1998 Minnesota Statutes

     83.20 Definitions. 

    Subdivision 1.  "Advertisement" means any written or 
 printed communication or any communication by telephone or 
 transmitted on radio, television, electronic means or similar 
 communications media published in connection with the offer or 
 sale of subdivided lands or any communication made to induce 
 prospective purchasers to visit or attend an offer or sales 
 presentation.  

    Subd. 2.  "Agent" means any person who represents, or acts 
 for or on behalf of, a subdivider in disposing of subdivided 
 lands or lots in a subdivision, and includes a real estate 
 salesperson or broker, but does not include an attorney at law 
 whose representation of another person consists solely of 
 rendering legal services.  

    Subd. 3.  "Blanket encumbrance" means a trust deed or 
 mortgage or mechanics lien or any other lien or financial 
 encumbrance, securing or evidencing money debt and affecting 
 lands to be subdivided or affecting more than one lot, parcel, 
 unit or interest of subdivided land; or an agreement affecting 
 more than one lot, parcel unit or interest by which the 
 subdivider holds the subdivision under an option, contract for 
 deed, contract to purchase or trust agreement, except a lien or 
 other encumbrance arising as a result of the imposition of a tax 
 assessment by a public authority so long as no portion thereof 
 is past due. 

    Subd. 4.  "Commissioner" means the commissioner of commerce 
 of the state of Minnesota or the commissioner's authorized 
 delegate.  

    Subd. 5.  "Sale" or "sell" means every contract or 
 agreement to convey an interest, including a leasehold interest, 
 in subdivided land for value.  

    Subd. 6.  "Notice" means a communication from the 
 commissioner.  Notice to subdividers shall be deemed complete 
 when personally served upon or mailed to the subdivider's 
 address currently on file with the commissioner.  

    Subd. 7.  "Offer" includes every inducement, solicitation 
 or attempt to encourage a person to acquire a lot, unit, parcel 
 or interest in land.  

    Subd. 8.  "Option" means, and is limited to, an offer to 
 sell or to purchase respecting which a consideration of not more 
 than 15 percent of the total purchase price is exchanged to 
 guarantee that the offer will not be withdrawn or revoked for an 
 agreed period of time.  

    Subd. 9.  "Person" means an individual, corporation, 
 government or governmental division or agency, business trust, 
 estate, trust, partnership, unincorporated association, two or 
 more of any of the foregoing having a joint or common interest 
 or any other legal or commercial entity.  

    Subd. 10.  "Purchaser" means a person who acquires or 
 attempts to acquire or succeeds to an interest in land.  

    Subd. 11.  "Subdivision" or "subdivided land" means any 
 real estate, wherever located, improved or unimproved, which is 
 divided or proposed to be divided for the purpose of sale or 
 lease, including sales or leases of any timeshare interest, 
 housing cooperative, condominium, or similar interest in real 
 estate.  

    Subd. 12.  "Subdivider" means a person whose interest in 
 subdivided land is offered or advertised, by the person or the 
 person's agent, for disposition.  

    Subd. 13.  "Timeshare interest" means a right to occupy a 
 unit or any of several units during intermittent time periods 
 over a period of at least three years, including renewal 
 options, whether or not coupled with a freehold estate or an 
 estate for years.  

    Subd. 14.  "Improved lots" means lots which have or will 
 have within a two-year period from the date of purchase, a 
 permanent residential structure thereon, and are not devoted to 
 or used as a time share interest, cooperative apartment 
 corporation, condominium, or similar interest in real estate.  

    Subd. 15.  "Advance payment" means any money paid in 
 advance regardless of its descriptive nomenclature, including 
 but not limited to, management fee, listing, security, or 
 advance fee or payment in connection with the resale of a 
 timeshare interest. 

    HIST: 1973 c 413 s 1; 1974 c 440 s 1; 1980 c 516 s 2; 1983 c 
 289 s 114 subd 1; 1984 c 452 s 1-5; 1984 c 655 art 1 s 92; 1986 
 c 444; 1989 c 252 s 4