Title Minnesota Statutes, Minnesota Statutes

45.43 REPORTING REQUIREMENTS. § Subdivision 1.Course completions. Required education must be reported in a manner prescribed by the commissioner within ten days of the course completion. § Subd. 2.Violations and penalties. (a) Each failure to report an individual licensee's cours…

45A.01 DEFINITIONS. § Subdivision 1.Scope and application. For purposes of this chapter, the terms in this section have the meanings given them. § Subd. 2.Broker-dealer. "Broker-dealer" has the meaning given in section 80A.41. § Subd. 3.Commissioner. "Commissioner" means the comm…

45A.02 GOVERNMENTAL DISCLOSURES. (a) If a broker-dealer or investment adviser reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, the broker-dealer or investment adviser may promptly notify the co…

45A.03 IMMUNITY FOR GOVERNMENTAL DISCLOSURES. (a) A broker-dealer or investment adviser who, in good faith, makes a disclosure of information pursuant to section 45A.02, paragraph (a), cooperates with a civil or criminal investigation of financial exploitation of an eligible adul…

45A.04 THIRD-PARTY DISCLOSURES. If a broker-dealer, investment adviser, or financial services provider reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, a broker-dealer, investment adviser, or f…

45A.05 IMMUNITY FOR THIRD-PARTY DISCLOSURES. (a) A broker-dealer or investment adviser who, in good faith, complies with section 45A.04 is immune from administrative, civil, or criminal liability that might otherwise arise from the disclosure. (b) A financial services provider or…

45A.06 DELAYING DISBURSEMENTS. § Subdivision 1.Broker-dealers and investment advisers. (a) A broker-dealer or investment adviser shall delay a disbursement from or place a hold on a transaction involving an account of an eligible adult or an account on which an eligible adult is …

45A.07 IMMUNITY FOR DELAYING DISBURSEMENTS. (a) A broker-dealer or investment adviser that, in good faith, complies with section 45A.06, subdivision 1, or the commissioner of commerce, law enforcement agency, or prosecuting attorney's office is immune from administrative, civil, …

61A.09 GROUP LIFE INSURANCE. § Subdivision 1.Filing requirement. No group life insurance policy or group annuity shall be issued for delivery in this state until the form thereof and the form of any certificates issued thereunder have been filed in accordance with and subject to …

46.01 POWERS. § Subdivision 1.General. The Department of Commerce shall have charge of the execution of all laws relating to state banks, savings banks, trust companies, savings associations, and other financial institutions organized under the laws of this state, and the busines…

46.04 REGULATORY AUTHORITY OF COMMISSIONER. § Subdivision 1.General. The commissioner of commerce, referred to as the commissioner in chapters 46 to 59A, 216C, 332A, and 332B, is vested with all the powers, authority, and privileges which, prior to the enactment of Laws 1909, cha…

46.041 BANK APPLICATIONS. § Subdivision 1.Filing; fee; public inspection. The incorporators of a bank proposed to be organized under the laws of this state shall execute and acknowledge a written application in the form prescribed by the commissioner of commerce. The application …

46.042 NOTICE AND HEARING, WHEN NOT GIVEN. The commissioner of commerce may dispense with the notice and hearing provided for by section 46.041 if application is made for the incorporation of a new bank to take over the assets of one or more existing banks or if the application c…

46.044 BANK CHARTERS. § Subdivision 1.Issuance and conditions. An application for a bank charter must be granted if (1) the applicants are of good moral character and financial integrity, (2) there is a reasonable public demand for this bank in this location, (3) the probable vol…

46.045 MANDATORY INSURANCE OF ACCOUNTS. § Subdivision 1.Continuing requirement. Every bank shall at all times maintain in effect insurance of its deposits by the Federal Deposit Insurance Corporation, an agency of this state or a federal agency established for the purpose of insu…

46.046 DEFINITIONS. § Subdivision 1.Words, terms, and phrases. Unless the language or context clearly indicates that a different meaning is intended, the word defined in subdivision 2, for the purposes of sections 46.041 to 46.044, shall be given the meaning subjoined to it; and …

46.048 NOTICE OF PROPOSED ACQUISITION. § Subdivision 1.Requirement. Whenever a change in the outstanding voting stock of a banking institution will result in control or in a change in the control of the banking institution, the person acquiring control of the banking institution,…

46.05 SUPERVISION OVER FINANCIAL INSTITUTIONS. Every state bank, savings bank, trust company, savings association, debt management services provider, debt settlement services provider, and other financial institutions shall be at all times under the supervision and subject to the…

46.06 REFUSAL TO OBEY DIRECTIONS OF COMMISSIONER. Every person who shall refuse or neglect to obey any lawful direction or order of the commissioner of commerce; withhold any information, book, record, paper or other thing called for by the commissioner for the purpose of examina…

46.07 RECORDS. § Subdivision 1.Department records. The commissioner of commerce shall keep all proper records and files pertaining to the duties and work of that office. § Subd. 2.Confidential records. The commissioner shall divulge facts and information obtained in the course of…

46.08 EMPLOYEES. § Subdivision 1.Assistant commissioner, examiners and other employees. The commissioner of commerce may appoint an assistant commissioner and such examiners, assistant examiners, stenographers, and such other employees as may be necessary to carry out the duties …

46.09 DEPARTMENT OF COMMERCE EXAMINERS OR EMPLOYEES NOT TO MAINTAIN INTEREST IN SUPERVISED INSTITUTIONS. § Subdivision 1.Prohibition. No person who is an examiner of financial institutions or other officer of the Department of Commerce directly responsible for the supervision of …

46.10 PENALTY FOR VIOLATION. Any person violating the provisions of section 46.09 shall be disqualified from holding any office or employment in the Department of Commerce and shall be removed from such office or employment by the commissioner of commerce immediately upon knowled…

46.11 EXAMINERS' DISTRICTS. For the purpose of the better administration of the department, the commissioner of commerce shall divide the counties of the state into as many districts for the purpose of supervision as may be practical, taking into consideration the volume of work …

46.12 REPORTS OF EXAMINERS. Each examiner appointed under Laws 1909, chapter 201, as amended, shall make report to the commissioner of commerce immediately after the completion of an examination of the actual financial condition of the institution examined, with such recommendati…

46.131 ASSESSMENTS AND FEES FOR FINANCIAL INSTITUTIONS. § Subdivision 1.Examination fee authority. Examination fees of the Department of Commerce shall be assessed against financial institutions and residential PACE administrators, as defined in section 216C.435, subdivision 10a,…

46.14 EXAMINERS' POWERS ENLARGED. The examiner in charge of liquidation in the Department of Commerce is hereby authorized to sign the name of the commissioner of commerce and to act for the commissioner in all matters connected with the liquidation of insolvent corporations unde…

46.17 SALARY OF EXAMINER IN CHARGE OF LIQUIDATION. The commissioner of commerce shall fix the salary of the examiner in charge of liquidation appointed by the commissioner, but not to exceed the salary of a bank examiner in the classified service of the state and the same shall b…

46.21 DESTRUCTION OF CERTAIN RECORDS. § Subdivision 1.Reports, correspondence. After ten years, the commissioner of commerce may dispose of any examination report, call report of the condition of state banks, earnings and dividend report, oath of office of director, examining com…

46.23 UNSAFE PRACTICES; DEFINITIONS. § Subdivision 1.Scope. For purposes of sections 46.23 to 46.33, the following terms shall have the meanings here given them. § Subd. 2.Cease and desist order which has become final; order which has become final. "Cease and desist order which h…

46.24 CEASE AND DESIST PROCEEDINGS; INJUNCTIVE RELIEF. § Subdivision 1.Notice of charges, issuance, contents; hearing; cease and desist order, issuance, service, contents. If in the opinion of the commissioner any institution or a director, officer, employee, agent or other perso…

46.26 VIOLATIONS BY DIRECTORS, TRUSTEES, OR OFFICERS. § Subdivision 1.Notice of intent to remove from office. Whenever in the opinion of the commissioner any director, trustee or officer of an institution has committed any violation of law; has violated a cease and desist order w…

46.29 BOARD OF DIRECTORS OR TRUSTEES, LACK OF QUORUM, TEMPORARY DIRECTORS OR TRUSTEES. If at any time because of the suspension or removal of one or more directors or trustees pursuant to sections 46.23 to 46.33, the board of directors or trustees of an institution has less than …

46.30 HEARINGS, DECISION; REVIEW, MODIFICATION, TERMINATION OR STAY OF ORDERS. § Subdivision 1.Conduct of hearing. Any hearing provided for in sections 46.23 to 46.33 shall be conducted in accordance with the provisions of chapter 14, provided, the hearing shall be private unless…

46.31 ENFORCEMENT OF NOTICES OR ORDERS. The commissioner may apply to the district court of the county in which the home office of the institution is located or to the District Court for Ramsey County for the enforcement of any effective and outstanding notice or order issued und…

46.32 VIOLATION OF NOTICE OR FINAL ORDER; CRIMINAL PENALTY. Any director, trustee or officer, or former director, trustee or officer, of an institution or any other person against whom there is outstanding and effective any notice or final order served upon the director, trustee,…

46.33 MANNER OF SERVICE; COPIES TO FEDERAL AUTHORITIES; CEASE AND DESIST ORDERS. Any service required or authorized to be made by the commissioner pursuant to sections 46.23 to 46.33 may be made by registered or certified mail to the last known address of the person or principal …

46.34 CERTAIN SECURITIES DEPOSITED WITH THE COMMISSIONER OF MANAGEMENT AND BUDGET. All securities required or permitted by law to be assigned to and deposited with the commissioner of commerce for any purpose must, after June 2, 1987, be assigned to and deposited with the commiss…

46.35 INTERPRETATIONS. The commissioner of commerce may upon request from an interested party give an interpretive opinion in connection with the administration of chapters 45 to 56. No penalty provision in these chapters or of any other chapter to which chapters 45 to 56 may ref…

46A.01 DEFINITIONS. § Subdivision 1.Terms. For the purposes of this chapter, the terms defined in this section have the meanings given them. § Subd. 2.Authorized user. "Authorized user" means any employee, contractor, agent, or other person who: (1) participates in a financial in…

46A.02 SAFEGUARDING CUSTOMER INFORMATION; STANDARDS. § Subdivision 1.Information security program. (a) A financial institution must develop, implement, and maintain a comprehensive information security program. (b) The information security program must: (1) be written in one or m…

46A.03 ELEMENTS. § Subdivision 1.Generally. In order to develop, implement, and maintain an information security program, a financial institution must comply with this section. § Subd. 2.Qualified individual. (a) A financial institution must designate a qualified individual respo…

46A.04 EXCEPTIONS AND EXEMPTIONS. (a) The requirements under section 46A.03, subdivisions 3, paragraph (b); 5, paragraph (b); 9; and 10, do not apply to financial institutions that maintain customer information concerning fewer than 5,000 consumers. (b) This chapter does not appl…

46A.05 ALTERATION OF FEDERAL REGULATION. (a) If an amendment to Code of Federal Regulations, title 16, part 314, results in a complete lack of federal regulations in the area, the version of the state requirements in effect at the time of the amendment remain in effect for two ye…

46A.06 NOTIFICATION EVENT. § Subdivision 1.Notification requirement. (a) Upon discovering a notification event as described in subdivision 2, if the notification event involves the information of at least 500 consumers, a financial institution must notify the commissioner without…

46A.07 COMMISSIONER'S POWERS. (a) The commissioner has the power to examine and investigate the affairs of any covered financial institution to determine whether the financial institution has been or is engaged in any conduct that violates this chapter. This power is in addition …