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 This change streamlines the process for retail installment contracts by eliminating outdated provisions that no longer apply.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 retains and clarifies existing requirements for retail installment contracts, including the necessity for written agreements, the provision of signed copies to buyers, and the stipulations regarding delinquency charges and payment receipts. The amendments aim to modernize the legal framework governing retail installment contracts, ensuring that it reflects current practices and eliminates unnecessary complexities.

Statutes affected:
Introduction: 53C.08