The bill amends Minnesota Statutes 2024, section 53C.08, subdivision 1, to remove obsolete language regarding retail installment contracts. Specifically, it deletes the requirement that retail sellers provide a signed copy of the contract to the retail buyer within 120 days after August 1, 1996, for contracts executed prior to that date and not fully paid. This change streamlines the process for retail installment contracts by eliminating outdated provisions that no longer apply.

Additionally, the bill maintains existing requirements for retail installment contracts, including the necessity for written agreements, signatures from both parties, and the provision of a signed copy to the retail buyer at the time of contract execution. It also retains provisions regarding delinquency charges, attorney's fees, and the obligations of the holder of the contract to provide payment statements upon request. Overall, the bill aims to modernize the legal framework governing retail installment contracts in Minnesota.

Statutes affected:
Introduction: 53C.08