Subdivision 1. Terms.
As used in sections 325G.30 to 325G.36 , the terms defined in this section have the meanings given them.
Subd. 2. Consumer.
"Consumer" means any individual who, primarily for personal, family or household purposes: (1) gives consideration for an interest in any services or personal property, including money; (2) transfers or authorizes a security interest on any personal property; or (3) leases residential premises for a term not exceeding three years.
Subd. 3. Consumer contract.
"Consumer contract" means any written contract with a consumer except: (1) a contract where the price, excluding interest or finance charges, is more than $50,000; (2) a contract through which a consumer mortgages an interest in realty or obtains money or credit to be used to purchase or refinance an interest in realty; (3) a contract in which the sale of personal property is merely incidental to the sale of an interest in realty; (4) a written agreement involving a transaction in securities with a broker-dealer or investment advisor registered with the Securities and Exchange Commission; or (5) a transaction in commodities with a futures commission merchant registered with the Commodities Futures Trading Commission.