Amends Minnesota Statutes to remove obsolete language from retail installment contracts.

This bill amends Minnesota Statutes 2024, section 53C.08, subdivision 1, to remove obsolete language from retail installment contracts. It ensures that every retail installment contract is in writing, signed by both parties, and provides a copy to the retail buyer. The bill also specifies that confession of judgment or power of attorney provisions in retail installment contracts are not valid or enforceable. Additionally, it allows the collection of delinquency and collection charges and attorneys' fees as stipulated in the contract.

Amends Minnesota Statutes to remove obsolete language from retail installment contracts.

This bill amends Minnesota Statutes 2024, section 53C.08, subdivision 1, to remove obsolete language from retail installment contracts. It ensures that every retail installment contract is in writing, signed by both parties, and provides a copy to the retail buyer. The bill also specifies that confession of judgment or power of attorney provisions in retail installment contracts are not valid or enforceable. Additionally, it allows the collection of delinquency and collection charges and attorneys' fees as stipulated in the contract.