HF 2823

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/17/2022 05:22pm

A bill for an act
relating to motor vehicles; requiring certain additional disclosures for motor vehicle
retail installment contracts; amending Minnesota Statutes 2020, sections 53C.01,
subdivision 12c, by adding a subdivision; 53C.08, subdivision 1a.

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

Section 1.

Minnesota Statutes 2020, section 53C.01, is amended by adding a subdivision
to read:

new text begin Subd. 4a. new text end

new text begin Global positioning system starter interrupt device. new text end

new text begin "Global positioning
system starter interrupt device" or "GPS starter interrupt device" means a device installed
on a motor vehicle that enables an individual who is not in possession of the motor vehicle
to remotely disable the motor vehicle's ignition. GPS starter interrupt device includes a
device commonly referred to as a fuel or ignition kill switch.
new text end

Sec. 2.

Minnesota Statutes 2020, section 53C.01, subdivision 12c, is amended to read:

Subd. 12c.

Theft deterrent device.

"Theft deterrent device" means the following devices:

(1) a vehicle alarm system;

(2) a window etch product;

(3) a body part marking product;

(4) a steering lock; new text begin or
new text end

(5) a pedal or ignition lock deleted text begin ; or deleted text end new text begin .
new text end

deleted text begin (6) a fuel or ignition kill switch.
deleted text end

Sec. 3.

Minnesota Statutes 2020, section 53C.08, subdivision 1a, is amended to read:

Subd. 1a.

Disclosures required.

Prior to the execution of a retail installment contract,
the seller shall provide to a buyer, and obtain the buyer's signature on, a written disclosure
that sets forth the following information:

(1) a description and the total price of all items sold in the following categories if the
contract includes a charge for the item:

(i) a service contract;

(ii) an insurance product;

(iii) a debt cancellation agreement;

(iv) a theft deterrent device; or

(v) a surface protection product;

new text begin (2) whether a GPS starter interrupt device is installed on the motor vehicle, regardless
of whether the contract includes a charge for the GPS starter interrupt device;
new text end

deleted text begin (2) deleted text end new text begin (3) new text end the amount that would be calculated under the contract as the regular installment
payment if charges for the items referenced under clause (1) are not included in the contract;

deleted text begin (3) deleted text end new text begin (4) new text end the amount that would be calculated under the contract as the regular installment
payment if charges for the items referenced under clause (1) are included in the contract;
and

deleted text begin (4) deleted text end new text begin (5) new text end the disclosures required under this subdivision must be in at least ten-point type
and must be contained in a single document that is separate from the retail installment
contract and any other vehicle purchase documents.

Sec. 4. new text begin EFFECTIVE DATE; APPLICATION.
new text end

new text begin Sections 1 to 3 are effective August 1, 2022, and apply to motor vehicle retail installment
contracts executed on or after that date.
new text end