2005 Minnesota Statutes - 334.17 — Prior open end credit sales and agreements confirmed.

     334.17 Prior open end credit sales and agreements 
  confirmed.  


    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.  


    HIST: 1971 c 877 s 2; 1986 c 444