Minnesota Governor Mark Dayton and the Republican-controlled Legislature are at odds over $1.8 billion in state spending for the upcoming two-year budget cycle.
The governor has proposed raising taxes on the wealthiest Minnesotans to support more spending in the coming biennium, but Republicans have rejected Dayton's plan. The Legislature passed a $34 billion budget with no tax increases, but Dayton vetoed it.
The Minnesota Constitution requires appropriations before the state can spend any money, and so far, only funding for the Department of Agriculture has been signed into law.
For services to continue at all other agencies and departments, Dayton and the Republican-controlled Legislature must come to a spending agreement by July 1, the start of the new fiscal year. If not, the state will face a government shutdown; as many as 36,000 state workers could be laid off.
Cornerstone Support has been monitoring this situation closely and working with the Minnesota Department of Commerce to understand its impact on the ARM Industry. Should a deal not be reached by July 1 all licensing activity at the Minnesota Department of Commerce both online (new collector registrations and renewals) and directly with a representative will cease. Please make sure that you have filed your renewal and have a current bond in place by June 30, 2011. If you are attempting to obtain a debt collection license in the state of Minnesota it is advisable to get the completed application to the state by June 30, 2011.
If you have any further questions please contact our staff directly at (770) 587-4595 or email us at info@cornerstonesupport.com.
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