SF 1496

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to commerce; regulating motor vehicle retail 
  1.3             installment sales; prescribing certain forms; amending 
  1.4             Minnesota Statutes 1998, section 168.66, by adding a 
  1.5             subdivision; proposing coding for new law in Minnesota 
  1.6             Statutes, chapter 168. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1998, section 168.66, is 
  1.9   amended by adding a subdivision to read: 
  1.10     Subd. 14.  [CREDIT APPLICATION.] "Credit application" means 
  1.11  a written form or document distributed by or on behalf of a 
  1.12  creditor and designed to be used by a prospective buyer to 
  1.13  request an extension of credit to enter into a retail 
  1.14  installment contract. 
  1.15     Sec. 2.  [168.711] [FORMS.] 
  1.16     The administrator shall prescribe uniform forms for retail 
  1.17  installment sales contracts and credit applications consistent 
  1.18  with the provisions of sections 168.66 to 168.77.  Retail 
  1.19  sellers and sales finance companies shall use these forms when 
  1.20  engaging in retail installment sales. 
  1.21     Sec. 3.  [EFFECTIVE DATE.] 
  1.22     This act is effective the day following final enactment.