HF 1050

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to commerce; rental-purchase agreements; 
  1.3             regulating the cost of lease services; providing for 
  1.4             the application of certain other law; amending 
  1.5             Minnesota Statutes 1994, sections 325F.84, by adding a 
  1.6             subdivision; 325F.85; and 325F.91, by adding a 
  1.7             subdivision. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 1994, section 325F.84, is 
  1.10  amended by adding a subdivision to read: 
  1.11     Subd. 4a.  [COST OF LEASE SERVICES.] "Cost of lease 
  1.12  services" means the total dollar amount a lessor charges under a 
  1.13  rental-purchase agreement in addition to the cash price of the 
  1.14  goods for servicing or warranty of the goods, the value of the 
  1.15  right to terminate the transaction without penalty at any time, 
  1.16  and other lease-related services. 
  1.17     Sec. 2.  Minnesota Statutes 1994, section 325F.85, is 
  1.18  amended to read: 
  1.19     325F.85 [APPLICATION OF OTHER LAW.] 
  1.20     Subdivision 1.  [APPLICATION.] If the consumer protection 
  1.21  provisions of sections 325F.84 to 325F.97 conflict with sections 
  1.22  325G.15 and 325G.16, sections 325F.84 to 325F.97 apply to a 
  1.23  rental-purchase agreement and supersede sections 325G.15 and 
  1.24  325G.16.  Rental-purchase agreements that comply with the 
  1.25  requirements of sections 325F.84 to 325F.98 are also subject to 
  1.26  and governed by the following laws: 
  2.1      (1) sections 325D.43 to 325D.48, the uniform deceptive 
  2.2   trade practices act; 
  2.3      (2) sections 325F.68 to 325F.70 relating to consumer fraud; 
  2.4      (3) sections 325G.06 to 325G.11 relating to home 
  2.5   solicitation sales; 
  2.6      (4) sections 325G.17 to 325G.20 relating to consumer 
  2.7   warranties; and 
  2.8      (5) sections 325G.21 and 325G.22 relating to deficiency 
  2.9   judgments. 
  2.10     Subd. 2.  [EXCLUSIVITY.] No laws, including but not limited 
  2.11  to sections 325G.15 and 325G.16 and chapter 334, other than 
  2.12  those specifically referred to in subdivision 1 apply to 
  2.13  rental-purchase agreements in Minnesota. 
  2.14     Sec. 3.  Minnesota Statutes 1994, section 325F.91, is 
  2.15  amended by adding a subdivision to read: 
  2.16     Subd. 4.  [COST OF LEASE SERVICES.] The cost of lease 
  2.17  services must be reasonably related to the lessor's cost of 
  2.18  providing those services. 
  2.19     Sec. 4.  [EFFECTIVE DATE.] 
  2.20     Sections 1 to 3 are effective the day following final 
  2.21  enactment, and apply to agreements entered into on and after 
  2.22  that date.