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