53C.01 MOTOR VEHICLE RETAIL INSTALLMENT SALES; DEFINITIONS. Subdivision 1. Scope. For the purposes of sections 53C.01 to 53C.14, the terms defined in this section have the meanings given them. Subd. 2. Cash sale price. “Cash sale price” means the price at which the seller would in good faith sell to the buyer, and the buyer […]
53C.02 SALES FINANCE COMPANY; LICENSE, FEES, REFUND. (a) No person shall engage in the business of a sales finance company in this state without a license therefor as provided in sections 53C.01 to 53C.14 provided, however, that no bank, trust company, savings bank, savings association, or credit union, whether state or federally chartered, industrial loan […]
53C.03 SUSPENSION OR REVOCATION OF VEHICLE SALES FINANCE COMPANY LICENSE; APPEAL. (a) A license may be suspended or revoked by the commissioner on the following grounds: (1) material misstatement in application for license; (2) intentional failure to comply with any provision of sections 53C.01 to 53C.14 relating to retail installment contract; (3) defrauding any retail […]
53C.04 COMPLAINT ALLEGING VIOLATION OF VEHICLE SALE INSTALLMENT CONTRACT LAWS. Any retail buyer having reason to believe that sections 53C.01 to 53C.14 relating to the buyer’s retail installment contract has been violated may file with the commissioner a written complaint setting forth the details of such alleged violation and the commissioner, upon receipt of such […]
53C.05 TESTIMONIAL POWERS OF COMMISSIONER. (a) The commissioner shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before the commissioner in any matter over which the commissioner has jurisdiction, control or supervision pertaining to sections 53C.01 to 53C.14. The commissioner shall […]
53C.06 VEHICLE CONDITIONAL SALES INSTALLMENT CONTRACT; EXAMINATION, SPECIAL INVESTIGATION, COST ASSESSMENT. (a) For the purpose of discovering violations of sections 53C.01 to 53C.14 or securing information lawfully required by the commissioner hereunder, the commissioner may, at any time, either personally or by a person or persons duly designated by the commissioner, investigate the conditional sales […]
53C.07 VEHICLE SALES FINANCE COMPANY BOOKS OF ACCOUNT, ANNUAL REPORT. (a) The licensee shall keep and use in the licensee’s business such books, accounts, and records as will enable the commissioner to determine whether the licensee is complying with the provisions of sections 53C.01 to 53C.14 and with the rules lawfully made by the commissioner […]
53C.08 MOTOR VEHICLE RETAIL INSTALLMENT CONTRACT. Subdivision 1. Terms and limitations. (a) Every retail installment contract shall be in writing, shall contain all the agreements of the parties, shall be signed by the retail buyer and seller, and a copy signed by the retail buyer shall be furnished to such retail buyer at the time […]
53C.083 CONSUMER REPORT DISCLOSURE. (a) When a consumer report from a consumer reporting agency has been obtained by a lender or retail seller for use in connection with an application for credit initiated by a buyer for the purchase or lease of a motor vehicle: (1) the lender shall provide to the retail seller, upon […]
53C.09 FINANCE CHARGE ON INSTALLMENT CONTRACT FOR VEHICLE OR MANUFACTURED HOME. Subdivision 1. Finance charge provisions, computation. (a) The finance charge authorized by sections 53C.01 to 53C.14 in a retail installment sale may not exceed the following simple interest annual percentage rates: Class 1. Any motor vehicle designated by the manufacturer by a year model […]
53C.10 VEHICLE INSTALLMENT CONTRACT PREPAYMENT, REFUND CREDITS, ALLOWANCE. Subdivision 1. Prepayment in full. (a) Notwithstanding the provisions of any retail installment contract to the contrary, any retail buyer may pay in full at any time before maturity the debt of any retail installment contract without penalty. In paying a precomputed retail installment contract in full, […]
53C.11 EXTENSION OF VEHICLE INSTALLMENT CONTRACT SCHEDULES, PAYMENTS. The holder of a precomputed retail installment contract may, upon written agreement with the retail buyer, extend the scheduled due date, or defer the scheduled payment of all or part of any installment payment or payments, or renew the balance of such contract. In any such case […]
53C.12 VEHICLE SALES FINANCE COMPANY VIOLATIONS; REMEDIES. Subdivision 1. Criminal violations. Any person engaged in the business of a sales finance company in this state without a license therefor as provided in sections 53C.01 to 53C.14 shall be guilty of a gross misdemeanor and punished by a fine not exceeding $3,000, or by imprisonment for […]
53C.13 SEVERABILITY CLAUSE. If any provision of sections 53C.01 to 53C.14 or the application thereof to any person or circumstances is held unconstitutional, the remainder of sections 53C.01 to 53C.14 and the application of such provision to other persons or circumstances shall not be affected thereby. History: 1957 c 266 s 11; 2005 c 19 […]
53C.14 CITATION OF ACT. Sections 53C.01 to 53C.14 may be cited as the “Motor Vehicle Retail Installment Sales Act.” History: 1957 c 266 s 12; 2005 c 19 s 1
