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Can you summarize MNST 325G.042?
CONSUMER PROTECTION; SOLICITATION OF SALES > CONSUMER CREDIT; EQUAL TREATMENT OF SPOUSES.
Short Summary
This legal document, under the Minnesota Statutes, governs the equal treatment of spouses in consumer credit evaluations. It requires creditors to consider the credit history of accounts used or contractually liable by both the applicant and their spouse. The creditor must also consider any information presented by the applicant that indicates the credit history being considered does not accurately reflect their creditworthiness. Additionally, upon request, the creditor must consider the credit history of accounts reported in the name of the applicant’s spouse or former spouse that accurately reflects the applicant’s creditworthiness. The document also outlines requirements for creditors furnishing credit information to consumer reporting agencies and responding to inquiries about joint credit accounts. Non-compliance may result in enforcement under section 8.31, with limited damages and no recovery of investigation and attorney fees in private causes of action. Compliance with the Federal Consumer Credit Protection Act is deemed to be in compliance with this section. The document defines ‘account’ as an extension of consumer credit, specifically referring to open-end credit.
Whom does it apply to?
Creditors evaluating the creditworthiness of applicants for credit
What does it govern?
Consumer credit; equal treatment of spouses
What are exemptions?
A creditor's failure to comply is not a violation if it results from an inadvertent error and is promptly rectified
What are the Penalties?
In a private cause of action, damages are limited to $1,000 and the plaintiff has no right to recover costs of investigation and attorney fees
Jurisdiction
Minnesota