Minnesota Statutes 325E.63 – Credit Issued to Minors
Subdivision 1.Definitions.
(a) For purposes of this section, the terms defined in this subdivision have the meanings given them.
Terms Used In Minnesota Statutes 325E.63
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
(b) “Credit” means the right granted to a borrower to defer payment of a debt, to incur debt and defer its payment, or to purchase property or services and defer payment. Credit does not include an overdraft from a person‘s deposit account, whether through a check, ATM withdrawal, debit card, or otherwise, that is not pursuant to a written agreement to pay overdrafts with the right to defer payment of them.
(c) “Creditor” means a person or entity doing business in this state.
(d) “Guardian” means a guardian as defined under section 524.5-102, subdivision 5.
(e) “Minor” means an individual under the age of 18 years.
(f) “Parent” means a person who has legal and physical custody of a child.
Subd. 2.Prohibition on offering credit to minors.
No creditor shall knowingly offer or provide credit to a minor except at the request of the parent or guardian of the minor, until the minor reaches the age of 18 years.