Subdivision 1. Consideration required; spousal credit history. To the extent that a creditor considers credit history in evaluating the credit worthiness of similarly qualified applicants for a similar type and amount of credit, in evaluating an applicant's credit worthiness, a creditor shall consider:
(1) the credit history, when available, of accounts designated as accounts that the applicant and the applicant's spouse are permitted to use or for which both are contractually liable;
(2) at the applicant's request, any information the applicant may present that tends to indicate that the credit history being considered by the creditor does not accurately reflect the applicant's creditworthiness; and
(3) at the applicant's request, the credit history, when available, of any account reported in the name of the applicant's spouse or former spouse that the applicant can demonstrate accurately reflects the applicant's credit worthiness.
Subd. 2. Credit reporting; equal treatment of spouses. (a) A creditor that furnishes credit information shall designate:
(1) any new credit account to reflect the participation of both spouses if the applicant's spouse is contractually liable on the account, other than as a guarantor, surety, endorser, or similar party; and
(2) any existing credit account to reflect such participation, within 90 days after receiving a written request to do so from one of the spouses.
(b) If a creditor furnishes credit information to a consumer reporting agency concerning a credit account designated to reflect the participation of both spouses, the creditor shall furnish the information in a manner that will enable the agency to provide access to the information in the name of each spouse.
(c) If a creditor furnishes credit information in response to an inquiry concerning a credit account designated to reflect the participation of both spouses, the creditor shall furnish the information in the name of the spouse about whom the information is requested.
Subd. 3. Defense. A creditor's failure to comply with this section is not a violation if it results from an inadvertent error, provided that the creditor promptly, and at no cost to the applicant or borrower, rectified the error after it was brought to the creditor's attention.
Subd. 4. Enforcement. (a) Enforcement of this section is under section 8.31, except that in a private cause of action under section 8.31, subdivision 3a, the damages are limited to $1,000 and the plaintiff has no right to recover costs of investigation and attorney fees.
(b) No one may bring a private cause of action under this section unless the individual has first in good faith attempted to correct the problem with the party violating the section.
Subd. 5. Compliance with federal law. Compliance with the requirements of the Federal Consumer Credit Protection Act, title VII (Equal Credit Opportunity), United States Code, title 15, section 1691 et seq., as amended and the regulations promulgated under those sections dealing with the subject matter of this section, shall be deemed to be in compliance with this section.
Subd. 6. Definition of account. For purposes of this section, the term "account" means an extension of consumer credit and the word "use" in relation to an account refers only to open-end credit.
1998 c 327 s 1
Structure Minnesota Statutes
Chapters 324 - 341 — Trade Regulations, Consumer Protection
Chapter 325G — Consumer Protection; Solicitation Of Sales
Section 325G.01 — Effect Of Delivery.
Section 325G.02 — Definitions.
Section 325G.03 — Unsolicited Financial Transaction Cards.
Section 325G.04 — Lost Or Stolen Financial Transaction Cards.
Section 325G.041 — Married Woman; Name On Card.
Section 325G.042 — Consumer Credit; Equal Treatment Of Spouses.
Section 325G.05 — Disputed Accounts.
Section 325G.051 — Surcharges On Credit Cards.
Section 325G.052 — Credit Card Offers And Solicitations; Address Verifications.
Section 325G.06 — Definitions.
Section 325G.07 — Buyer's Right To Cancel.
Section 325G.08 — Writing Required; Notice Of Right To Cancel; Notice Of Cancellation.
Section 325G.09 — Return Of Payments Or Goods.
Section 325G.10 — Penalties For Violation.
Section 325G.12 — Definitions.
Section 325G.13 — Disclosure Obligation.
Section 325G.14 — Penalties; Remedies.
Section 325G.15 — Definitions.
Section 325G.16 — Restrictions.
Section 325G.17 — Definitions.
Section 325G.18 — Implied Warranties.
Section 325G.19 — Express Warranties.
Section 325G.203 — Definitions.
Section 325G.204 — Express Warranties.
Section 325G.205 — Assistive Device Replacement Or Refund.
Section 325G.206 — Nonconformity Disclosure Requirement.
Section 325G.207 — Other Remedies.
Section 325G.21 — Deficiency Judgments; Consumer Transactions; Definitions.
Section 325G.22 — Limits On Buyer's Liability.
Section 325G.23 — Definitions.
Section 325G.24 — Right Of Cancellation.
Section 325G.25 — Contract Regulation.
Section 325G.26 — Limitation On Membership Period.
Section 325G.27 — Registration Requirements, Surety Bond Requirement, Alternative Security.
Section 325G.30 — Definitions.
Section 325G.31 — Plain Language Required.
Section 325G.34 — Limits On Remedies.
Section 325G.35 — Review By The Attorney General.
Section 325G.36 — Waivers Void.
Section 325G.37 — Effective Date.
Section 325G.41 — Definitions And Computations.
Section 325G.42 — Credit Card Disclosures.
Section 325G.45 — Federal Law.
Section 325G.46 — Alternative Compliance.
Section 325G.47 — Notification Of Annual Fee.
Section 325G.50 — Membership Travel Contracts; Cancellation.
Section 325G.501 — Membership Travel Contracts Solicitation Gift Offers.
Section 325G.505 — Membership Travel Contracts In Excess Of $500.
Section 325G.51 — Penalties; Remedies.
Section 325G.52 — Consumer Education; Telemarketing Fraud.
Section 325G.53 — Gift Certificates.
Section 325G.54 — Cancellation Without Penalty Of Wireless Contracts By Military Service Personnel.