Title Minnesota Statutes, Minnesota Statutes

47.015 CLOSING ON CERTAIN DAYS. § Subdivision 1.Financial institutions. As used in this section the term "financial institution" shall include banks, trust companies, banks and trust companies, savings banks, industrial loan and thrift companies having outstanding certificates of…

47.0151 EMERGENCY SUSPENSION OF BUSINESS, DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 47.0151 to 47.0155, the terms defined in this section have the meanings given them, unless the context requires otherwise. § Subd. 2.Commissioner. "Commissioner" means the c…

47.0152 EMERGENCY CLOSINGS; POWER OF COMMISSIONER. Whenever the commissioner is of the opinion that an emergency exists, or is impending, in the state or in a part of it, the commissioner may, by proclamation, authorize financial institutions located in the affected area to close…

47.0153 CLOSINGS; POWERS OF OFFICERS. § Subdivision 1.Emergency closings. When the officers of a financial institution are of the opinion that an emergency exists, or is impending, which affects, or may affect, a financial institution's offices, they shall have the authority, in …

47.0154 NOTICE TO COMMISSIONER. A financial institution closing an office or offices pursuant to the authority granted under section 47.0153, subdivision 1, shall give as prompt notice of its action, as conditions will permit and by any means available, to the commissioner. Histo…

47.0155 EFFECT OF CLOSING. Any day on which a financial institution, or any of its offices, is closed during all or part of its normal business hours pursuant to sections 47.0151 to 47.0155 shall be, with respect to the financial institution or, if not all of its offices are clos…

47.0156 CLOSING EFFECTING A PERMANENT CESSATION OF BUSINESS. The permanent closing of a financial institution as defined in section 47.015 or 47.0151 for purposes, or with a result, other than authorized in sections 47.015 to 47.0155 is unlawful unless at least 60 days' written n…

47.016 DISPOSITION OF CREDIT INSURANCE INCOME. § Subdivision 1.Definitions. (a) For the purpose of this section, the following terms have the meanings given them. (b) "Credit insurance" means credit life, accident and health insurance, and credit involuntary unemployment insuranc…

47.02 "BANK" AND "SAVINGS BANK." A "bank" is a corporation having a place of business in this state, where credits are opened by the deposit of money or currency, or the collection of the same, subject to be paid or remitted on draft, check, or order; and where money is loaned or…

47.03 USE OF CERTAIN WORDS PERMITTED. § Subdivision 1.Bank, banker, banking. No individual, partnership, unincorporated association, or corporation, except as specifically authorized by the laws of this state, who does not hold an effective certificate of authority, issued by the…

47.07 COMPANIES SUBJECT TO PROVISIONS. All companies, associations, and corporations organized under any law of this state, other than those relating to the organization of banks and trust companies, which assume or exercise any of the functions, powers, or privileges conferred u…

47.08 ARTICLES OF INCORPORATION FILED WITH COMMISSIONER. All persons proposing to incorporate and organize any financial institution, whether defined or described as such by the laws of the state, shall, before doing any business in the state as a corporation, file a copy of the …

47.09 ADVERTISEMENTS. No such financial institution shall, directly, indirectly, or by inference of any kind, display, represent, hold out or otherwise advertise as its capital, resources, assets or financial strength or ability or availability therefor, any capital, resources, o…

47.096 TIME DEPOSITS; NOTICE OF AUTOMATIC RENEWAL. If a deposit for a term of one year or more, including a savings certificate and a certificate of deposit, is automatically renewable by its own terms if not redeemed at a specified redemption date, the financial corporation rece…

47.10 REAL ESTATE; ACQUISITION, HOLDING. § Subdivision 1.Authority, approval, limitations. (a) Except as otherwise specially provided, the net book value of land and buildings for the transaction of the business of the corporation, including parking lots and premises leased to ot…

47.101 PLACE OF BUSINESS; RELOCATION, DISPOSAL. § Subdivision 1.Approval. A bank, trust company, savings bank, or savings association may change its location, dispose of its place of business, and acquire another upon the written approval of the commissioner of commerce or otherw…

47.11 SELECTION OF NAME. Before execution of the certificate of incorporation of any such corporation or conduct of business under an assumed name, its proposed name or proposed assumed name shall be submitted to the commissioner of commerce, who shall compare it with those of co…

47.12 FINANCIAL CORPORATIONS. § Subdivision 1.Purposes. Corporations may be formed for any one of the following purposes: (1) carrying on the business of banking, by receiving deposits, buying, selling, and discounting notes, bills, and other evidences of debt legal for investmen…

47.13 APPLICATION OF BUSINESS CORPORATION ACT. The provisions of chapter 302A, other than sections 302A.471, 302A.473, 302A.671, 302A.673, 302A.675, and 302A.701 to 302A.791, apply to corporations formed for any of the purposes specified in section 47.12, except: (1) that section…

47.14 CERTIFICATE; HOW ACCOMPANIED. The certificate of incorporation, when presented to the commissioner of commerce, shall be accompanied, in the case of a bank, with the certificate of a solvent bank in this state of the deposit therein, in cash, to the credit of the proposed b…

47.15 BYLAWS. § Subdivision 1.Adoption of bylaws. Initial bylaws may be adopted pursuant to section 302A.171 by the incorporators. If not adopted by the incorporators, the bylaws must be adopted by the first board. Unless reserved by the articles to the shareholders, the power to…

47.16 CERTIFICATION BY COMMISSIONER. § Subdivision 1.Filing. The certificate of a corporation must be filed for record with the commissioner of commerce. If the commissioner of commerce finds that it conforms to law and that the required fee has been paid, the commissioner of com…

47.171 CERTIFICATES OF INCORPORATION, AMENDMENT; EXCEPTIONS. The certificate of incorporation of a financial corporation organized and existing under the laws of this state may be amended to change its name; to increase or decrease its capital stock; to change the number and, sub…

47.172 RESTATED CERTIFICATES OF INCORPORATION. § Subdivision 1.Procedure. A financial corporation may by action taken in the same manner required for amendment of certificates of incorporation adopt a restated certificate of incorporation consisting of the certificate of incorpor…

47.18 "CORPORATION"; "AGENCY." For the purpose of this section and section 47.19, the term "corporation" shall be construed to mean any bank, savings bank, trust company, insurance company, or savings association organized under the laws of this state; and the term "agency" shall…

47.19 CORPORATION MAY BE MEMBER OR STOCKHOLDER OF FEDERAL AGENCY. Any corporation is hereby empowered and authorized to become a member of, or stockholder in, any such agency, and to that end to purchase stock in, or securities of, or deposit money with, such agency and/or to com…

47.20 LENDING AUTHORITY OF FINANCIAL INSTITUTIONS. § Subdivision 1.General authority. Pursuant to rules the commissioner of commerce finds to be necessary and proper, if any, banks, savings banks, and savings associations organized under the laws of this state or the United State…

47.201 GRADUATED PAYMENT MORTGAGES AND COOPERATIVE APARTMENT LOANS. § Subdivision 1.Definitions. For the purposes of this section, the terms defined in this subdivision shall have the meanings given them: (1) "Financial institution" means a state bank or trust company, a national…

47.203 FEDERAL PREEMPTION OVERRIDE. The provisions of Public Law 96-221, title V, part A, section 501(a)(1) (United States Code, title 12, section 1735f-7a), do not apply with respect to a loan, mortgage, credit sale or advance made in this state after June 2, 1981, nor with resp…

47.204 TEMPORARY REMOVAL OF MORTGAGE USURY LIMITS. § Subdivision 1.Limits on interest and other charges. Notwithstanding any law to the contrary, except as stated in section 58.137, no limitation on the rate or amount of interest, points, finance charges, fees, or other charges a…

47.205 ASSIGNMENT OF MORTGAGE; DUTIES; PENALTIES. § Subdivision 1.Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) "Lender" means all state banks and trust companies, national banking associations, state and fe…

47.206 INTEREST RATE OR DISCOUNT POINT AGREEMENTS. § Subdivision 1.Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) "Lender" means a person or entity referred to in section 47.20, subdivision 1, a credit union,…

47.207 CANCELLATION OF PRIVATE MORTGAGE INSURANCE. § Subdivision 1.Definitions. For the purposes of this section, the following terms have the meanings given: (a) "Current fair market value" means the value of the mortgagor's property determined by an appraisal conducted within 9…

47.208 DELIVERY OF SATISFACTION OF MORTGAGE. § Subdivision 1.Delivery required. Upon written request, a good and valid satisfaction of mortgage in recordable form shall be delivered to any party paying the full and final balance of a mortgage indebtedness that is secured by Minne…

47.209 MANUFACTURED HOME FINANCING; PROPERTY TAX COLLECTION REQUIREMENT. § Subdivision 1.Applicability. This section applies to any agreement entered into after December 31, 1992, for the financing or refinancing of a purchase of a manufactured home. As used in this section and s…

47.21 INAPPLICABLE LAWS; AUTHORIZED INVESTMENTS. § Subdivision 1.Limits relating to loans. No other law in this state, except as stated in section 58.137, prescribing the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, …

47.23 USE OF CERTAIN WORDS PERMITTED. § Subdivision 1.Savings, trust, safe deposit. Except as specifically authorized by other laws of this state, no individual, partnership, unincorporated association, or corporation, other than a savings bank, safe deposit company, or trust com…

47.24 FAILURE TO REPORT; FORFEITURES. Every corporation which shall fail to make and transmit to the commissioner of commerce, within ten days after the time prescribed by law therefor, any report required by the provisions of this chapter, or by other lawful authority, or shall …

47.25 NOTICE OF MEETINGS. At least 30 days prior to any annual, and at least ten days prior to any special, meeting of its stockholders, mailed notice shall be given to each stockholder, specifying the time, place, and purpose thereof; also a notice of any resolution or propositi…

47.26 VIOLATIONS. Every officer, agent, or employee of any corporation or copartnership, and every other individual, who shall knowingly and willfully do or omit anything, the doing or omission of which on the part of any corporation, copartnership, or individual is in violation …

47.27 DEFINITIONS. § Subdivision 1.Scope. Unless the language or context clearly indicates that a different meaning is intended, the words, terms, and phrases defined in subdivisions 2, 3 and 4, shall, for the purposes of sections 47.27 to 47.30, be given the meanings subjoined t…

47.28 SAVINGS BANKS MAY CONVERT INTO SAVINGS ASSOCIATIONS. § Subdivision 1.Procedure. Any savings bank organized and existing under and by virtue of the law of this state may amend its articles of incorporation so as to convert itself into a savings association, by complying with…

47.30 SAVINGS ASSOCIATION MAY CONVERT INTO SAVINGS BANK. § Subdivision 1.Procedure. Any capital stock savings association organized and existing under and by virtue of the laws of this state may amend its articles of incorporation so as to convert itself into a savings bank, by c…

47.325 APPEAL AND JUDICIAL REVIEW. A savings bank aggrieved by any action or inaction of the commissioner under sections 47.27 to 47.30 may appeal under sections 14.63 to 14.69. History: 1995 c 171 s 24; 1998 c 254 art 1 s 10; 2014 c 222 art 1 s 5

47.41 NEGOTIABLE INSTRUMENTS, FACSIMILE SIGNATURES, DISBURSEMENT OF PUBLIC FUNDS. Any public officer or other person who is authorized singly or in conjunction with another or others, to sign checks, drafts, warrants, warrant-checks, vouchers or other orders on public funds on de…

47.42 FACSIMILE SIGNATURES, OFFICER NOT LIABLE. If the governing body of the depositor political subdivision, or of any commission, board, department or agency thereof, by resolution approves the action of the public officer or other person in the use of such facsimile, and shall…