.S. adults from CFPB’s national survey:  Find out your financial [ [link removed] ]well-being [ [link removed] ]  [ [link removed] ]

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*Student loans  * 

Minnesota’s Student Loan Borrower Bill of Rights law [ [link removed] ] and the new Student Loan Advocate [ [link removed] ] at the Minnesota Department of Commerce offer consumer protections and assistance for Minnesotans in dealing with student loan servicer businesses as you work to repay your student loans.  

At an event hosted by Metro State University on March 28, Commerce Commissioner Grace Arnold was joined by Rep. Zack Stephenson and Sen. Tou Xiong,, along with Metro State University President Ginny Arthur and student representative Emma Gabbert, to explain why student loan rights and a student loan advocate benefit Minnesota’s student loan borrowers.   

Student Loan Advocate [ [link removed] ]
 

 

 

 

 

 

 

 

“Student loans are critical for Minnesotans to have access to and afford college, and they deserve a process for repayment that gives them consumer protections,” Commissioner Arnold said, “We want Minnesota student loan borrowers to know that, as you’re working hard to repay your student loans, you have rights when it comes to dealing with student loan servicers.” 

View the event on Commerce's YouTube channel [ [link removed] ] 



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cars in a fender bender
Insurance

Wondering why your premiums for auto insurance or homeowner insurance are rising this year? This is a trend across the nation.  Learn more here about four factors impacting [ [link removed] ] rising [ [link removed] ] costs and local media coverage about this issue.  

Do you know what your homeowner insurance covers – or does not cover? Complaints to Commerce about homeowner insurance have doubled since 2020. [ [link removed] ]Commerce urges Minnesota consumers to look through your homeowner insurance policy and be aware of changes. Talk with your insurance agent or call your insurance company to understand more.  



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small grey house with a red door
*Mortgage vs. Contract for Deed*

In order to buy a home, some Minnesotans are turning to contract for deed rather than traditional mortgage loans for fixed rates. To help consumers know the risks, Commerce has developed this comparison: Mortgage vs. Contract for Deed.  [ [link removed] ] 

Commerce licenses and regulates mortgage companies, state-chartered banks and credit unions, real estate agents and brokers, and property appraisers, to ensure those licensed professionals comply with state law, such as protections for consumers.  Find a licensed professional [ [link removed] ].



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house keys
*Get ready for homeownership* 

Are your future money plans to buy a home? Minnesota Housing’s programs could help you put those plans into action, including downpayment and closing cost loan assistance programs. Talk to a home advisor, take a class or find a lender: mnhousing.gov.  [ [link removed] ] 



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*In the news*

*MN Department of Commerce awards grants to 25 community organizations and Tribes to bring federal clean energy dollars to Minnesota.* 

The Minnesota Department of Commerce, has awarded 25 community organizations and Tribal Nations located across the state with a total of $6 million in grants to pursue federal clean energy funding opportunities. 

Read more.  [ [link removed] ]






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Get updates and news from the Minnesota Department of Commerce at mn.gov/commerce [ [link removed] ] or @MNCommerce on social media.

Twitter [ [link removed] ] |  Facebook [ [link removed] ]  |  YouTube [ [link removed] ]  |  LinkedIn [ [link removed] ]  








*Minnesota Department of Commerce*
85 7th Place East, Suite 280
St. Paul, MN 55101

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