Key: (1) language to be deleted (2) new language
Laws of Minnesota 1987 CHAPTER 341-S.F.No. 800 An act relating to financial institutions; authorizing certain charges on open-end loan account arrangements; amending Minnesota Statutes 1986, section 48.185, subdivision 4. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1986, section 48.185, subdivision 4, is amended to read: Subd. 4. No charges other than those provided for in subdivision 3 shall be made directly or indirectly for any credit extended under the authority of this section, except that there may be charged to the debtor: (a) annual charges, not to exceed $50 per annum, payable in advance, for the privilege of using a bank credit card; (b) charges for premiums on credit life and credit accident and health insurance if: (1) the insurance is not required by the financial institution and this fact is clearly disclosed in writing to the debtor; and (2) the debtor is notified in writing of the cost of the insurance and affirmatively elects, in writing, to purchase the insurance; (c) charges for the use of an automated teller machine when cash advances are obtained pursuant to this section through the use of an automated teller machine; (d) in the case of a financial institution referred to in subdivision 1 that does not charge an annual fee, delinquency and collection charges as follows: (1) on each payment in arrears for a period not less than ten days, in an amount not in excess of the delinquency and collection charge permitted in section 168.71; (2) for any monthly or other periodic payment period where the debtor has exceeded or thereby exceeds the maximum approved credit limit under the open-end loan account arrangement, in an amount not in excess of the service charge limitations in section 332.50; and (3) for any returned check or returned automatic payment withdrawal request, in an amount not in excess of the service charge limitation in section 332.50; and (e) to the extent not otherwise prohibited by law, charges for other goods or services offered by or through a financial institution referred to in subdivision 1 which the debtor elects to purchase, including, but not limited to, charges for check and draft copies and for the replacement of lost or stolen cards. Approved June 1, 1987
Official Publication of the State of Minnesota
Revisor of Statutes