2007 Minnesota Statutes

334.17 PRIOR OPEN END CREDIT SALES AND AGREEMENTS CONFIRMED.
Open end consumer credit sales plans, agreements and arrangements and sales pursuant
thereto made prior to August 1, 1971, shall be enforceable by the buyer and the seller, the defense
of usury shall not be interposed in any action thereon and no action shall be maintained in any
court to recover moneys paid thereunder; provided the finance charge to be imposed, charged
and collected on or after August 1, 1971, with respect to any open end consumer credit sales,
plans, agreements and arrangements, and sales pursuant thereto whether made before or after
August 1, 1971, shall not exceed the finance charge provided in section 334.16, subdivision
1 , clause (b). Nothing contained in sections 334.16 to 334.18 shall be construed to affect any
constitutionally protected vested right or any action by an individual acting personally, and
not as a representative of a class, for recovery of interest or finance charges paid and no class
action shall be maintained therefor.
History: 1971 c 877 s 2; 1986 c 444