A written confirmation required under section 223.177, subdivision 2, and a written voluntary extension of credit contract must include those items prescribed by the commissioner by rule. A contract shall include a statement of the legal and financial responsibilities of grain buyers and sellers established in this chapter. A contract shall also include the following statement in not less than ten point, all capital type, framed in a box with space provided for the seller's signature: "THIS CONTRACT CONSTITUTES A VOLUNTARY EXTENSION OF CREDIT. THIS CONTRACT IS NOT COVERED BY ANY GRAIN BUYER'S BOND." If a written contract is provided at the time the grain is delivered to the grain buyer, the seller shall sign the contract in the space provided beneath the statement. A transaction that does not meet the provisions of a voluntary extension of credit, including the issuance and signing of a voluntary extension of credit contract, is a cash sale.
1983 c 374 s 9; 2000 c 477 s 62
Structure Minnesota Statutes
Chapters 223 - 236A — Farm Products, Commercial Practices
Section 223.17 — Licenses; Bonding; Claims; Disbursements.
Section 223.175 — Written Voluntary Extension Of Credit Contracts; Form.
Section 223.177 — Purchase By Voluntary Extension Of Credit Contracts.
Section 223.20 — Regulation Of Grain Buyers And Grain Storage.
Section 223.21 — Attorney General; Enforcement.
Section 223.22 — Investigation; Education.
Section 223.23 — Annual Examination Required; Supplemental Examinations.