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HF 3864

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/28/2022 02:12pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Bill Text Versions

Engrossments
Introduction Posted on 02/28/2022

Current Version - as introduced

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A bill for an act
 relating to commerce; changing publication requirements relating to personal
property in self-storage; amending Minnesota Statutes 2021 Supplement, section
514.973, subdivision 4.

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

Section 1.

Minnesota Statutes 2021 Supplement, section 514.973, subdivision 4, is amended
to read:


Subd. 4.

Sale of property.

(a) A sale of personal property may take place no sooner
than 45 days after default or, if the personal property is a motor vehicle or watercraft, no
sooner than 60 days after default.

(b) After the expiration of the time given in the notice, the sale must be published once
deleted text begin a week for two weeks consecutivelydeleted text end in a newspaper of general circulation where the sale
is to be heldnew text begin or on an independent, publicly accessible website that advertises self-storage
lien sales or public noticesnew text end . The sale may take place no sooner than deleted text begin 15deleted text end new text begin tennew text end days after the
deleted text begin firstdeleted text end new text begin date of new text end publication. deleted text begin If the lien is satisfied before the second publication occurs, the
second publication is waived. If there is no qualified newspaper under chapter 331A where
the sale is to be held, the advertisement may be posted on an independent, publicly accessible
website that advertises self-storage lien sales or public notices.deleted text end The advertisement must
include a general description of the goods, the name of the person on whose account the
goods are being held, and the time and place of the sale.

(c) A sale of the personal property must conform to the terms of the notification.

(d) A sale of the personal property must be public and must be either:

(1) held via an online auction; or

(2) held at the storage facility, or at the nearest suitable place at which the personal
property is held or stored.

Owners shall require all bidders, including online bidders, to register and agree to the rules
of the sale.

(e) The sale must be conducted in a commercially reasonable manner. A sale is
commercially reasonable if the property is sold in conformity with the practices among
dealers in the property sold or sellers of similar distressed property sales.