MOTOR VEHICLE PURCHASES; DISCLOSURE.

168.277 MOTOR VEHICLE PURCHASES; DISCLOSURE. § Subdivision 1.Definitions. For the purposes of this section: (a) The term "seller" means a person selling more than five motor vehicles in a calendar year and in the business of selling or leasing motor vehicles. (b) The term "contract" means a written agreement between a seller and a purchaser for the sale of a motor vehicle, but not including a conditional sales contract entered into pursuant to a separate purchase agreement that contains the disclosures contained in this section. § Subd. 2.Disclosure. A seller of motor vehicles shall include in any contract with a purchaser or prospective purchaser of a motor vehicle a statement in ten-point, boldfaced, all-capital type located by a blank for the purchaser's signature stating: "IMPORTANT: THIS MAY BE A BINDING CONTRACT AND YOU MAY LOSE ANY DEPOSITS IF YOU DO NOT PERFORM ACCORDING TO ITS TERMS." If a forfeiture is not possible that part of the disclosure may be crossed out at the time of the purchaser's signature. § Subd. 3.Effect of omission. Any contract not meeting the requirements of subdivision 2 is voidable at the option of the purchaser prior to the purchaser taking possession of the motor vehicle. History: 1981 c 176 s 1