Open end consumer credit sales plans, agreements and arrangements and sales pursuant thereto made prior to August 1, 1971, shall be enforceable by the buyer and the seller, the defense of usury shall not be interposed in any action thereon and no action shall be maintained in any court to recover moneys paid thereunder; provided the finance charge to be imposed, charged and collected on or after August 1, 1971, with respect to any open end consumer credit sales, plans, agreements and arrangements, and sales pursuant thereto whether made before or after August 1, 1971, shall not exceed the finance charge provided in section 334.16, subdivision 1, clause (b). Nothing contained in sections 334.16 to 334.18 shall be construed to affect any constitutionally protected vested right or any action by an individual acting personally, and not as a representative of a class, for recovery of interest or finance charges paid and no class action shall be maintained therefor.
1971 c 877 s 2; 1986 c 444
Structure Minnesota Statutes
Chapters 324 - 341 — Trade Regulations, Consumer Protection
Chapter 334 — Money, Rates Of Interest
Section 334.01 — Rate Of Interest.
Section 334.011 — Rates Of Interest; Business And Agricultural Loans.
Section 334.012 — Rates Of Interest; Loans Secured By Savings Accounts.
Section 334.02 — Usurious Interest; Recovery.
Section 334.022 — Credit To Organizations.
Section 334.03 — Usurious Contracts Invalid; Exceptions.
Section 334.04 — Offenders To Answer On Oath.
Section 334.05 — Usurious Contracts; Cancellation.
Section 334.06 — Agreements To Share Profits; Banks For Farm Cooperatives.
Section 334.061 — Agricultural Credit Corporations; Interest Rate Limitations.
Section 334.062 — Agricultural Cooperatives And Farm Supply.
Section 334.10 — Damages On International Bills.
Section 334.11 — Rate Of Damage On Interstate Bills.
Section 334.16 — Finance Charges For Open End Credit Sales.
Section 334.17 — Prior Open End Credit Sales And Agreements Confirmed.
Section 334.171 — Open End Credit Plans; Delinquencies And Collection Charges.
Section 334.18 — Penalties For Violations.
Section 334.19 — Interest Rates On Margin Accounts.
Section 334.20 — Usurious Interest; Determination At Time Of Contract.