2025 Session Last amended: 1986 session

§ 62B.14 — Penalties

Plain-Language Summary

This section allows a creditor to give a borrower a separate document explaining their credit insurance. This document must include the type of coverage, cost, and key terms. It can be used as an alternative to putting all insurance details in the loan documents.

62B.14 PENALTIES.

In addition to any other penalty provided by law, any person, firm or corporation which violates an order of the commissioner after it has become final, and while it is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the state a sum not to exceed $250 which may be recovered in a civil action, except that if the violation is found to be willful, the amount of the penalty shall be a sum not to exceed $1,000. The commissioner may revoke or suspend the license or certificate of authority of the person, firm or corporation guilty of such violation. Such order for suspension or revocation shall be upon notice and hearing, and shall be subject to judicial review as provided in section 62B.13.

History:

Ex1967 c 2 s 14; 1986 c 444

History: History: Ex1967 c 2 s 14; 1986 c 444

Practical Notes

Your lender may give you a separate credit insurance disclosure form that explains your coverage. This form should clearly describe what you are buying, what it costs, and what it covers.

Source: Minnesota Office of the Revisor of Statutes