1.1.................... moves to amend H.F. No. 914, the first engrossment, as follows:
1.2Page 2, line 16, delete "2010" and insert "2009"
1.3Page 3, line 6, after the period insert "A "consumer short term loan" does not include
1.4any transaction made under chapter 325J."
1.5Page 3, line 15, after "the" insert "state of"
1.6Page 3, line 16, delete "courts"
1.7Page 4, line 15, delete "six" and insert "five"
1.8Page 4, delete line 17
1.9Page 4, line 18, delete "(iv)" and insert "(iii)"
1.10Page 4, line 19, delete "(v)" and insert "(iv)"
1.11Page 4, line 25, after "(a)" insert "Except for a "bona fide error" as set forth under
1.12United States Code, chapter 15, section 1640(c),"
1.13Page 4, delete lines 32 to 34 and insert:
1.14"(b) In addition to the remedies provided in paragraph (a), a loan is void, and the
1.15borrower is not obligated to pay any amounts owing if the loan is made:
1.16(1) by a consumer short-term lender who has not obtained an applicable license
1.17from the commissioner;
1.18(2) in violation of any provision of subdivisions 2, 3, 4, or 5 of this section; or
1.19(3) in which interest, fees, charges, or loan amounts exceed the interest, fees, charges,
1.20or loan amounts allowable under sections 47.59, subdivision 6, and 47.60, subdivision 2."
1.21Page 5, line 20, delete "2010" and insert "2009"