Subdivision 1. Personal liability of buyer limited. If the seller or lender repossesses or voluntarily accepts surrender of personal property in which the seller or lender has a security interest arising out of a consumer credit transaction and the aggregate amount of the credit extended in the transaction was $7,800 or less, the buyer is not personally liable to the seller or lender for the unpaid balance of the debt arising from the consumer credit transaction, and the seller or lender is not obligated to resell the collateral.
Subd. 1a. Adjustment of dollar amounts. The dollar amount in subdivision 1 shall change periodically as provided in section 550.37, subdivision 4a.
Subd. 2. Buyer's liability. The buyer may be liable in damages to the seller or lender if the buyer has wrongfully damaged the collateral or wrongfully failed to make the collateral available to the seller or lender.
Subd. 3. Restriction on repossession, levy, and sale. If the seller or lender elects to bring an action and obtains judgment against the buyer for a debt arising from a consumer credit transaction, when under this section the seller or lender would not be entitled to a deficiency judgment on repossessing the collateral, (a) the seller or lender may not repossess the collateral, and (b) the collateral is not subject to levy or sale on execution or similar proceedings pursuant to the judgment.
1977 c 180 s 2; 1986 c 444; 1990 c 464 s 5; 2013 c 135 art 2 s 7
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.