Minnesota Legislature
HF 3991
as introduced - 91st Legislature (2019 - 2020) Posted on 03/02/2020 02:03pm
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 03/02/2020 |
Current Version - as introduced
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A bill for an act
relating to agriculture; modifying grain buyer contract dates; amending Minnesota
Statutes 2019 Supplement, section 223.177, subdivisions 2, 3.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2019 Supplement, section 223.177, subdivision 2, is amended
to read:
Subd. 2.
Oral contracts.
Any grain buyer entering into a voluntary extension of credit
contract orally or by phone shall give or mail to the seller a written confirmation conforming
to the requirements of section 223.175 within deleted text begin tendeleted text end new text begin 30new text end days of entering the voluntary extension
of credit contract. Written confirmation of oral contracts must meet the requirements of
subdivision 3.
Sec. 2.
Minnesota Statutes 2019 Supplement, section 223.177, subdivision 3, is amended
to read:
Subd. 3.
Contracts reduced to writing.
A voluntary extension of credit contract must
be reduced to writing by the grain buyer, mailed or given to the seller, and signed by both
buyer and seller within deleted text begin tendeleted text end new text begin 30new text end days of the date of delivery of the grain. The form of the
contract shall comply with the requirements of section 223.175. A grain buyer may use an
electronic version of a voluntary extension of credit contract that contains the same
information as a written document and that conforms to the requirements of this chapter to
which a seller has applied an electronic signature in place of a written document. There
must not at any time be an electronic and paper voluntary extension of credit contract
representing the same lot of grain.