325G.21 DEFICIENCY JUDGMENTS; CONSUMER TRANSACTIONS; DEFINITIONS.
Subdivision 1. Scope.
As used in section
, the following terms shall have the
meanings assigned to them.
Subd. 2. Consumer credit transaction.
"Consumer credit transaction" means a sale of
personal property, or a loan arranged to facilitate the purchase of personal property, in which (a)
credit is granted by a seller or a lender who regularly engages as a seller or lender in credit
transactions of the same kind; (b) the buyer is a natural person; (c) the personal property is
purchased primarily for a personal, family or household purpose, and not for a commercial,
agricultural, or business purpose; and (d) a security interest is retained by the seller or lender.
It does not include a transaction pursuant to an open end credit plan authorized by sections
Subd. 3. Personal property.
"Personal property" includes goods. It does not include real
property, or personal property which is furnished or used, at the time of sale or subsequently, in
the modernization, rehabilitation, repair, alteration, improvement or construction of real property
so as to become a part thereof whether or not severable therefrom.
Subd. 4. Seller or lender.
"Seller or lender" includes an assignee of either.
History: 1977 c 180 s 1