325E.63 CREDIT ISSUED TO MINORS.
Subdivision 1. Definitions.
(a) For purposes of this section, the terms defined in this
subdivision have the meanings given them.
(b) "Credit" means the right granted to a borrower to defer payment of a debt, to incur debt
and defer its payment, or to purchase property or services and defer payment. Credit does not
include an overdraft from a person's deposit account, whether through a check, ATM withdrawal,
debit card, or otherwise, that is not pursuant to a written agreement to pay overdrafts with the
right to defer payment of them.
(c) "Creditor" means a person or entity doing business in this state.
(d) "Guardian" means a guardian as defined under section
, subdivision 5.
(e) "Minor" means an individual under the age of 18 years.
(f) "Parent" means a person who has legal and physical custody of a child.
Subd. 2. Prohibition on offering credit to minors.
No creditor shall knowingly offer or
provide credit to a minor except at the request of the parent or guardian of the minor, until the
minor reaches the age of 18 years.
History: 2006 c 233 s 9