Minnesota Statutes Trade Regulations, Consumer Protection (Ch. 324-341) § 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.

(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 undersection 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.