| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to commerce; removing obsolete language; amending Minnesota Statutes |
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| 3 | 3 | | 1.3 2024, section 53C.08, subdivision 1. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. Minnesota Statutes 2024, section 53C.08, subdivision 1, is amended to read: |
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| 6 | 6 | | 1.6 Subdivision 1.Terms and limitations.(a) Every retail installment contract shall be in |
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| 7 | 7 | | 1.7writing, shall contain all the agreements of the parties, shall be signed by the retail buyer |
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| 8 | 8 | | 1.8and seller, and a copy signed by the retail buyer shall be furnished to such retail buyer at |
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| 9 | 9 | | 1.9the time the retail buyer executes the contract. The copy signed by both the retail buyer and |
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| 10 | 10 | | 1.10retail seller shall be provided to the retail buyer within seven days after delivery of the |
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| 11 | 11 | | 1.11vehicle. With respect to any contract executed prior to August 1, 1996, which has not been |
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| 12 | 12 | | 1.12paid in full by the retail buyer, the retail seller shall provide such retail buyer a copy signed |
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| 13 | 13 | | 1.13by both the retail buyer and retail seller within 120 days after August 1, 1996. |
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| 14 | 14 | | 1.14 (b) No provisions for confession of judgment or power of attorney therefor contained |
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| 15 | 15 | | 1.15in any retail installment contract or contained in a separate agreement relating thereto, shall |
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| 16 | 16 | | 1.16be valid or enforceable. |
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| 17 | 17 | | 1.17 (c) The holder of a precomputed retail installment contract may, if the contract so |
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| 18 | 18 | | 1.18provides, collect a delinquency and collection charge on each installment in arrears for a |
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| 19 | 19 | | 1.19period not less than ten days in an amount not in excess of five percent of each installment |
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| 20 | 20 | | 1.20or $5, whichever is greater. In addition to such delinquency and collection charge, the retail |
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| 21 | 21 | | 1.21installment contract, whether interest-bearing or precomputed, may provide for the payment |
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| 22 | 22 | | 1.22of attorneys' fees not exceeding 15 percent of the amount due and payable under such |
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| 23 | 23 | | 1Section 1. |
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| 24 | 24 | | 25-04515 as introduced03/03/25 REVISOR RSI/RC |
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| 25 | 25 | | SENATE |
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| 26 | 26 | | STATE OF MINNESOTA |
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| 27 | 27 | | S.F. No. 2513NINETY-FOURTH SESSION |
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| 28 | 28 | | (SENATE AUTHORS: KLEIN) |
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| 29 | 29 | | OFFICIAL STATUSD-PGDATE |
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| 30 | 30 | | Introduction and first reading03/13/2025 |
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| 31 | 31 | | Referred to Commerce and Consumer Protection 2.1contract where such contract is referred to an attorney not a salaried employee of the holder |
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| 32 | 32 | | 2.2of the contract for collection plus the court costs. |
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| 33 | 33 | | 2.3 (d) Unless written notice has been given to the retail buyer of actual or intended |
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| 34 | 34 | | 2.4assignment of a retail installment contract, payment thereunder or tender thereof made by |
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| 35 | 35 | | 2.5the retail buyer to the last known holder of such contract shall be binding upon all subsequent |
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| 36 | 36 | | 2.6holders or assignees. |
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| 37 | 37 | | 2.7 (e) Upon written request from the retail buyer, the holder of the retail installment contract |
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| 38 | 38 | | 2.8shall give or forward to the retail buyer a written statement of the dates and amounts of |
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| 39 | 39 | | 2.9payments and the total amount unpaid under such contract. A retail buyer shall be given a |
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| 40 | 40 | | 2.10written receipt for any payment when made in cash. |
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| 41 | 41 | | 2Section 1. |
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| 42 | 42 | | 25-04515 as introduced03/03/25 REVISOR RSI/RC |
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