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SF 1473

as introduced - 90th Legislature (2017 - 2018) Posted on 11/09/2017 11:22am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to commerce; regulating the redemption period in pawn transactions;
amending Minnesota Statutes 2016, section 325J.06.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2016, section 325J.06, is amended to read:


325J.06 EFFECT OF NONREDEMPTION.

(a) A pledgor shall have no obligation to redeem pledged goods or make any payment
on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of
the pawn transactiondeleted text begin , renewal, or extensiondeleted text end shall automatically be forfeited to the
pawnbroker, and qualified right, title, and interest in and to the goods shall automatically
vest in the pawnbroker.

(b) The pawnbroker's right, title, and interest in the pledged goods under paragraph (a)
is qualified only by the pledgor's right, while the pledged goods remain in possession of the
pawnbroker and not sold to a third party, to redeem the goods by paying the loan plus fees
and/or interest accrued up to the date of redemption.

(c) A pawn transaction that involves holding only the title to property is subject to chapter
168A or 336.