A person may enter into a credit sale or service contract for sale to a state or national bank doing business in this state, and a bank may purchase and enforce the contract under the terms and conditions set forth in section 47.59, subdivisions 2 and 4 to 14. A state bank or national bank may extend credit pursuant to the terms and conditions set forth in sections 47.59 and 47.60.

* NOTE: The amendment to this section by Laws 1996, chapter *414, article 1, section 15, is effective July 1, 1998. Laws *1996, chapter 414, article 1, section 45.