Section 325F.91 — Prohibited Practices.
325F.91 PROHIBITED PRACTICES. Subdivision 1. Prohibited rental agreement provisions. A rental-purchase agreement may not contain a provision: (1) requiring a confession of judgment; (2) authorizing a lessor or an agent of the lessor to commit a breach of the peace in the repossession of property; (3) waiving a defense, counterclaim, or right the lessee may […]
Section 325F.92 — Lessor’s Communications Concerning Lessee.
325F.92 LESSOR’S COMMUNICATIONS CONCERNING LESSEE. Subdivision 1. Location information. A lessor in communication with any person other than the lessee for the purpose of acquiring information as to the location of a lessee shall: (1) identify the lessor and state that the lessor is confirming or correcting location information concerning the lessee; (2) not communicate […]
Section 325F.93 — Early Purchase Option.
325F.93 EARLY PURCHASE OPTION. At any time after the first periodic payment is made, the lessee may acquire ownership of the property by tendering 55 percent of the difference between the total of scheduled payments and the total amount paid on the account. History: 1990 c 527 s 10
Section 325F.94 — Claims And Defenses.
325F.94 CLAIMS AND DEFENSES. An assignee of the contract or obligation relating to the rental-purchase lease transaction is subject to all claims and defenses of the lessee against the lessor arising from the rental-purchase lease transaction, notwithstanding any agreement to the contrary. History: 1990 c 527 s 11
Section 325F.95 — Liability; Liability Damage Waiver.
325F.95 LIABILITY; LIABILITY DAMAGE WAIVER. Subdivision 1. Liability of lessee. The lessee is liable for loss, destruction, or damage of the rental property during the term of the rental agreement. The amount for which the lessee may be held liable in the case of loss or destruction of the property may not exceed the price […]
Section 325F.96 — Exempted Transaction.
325F.96 EXEMPTED TRANSACTION. Sections 325F.84 to 325F.97 do not apply to agreements for the rental of property in which the person who rents the property has no legal right to become the owner of the rented property at the end of the rental period. History: 1990 c 527 s 13
Section 325F.97 — Penalties And Remedies.
325F.97 PENALTIES AND REMEDIES. Subdivision 1. Disclosure penalties and remedies. A lessor who is found to have violated sections 325F.86 to 325F.88 is subject to the penalties and remedies provided in section 8.31. Subd. 2. Application of other law. A violation of section 325F.90, 325F.91, or 325F.93 shall be treated as a violation of section […]
Section 325F.84 — Definitions.
325F.84 DEFINITIONS. Subdivision 1. Applicability. As used in sections 325F.84 to 325F.97, the following terms have the meanings given them. Subd. 2. Advertisement. “Advertisement” means a commercial message in any medium, including signs, window displays, and price tags, that promotes, directly or indirectly, a rental-purchase agreement. Subd. 3. Cash price. “Cash price” means an amount […]
Section 325F.85 — Application Of Other Law.
325F.85 APPLICATION OF OTHER LAW. If the consumer protection provisions of sections 325F.84 to 325F.97 conflict with sections 325G.15 and 325G.16, sections 325F.84 to 325F.97 apply to a rental-purchase agreement and supersede sections 325G.15 and 325G.16. History: 1990 c 527 s 2
Section 325F.86 — Disclosures.
325F.86 DISCLOSURES. In a rental-purchase agreement, the lessor shall disclose the following items, as applicable: (a) The total of payments necessary to acquire ownership of the property accompanied by an explanation that this term means the “total dollar amount of payments you will have to make to acquire ownership.” (b) The total number, amounts, and […]