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Can you summarize MNST 325G.42?
CONSUMER PROTECTION; SOLICITATION OF SALES > CREDIT CARD DISCLOSURES.
Short Summary
This legal document, governed by the Minnesota Statutes, pertains to credit card disclosures in the state of Minnesota. It outlines the required disclosures that must be included in credit card applications distributed in the state. These disclosures include the periodic rate or rates applied to the account, membership or participation fees, minimum or fixed charges, other fees such as late payment fees, and the date or occasion when the finance charge begins to accrue. The document specifies that the disclosures must be written in plain language, in boldface type, and be clear and conspicuous. It also allows for optional disclosure charts to present the required information. The document permits creditors to disclose additional terms, conditions, or information alongside the required disclosures. However, it does not apply to any documents that do not contain a credit card application. No specific penalties are mentioned in this document.
Whom does it apply to?
Credit card issuers and applicants in the state of Minnesota
What does it govern?
Credit card disclosures
What are exemptions?
This section does not apply to any advertisement, catalogue, or other written document or material which does not contain a credit card application.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Minnesota