Minnesota Administrative Code

2675.3180 INVESTMENT RECORDS. Subpart 1. Requirements. During the period in which investments are carried on an association's books, it shall be required that: A. original invoices of bond purchases and sales be retained as a part of the records of an association; B. a record be …

2675.3190 CHARTER. The charter must be framed and hung in a conspicuous place in the main lobby of the association's office. Statutory Authority: MS s 51A.42 Published Electronically: September 14, 2007

2675.4100 LICENSED OFFICE. No application for a loan shall be taken, nor shall any note evidencing the loan obligation be signed, nor shall the proceeds of any loan be paid to a borrower at any other place than that named in the license; except that a renewal note to evidence the…

2675.4110 MAXIMUM LOAN APPLIES TO MULTIPLE OFFICES. Licensees shall not induce or permit any borrower to become obligated, directly or contingently, for a total amount in excess of maximum limit stated in Minnesota Statutes, section 56.131 on loans obtained from two or more licen…

2675.4140 LICENSEES TO BE RESPONSIBLE FOR ACTS OF ASSIGNEES. Subpart 1. Notification. Within ten days after the transaction date, licensees shall notify the commissioner of commerce of the bulk purchase of loan accounts made pursuant to the Minnesota Regulated Loan Act from anoth…

2675.4150 MANAGEMENT AND CONTROL. Subpart 1. License criteria. Licenses are issued after consideration of the experience, character, and general fitness of the officer or manager in charge of the licensed office. Subp. 2. Change of managing officer. Changes of such managing offic…

2675.4160 TRANSFERRED ACCOUNTS. The original ledger card or record of payments on any transferred regulated loan must be retained in the transferring licensed regulated loan office for at least two years from the date of transfer. Statutory Authority: MS s 56.21 Published Electro…

2675.4170 COMPUTING DATE AND TIME. For the purpose of computing elapsed periods of time, a month shall be considered a calendar month and, where a fraction of a month is involved, a day shall be considered 1/30 of a month. The method employed must count only 30 days for any full …

2675.5100 BOOKS AND RECORDS. Subpart 1. Minimum requirements. In order to facilitate a satisfactory examination by the commissioner of commerce or the commissioner's representatives, each industrial loan and thrift company shall maintain such books and records as are deemed neces…

2675.5110 CASH DIVIDENDS. No industrial loan and thrift company which sells certificates of indebtedness to the public for investment purposes shall pay a cash dividend to its stockholders until written approval for such payment has been obtained from the commissioner of commerce…

2675.5120 SURETY BONDS AND INSURANCE. Each industrial loan and thrift company shall provide adequate corporate surety bond coverage on all its officers and employees having access to cash or other assets of the company. They shall also provide other types of insurance that may be…

2675.5130 MANAGEMENT. Subpart 1. License criteria. Certificates of authorization are granted after consideration of the experience, character, and general fitness of the officer or manager in charge of the licensed office. Subp. 2. Change of managing officer. Changes of such mana…

2675.6100 BOOKS, RECORDS, AND REPORTS. Subpart 1. [Repealed, 9 SR 2105] Subp. 2. Data processing off premises. Any credit union receiving record keeping services from another credit union or from a service corporation shall provide a certificate from the other credit union or ser…

2675.6110 PURCHASE OF REAL ESTATE. A credit union may not purchase real estate other than for credit union premises. Statutory Authority: MS s 46.01 History: 9 SR 2105 Published Electronically: September 14, 2007

2675.6111 INVESTMENTS IN CREDIT UNION PREMISES. Investments in credit union premises or leasehold investments may not exceed 50 percent of total reserves of the credit union unless the Department of Commerce grants a prior approval. Statutory Authority: MS s 46.01 History: 9 SR 2…

2675.6120 OTHER REAL ESTATE. Subpart 1. Transfers. Whenever real estate is acquired by a credit union through foreclosure or by deed in lieu of foreclosure, it must be transferred from loans to an account titled "Other Real Estate" on the date of sheriff's certificate or other co…

2675.6141 REAL ESTATE MORTGAGES. Subpart 1. [Repealed, L 2000 c 427 s 21] Subp. 1a. Written policy. A credit union taking a lien on real estate as security must maintain a written policy approved annually by its board of directors which at a minimum addresses: A. written appraisa…

2675.6142 LOANS. Subpart 1. Fees. As specified by board resolution, a credit union may require members to pay fees in connection with the making, closing, disbursing, extending, readjusting, or renewing of any loan. The board resolution establishing the fees to be retained by the…

2675.6143 DELINQUENT LOANS. Subpart 1. Installment loans. A note due on a monthly installment basis must be scheduled for delinquency. The whole principal balance is considered past due if any portion of an installment remains unpaid 60 days after the scheduled payment date. Deli…

2675.6180 BOARD OF DIRECTORS. Subpart 1. Change. Notice of any change in officers, directors, or committee members between annual meetings must be forwarded to the Department of Commerce within ten days of the effective date of the change. Subp. 2. Review of examiner's report. Wh…

2675.6210 ASSET RECEIPT. Whenever it becomes necessary to remove any asset from the files for any reason whatsoever, a properly executed receipt attached to a copy of the asset must replace it. Statutory Authority: MS s 46.01 History: 9 SR 2105 Published Electronically: September…

2675.6220 CHARGED OFF ASSETS. A record of all assets charged off, either to the statutory reserve fund or undivided earnings, along with recoveries thereto must be maintained. This record must be available to the examiners at each examination. Statutory Authority: MS s 46.01 Hist…

2675.6230 FURNITURE AND FIXTURES ACCOUNT. Purchases capitalized to the furniture and fixtures account shall be amortized at the minimum rate of ten percent annually, unless exception is made by the commissioner of commerce. The charge off may be based on the number of full months…

2675.6250 FIDELITY BONDS. Subpart 1. Requirements. A credit union operating under Minnesota law is required to be protected by a blanket bond with the following provisions: all officers, committee members, employees, bank messengers, and attorneys representing the credit union sh…

2675.6270 INVESTMENTS. Subpart 1. Records required. During the period in which investments are carried on a credit union's books, original invoices of bond purchases and sales must be retained as a part of the records of a credit union. A record must be maintained of all securiti…

2675.6290 INSURANCE. Subpart 1. Insurance agency. A credit union may establish, operate, or maintain an insurance agency as a separate corporation or agency within its physical premises. Subp. 2. Policyholder. A credit union may be the policyholder of either a group insurance pla…

2675.8100 DEFINITIONS. Subpart 1. Scope. Terms in parts 2675.8100 to 2675.8190 that are defined in Minnesota Statutes, sections 47.61 to 47.74, have the meanings given them. For the purpose of Minnesota Statutes, sections 47.61 to 47.74, and parts 2675.8100 to 2675.8190, the term…

2675.8110 AUTHORITY, SCOPE, AND PURPOSE. Minnesota Statutes, section 47.71, authorizes the commissioner of commerce to promulgate rules as are reasonably necessary to carry out and make effective the provisions and purposes of the act. Parts 2675.8100 to 2675.8190 relate to the o…

2675.8120 APPLICATION FOR AUTHORIZATION. Any person, other than a state or federal savings association, savings bank or credit union, or state or national bank, seeking approval to establish and maintain a terminal or terminals at a specific location shall, not less than 45 days …

2675.8130 NOTICE TO COMMISSIONER. Notice to commissioner: A. The commissioner shall be given written notice by the applicant not less than 30 days prior to the change of control or change of the operator of any terminal or terminals. For purposes of this item, "operator" does not…

2675.8160 CUSTOMER DISCLOSURE REQUIREMENTS. Subpart 1. Disclosure information. Pursuant to Minnesota Statutes, section 47.69, the following information shall be disclosed in writing or by electronic communications agreed to by the customer and by the card issuer to its customer a…

2675.8170 TRANSACTION STATEMENT. A financial institution shall provide each customer with a periodic transaction statement at least quarterly. The statement shall include, but need not be limited to, the following: date of transaction, amount of each transaction, and type of each…

2675.8180 ADVERTISING, EXCEPTIONS. For purposes of Minnesota Statutes, section 47.67, notices on the site of a terminal intended to inform the customer of the operational characteristics, source of assistance or service, or fees or charges relating specifically to the use of the …

2675.8190 OTHER PERMISSIBLE ACTIVITIES, ELECTRONIC BENEFITS TRANSFER, CONSUMER CONVENIENCE SERVICES. The limitation on the financial transactions authorized to be performed at a terminal does not prohibit using the terminal's capability to: A. dispense funds authorized and initia…

2675.8500 DEFINITIONS. Subpart 1. Scope. The terms defined in Minnesota Statutes, chapter 53B, apply to this part and part 2675.8510. Subp. 2. Establishing a relationship. "Establishing a relationship" means: A. entering into an initial virtual-currency transaction for, on behalf…

2675.8510 REQUIRED DISCLOSURES. Subpart 1. Time and form. A. A licensee must make the disclosures required by Minnesota Statutes, section 53B.72, at the time the licensee establishes a relationship to conduct a virtual-currency business activity transaction with a person. A virtu…

2700.0300 COMMENCEMENT OF LITIGATION CLAUSE. No policy, rider, or endorsement form shall be accepted for filing by this department from any casualty insurance company that contains a provision limiting the time within which legal proceedings may be instituted against the insurer …

2700.0400 STATUTORY DEPOSITS WITH COMMISSIONER. Registered securities will not be accepted for deposit unless registered in the following manner: "Commissioner of commerce of the state of Minnesota for the benefit of all policyholders of the depositor." Mortgage deposits shall be…

2700.0500 EQUAL TREATMENT OF MINNESOTA POLICYHOLDERS. For the purpose of eliminating discrimination against Minnesota policyholders: A. all domestic companies issuing nonassessable policies in any other state, territory, or jurisdiction shall establish a guaranty fund as provided…

2700.0600 ACTUARIES. Subpart 1. Scope. This part shall apply to annual statements filed with the commissioner of commerce in accordance with Minnesota Statutes, section 60A.13, and all other reports and documents relating to the business of insurance filed with the commissioner o…

2700.0700 [Renumbered 2795.2000] Published Electronically: September 14, 2007

2700.1100 AUTHORITY. The rules hereinafter set forth are promulgated pursuant to Minnesota Statutes 1977, section 72C.07. Statutory Authority: MS s 72C.07 Published Electronically: September 14, 2007

2700.1200 PURPOSE. The purpose of parts 2700.1100 to 2700.1300 is to provide insurance policies that are printed in typeface styles that are easily readable to the average person. Statutory Authority: MS s 72C.07 Published Electronically: September 14, 2007

2700.1300 LEGIBLE TYPEFACE. Subpart 1. Scope. These rules shall be considered applicable in all insurance policies and contracts required to be filed under Minnesota Statutes, section 72C.11. Subp. 2. Legibility. All insurers upon filing shall specify the type face styles used in…

2700.2460 DEFINITION OF COMMERCIAL POLICIES. "Commercial policies" means all policy forms regulated by Minnesota Statutes, section 70A.06, that by general practice are used for business entities. The term does not include policy forms providing private passenger vehicle insurance…

2700.2470 EXEMPTION FROM CERTAIN FILING REQUIREMENTS. Subpart 1. Commercial policy forms. If the commercial policy forms of an insurer comply with the requirements in Minnesota Statutes, the insurer shall be exempt from the filing and approval requirements in Minnesota Statutes, …

2700.2480 FILING OF EXEMPT INFORMATION. An insurer shall within 30 days of request provide the commissioner of commerce with any of the information for which part 2700.2470 provides exemption from filing. Statutory Authority: MS s 45.023; 70A.02 History: 19 SR 1581 Published Elec…