334.062 AGRICULTURAL COOPERATIVES AND FARM SUPPLY.
Notwithstanding sections
334.01 and
334.011, a cooperative organized for agricultural
purposes under chapter 308A, or a similar statute of another state and registered to conduct
business in this state, and other persons or entities engaged in an agricultural retail or farm supply
business, may impose, charge, and collect a finance charge on goods, products, and services,
including sales and open- and closed-end credit transactions that do not exceed a monthly rate
of 1-1/2 percent or an annual rate of 18 percent, and the delinquency and collection charge
authorized under section
334.171, provided, however, for a cooperative, the finance, delinquency,
and collection charge is the same for member and nonmember patrons.
History: 1996 c 414 art 2 s 14