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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 our A-Z list of licensees. 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.
FREE 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
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:
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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:
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 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
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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.
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.
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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.
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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.
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