Section 325G.21 — Deficiency Judgments; Consumer Transactions; Definitions.

325G.21 DEFICIENCY JUDGMENTS; CONSUMER TRANSACTIONS; DEFINITIONS. Subdivision 1. Scope. As used in section 325G.22, 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 […]

Section 325G.22 — Limits On Buyer’s Liability.

325G.22 LIMITS ON BUYER’S LIABILITY. Subdivision 1. Personal liability of buyer limited. If the seller or lender repossesses or voluntarily accepts surrender of personal property in which the seller or lender has a security interest arising out of a consumer credit transaction and the aggregate amount of the credit extended in the transaction was $7,800 […]