Subdivision 1. Waiver is void. (a) A waiver of statutory rights of a debtor in a contract, loan agreement, or security agreement as a condition for a loan of money for agricultural production is void unless the waiver is expressly authorized by law.
(b) A waiver of mediation rights under chapter 583, the right to an offer under section 500.245, subdivision 1, or the debtor's statutory rights under chapter 580, 581, or 582 for a mortgage on agricultural property, is void unless the waiver is expressly authorized by law.
Subd. 2. Penalty. A person, corporation, financial institution, or other legal entity is liable to a debtor for up to $2,500 plus attorney fees if the person or entity:
(1) requires a waiver subject to subdivision 1 in a contract, loan agreement, or security agreement, and does not acknowledge that the waiver subject to subdivision 1 is void; or
(2) attempts to enforce a waiver that is void under subdivision 1.
1987 c 396 art 3 s 1; 1997 c 126 s 6
Structure Minnesota Statutes
Chapters 540 - 552 — Civil Procedure
Chapter 550 — Executions, Redemption, Exemptions
Section 550.01 — Enforcement Of Judgment.
Section 550.011 — Judgment Debtor Disclosure.
Section 550.02 — Judgments; Methods Of Enforcement.
Section 550.03 — Kinds Of Execution.
Section 550.04 — Execution, How Issued; Contents.
Section 550.051 — Term Of Writ Of Execution; Inventory; Satisfaction.
Section 550.06 — Execution After Death.
Section 550.07 — Issuance Of Execution.
Section 550.08 — Execution Against Property, How Executed.
Section 550.09 — Levy On Money.
Section 550.10 — Property Levied On, Lien.
Section 550.11 — Levy On Property Subject To Judgment Lien; Release.
Section 550.12 — Levy On Personalty.
Section 550.13 — Levy On Bulky Articles.
Section 550.135 — Sheriff's Levy On Other Personal Property, Money, Or Indebtedness.
Section 550.136 — Sheriff's Levy Of Earnings.
Section 550.142 — Public Employees; Wages, Execution Levy.
Section 550.143 — Levy On Funds At A Financial Institution.
Section 550.15 — Certificate To Be Furnished Officer.
Section 550.16 — Levy On Pledged Or Mortgaged Chattels.
Section 550.17 — Levy On Growing Crops.
Section 550.175 — Execution On Real Property That Includes Homestead.
Section 550.18 — Notice Of Sale.
Section 550.19 — Service On Judgment Debtor.
Section 550.20 — Sale, When And How.
Section 550.206 — Report Of Sale Of Homestead On Execution; Confirmation; Resale.
Section 550.21 — Sale Of Corporate Stock.
Section 550.22 — Certificate Of Sale Of Real Property.
Section 550.23 — Interest Of Purchaser Subject To Attachment Or Judgment.
Section 550.24 — Redemption Of Real Property.
Section 550.26 — Redemption, How Made.
Section 550.27 — Certificate Of Redemption; Effect Of Redemption.
Section 550.28 — Sale Irregular Or Judgment Reversed.
Section 550.29 — Redemption Pending Action To Set Aside Execution Sale.
Section 550.30 — Creditor May Redeem In Certain Cases.
Section 550.31 — Creditor To Record Order With County Recorder.
Section 550.32 — Recording To Determine Priority.
Section 550.33 — Creditor May Redeem When.
Section 550.34 — District Court To Determine Amount.
Section 550.36 — Stay Of Execution On Money Judgment.
Section 550.365 — Mediation Notice And Requirements For Agricultural Property.
Section 550.366 — Judgments On Debts Related To Agricultural Property.
Section 550.37 — Property Exempt.
Section 550.371 — Exemptions In Joint Bankruptcy.
Section 550.38 — Veteran's Pension, Bonus, Or Compensation.
Section 550.39 — Exemption Of Insurance Policies.