Title Minnesota Statutes, Minnesota Statutes

48.153 INSTALLMENT LOANS; FINANCE CHARGES; MINIMUM CHARGES. § Subdivision 1. [Repealed, 1982 c 494 s 5] § Subd. 1a.Authorized rate of interest charged by banks or banking associations. A bank organized under the laws of this state, or a national banking association doing business…

48.154 PREPAYMENT, EXTENSION OF TERMS. The borrower may repay the entire balance or any portion of the balance of an installment loan in advance without penalty. An installment loan contract may provide that the parties, before or after default, may agree in writing to an extensi…

48.155 ALLOWABLE ADDITIONAL CHARGES. No charge other than those provided for in sections 48.153 and 48.154 shall be made directly or indirectly for any such installment loan except that there may be charged to the borrower or included in the amount financed: (a) any lawful fees p…

48.156 LOAN DUE ON DEFAULT. Nothing in sections 48.153 to 48.157 shall prohibit the lender from declaring the whole of such loan immediately due and payable upon default if the loan agreement shall so provide. History: 1945 c 544 s 4

48.157 COPY OF NOTE TO BORROWER. At the time of making an installment loan under the provisions of sections 48.153 to 48.157, the borrower shall be furnished a signed copy of the note and also a copy or statement of all charges made by the bank on such loan. History: 1945 c 544 s…

48.158 SETTLEMENT OF CHECKS AT LESS THAN PAR. No bank or trust company organized under the laws of this state shall settle any check drawn on it otherwise than at par. The provisions of this section shall not apply with respect to the settlement of a check sent to such bank or tr…

48.16 BANKS MAY NOT PLEDGE ASSETS; EXCEPTIONS. No bank or trust company shall pledge, hypothecate, assign, transfer, or create a lien upon or charge against any of its assets except as follows: (1) to the state; (2) to secure public deposits; (3) to secure funds of trustees in ba…

48.17 POWERS OF OFFICERS OR EMPLOYEES. No officer or employee of a bank or trust company shall have power or authority to borrow money, execute guaranties or endorse, otherwise than without recourse, pledge or hypothecate any note, bond, or other obligation belonging to the bank …

48.18 PLEDGES OR LIENS OF ASSETS SUBJECT TO PRIOR LIENS. No bank or trust company shall pledge or hypothecate or create a lien upon or charge against any of its assets subject to a prior lien, hypothecation, or charge. History: (7699-16) 1927 c 257 s 3

48.185 OPEN END LOAN ACCOUNT ARRANGEMENTS. § Subdivision 1.Authorization. Any bank organized under the laws of this state, any national banking association doing business in this state, any savings bank organized and operated pursuant to chapter 50, any savings association organi…

48.194 INSTALLMENT SALES CONTRACTS; LOANS. 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 sections 47.59, sub…

48.195 INTEREST RATES; USURY LIMIT FOR DEPOSITORY INSTITUTIONS. Notwithstanding any law to the contrary, a bank, savings bank, savings association, or credit union organized under the laws of this state, or a national bank or federally chartered savings bank, savings association,…

48.196 PENALTY FOR USURIOUS INTEREST. The taking, receiving, reserving or charging by a lender of a rate of interest greater than is allowed by state law shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which …

48.20 UNAUTHORIZED PLEDGES, NOTES, LIENS VOID. Any note, endorsement, guaranty, pledge, hypothecation, lien or other obligation given contrary to the provisions of sections 48.16 to 48.18 shall be null and void. History: (7699-18) 1927 c 257 s 5

48.21 REAL ESTATE; RESTRICTIONS ON HOLDING. § Subdivision 1.Specific restrictions. (a) A bank may purchase, carry as an asset, and convey real estate only: (1) as provided for in section 47.10; (2) if acquired through foreclosure of a mortgage given to it in good faith as securit…

48.221 RESERVES. A state bank or trust company shall maintain reserves in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves shall be in cash, cash items in process of collection, short term obligation…

48.23 BANK NOT TO LEND ON ITS OWN STOCK OR PURCHASE SAME. Any such bank shall make no loan or discount on the security of its own capital stock, nor be the purchaser or holder thereof, unless necessary to prevent loss upon a debt previously contracted in good faith, and all stock…

48.24 RESTRICTIONS UPON TOTAL LIABILITIES TO A BANK. § Subdivision 1.Total liabilities of any individual. The total liabilities to any such bank, as principal, guarantor or endorser of any individual, including the liabilities of any corporation or limited liability company in wh…

48.245 WAR VETERAN; MINORITY; CONTRACT FOR LOAN. The disability of minority of any person otherwise eligible for guaranty or insurance pursuant to the Servicemen's Readjustment Act of 1944, as amended (Public Law 346, 78th Congress, as amended), the National Housing Act, as amend…

48.27 LIMITATION ON AMOUNT OF DEPOSITS. No bank or trust company organized under the laws of this state shall accept deposits in a sum exceeding 30 times the amount of its capital stock and its actual surplus. History: (7699-12) 1927 c 325 s 1; 1943 c 342 s 2; 1945 c 73 s 1; 1947…

48.28 LIQUIDATION UNLESS DEPOSITS ARE REDUCED. If any such bank or trust company shall violate the provisions of Minnesota Statutes 1945, section 48.27, as amended, the commissioner of commerce may take possession thereof and liquidate such corporation in accordance with law, unl…

48.30 DEPOSITS IN NAME OF MINOR. Any deposit made in the name of a minor, shall be held for the exclusive right and benefit of the minor, free from the control or lien of all other persons, except creditors, and, together with the dividends or interest thereon, shall be paid to t…

48.301 MULTIPARTY ACCOUNTS. When any deposit is made in the names of two or more persons jointly, or by any person payable on death (P.O.D.) to another, or by any person in trust for another, the rights of the parties and the financial institution are determined by chapter 524. H…

48.31 STATE BANKS ORGANIZED FROM NATIONAL BANKS. When any national bank authorized to dissolve has taken the necessary steps for that purpose, a majority of its directors, upon authority, in writing, of the owners of two-thirds of the capital stock and the approval of the commiss…

48.32 STATE BANKS OR TRUST COMPANIES MAY BE MEMBERS OF FEDERAL RESERVE BANKS. Any incorporated state bank or trust company may become a member of the Federal Reserve Bank of the Federal Reserve district in which the bank or trust company is located, and may invest in and hold sto…

48.33 EXECUTION OF TRUST. When any state bank shall reorganize as a national bank, this national bank shall be regarded as continuing the existence of the state bank, and any officer of the bank elected to a corresponding office in this national bank shall be regarded as holding …

48.35 CLEARINGHOUSES. Clearinghouses may make and enforce suitable provisions for effecting, at one place, daily exchanges and the settlement and adjustment of accounts between banks in the same locality and, under appropriate rules, may issue clearinghouse certificates for those…

48.36 APPLICATION. § Subdivision 1.State bank to acquire trust authority. Any state bank having a capital and surplus of not less than $500,000 may exercise the powers and privileges conferred by sections 48A.07 and 48A.08, in addition to all other powers granted by law, upon com…

48.37 CERTIFICATES FROM COMMISSIONER. In order to exercise the powers herein conferred, any such bank shall invest and keep invested in one or more of the first, second, third, fourth, seventh, and eighth classes of authorized securities, at least 25 percent of its capital, which…

48.39 TRUST ACCOUNTS RECORDED. Besides its general books of account, it shall keep separate books of account for all fiduciary accounts. All funds and property held by it in a fiduciary capacity shall at all times be kept separate from its own funds and property, and all fiduciar…

48.40 SUBJECT TO ORDERS OF COURT. Every such bank shall be subject at all times to the orders of any court from which it shall have accepted any trust or appointment and shall render to the court such itemized and verified accounts and reports as may be required by law or the cou…

48.41 CORPORATE NAME. Any such bank which has qualified and obtained a certificate, as provided in section 48.37, may use in its corporate name or title, in addition to the word "bank" or other words now permitted by law, the words "trust" or "trust company," and may display and …

48.42 BANK MAY BE DESIGNATED AS SAVINGS BANK. Any state bank which has qualified under section 48.37 and obtained the certificate therein provided, and which has established and maintains a savings department, may use in its name or title, in addition to other words permitted by …

48.43 BANK MAY CEASE OPERATIONS; DUTIES OF COMMISSIONER. Any state bank which has qualified hereunder may at any time notify the commissioner, in writing, that it intends to cease to operate under the provisions of section 48.37, and thereupon the certificate issued to it, as pro…

48.44 BANK MAY ORGANIZE AS TRUST COMPANY. Hereafter state banks which may be organized in the manner now provided by law may be organized with the additional authority to exercise the fiduciary powers and privileges set out in sections 48A.07 and 48A.08; provided, that the capita…

48.45 CORPORATE NAMES. A bank with the additional authority provided for in sections 48A.07 and 48A.08 may be organized with a corporate name which may include the words "trust" or "trust company," in addition to the word "bank" or other words now permitted by law, and the word "…

48.46 AUTHORIZED SECURITIES PURCHASED. No state bank hereafter organized with authority to exercise fiduciary powers pursuant to the provisions of sections 48A.07 and 48A.08, the corporate name of which contains the words "trust" or "trust company," shall transact any banking or …

48.47 BANKING AND TRUST COMPANY BUSINESS. After the application of the corporation shall have been favorably acted on by the department in compliance with sections 46.041 to 46.044, and upon compliance with the terms hereof and the issuance of such certificates, the bank may comm…

48.48 REPORTS TO COMMISSIONER. § Subdivision 1.Submission and publication. At least four times in each year, and at any other time when so requested by the commissioner, every bank or trust company shall, within 30 days of the date of notice, make and transmit to the commissioner…

48.49 BOOKS TO BE KEPT. Every such bank shall open and keep such books and accounts as the commissioner may prescribe, for the purpose of keeping accurate and convenient records of its transactions. History: (7675) RL s 2991; 1995 c 202 art 2 s 18

48.512 PROCEDURES FOR OPENING CHECKING ACCOUNTS. § Subdivision 1.Definitions. For the purpose of this section the following terms have the meanings given: (a) "Financial intermediary" means any person doing business in this state who offers transaction accounts to the public. (b)…

48.513 FINANCIAL INTERMEDIARY FEES. A financial intermediary may charge a fee for the assembly, production, and copying of records requested under chapter 13A, not to exceed the schedule established from time to time by the Federal Reserve System under Regulation S, Code of Feder…

48.56 BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS. § Subdivision 1.General powers. The board of directors of a banking institution may enter into a contract, incur an obligation, or generally do what is necessary or appropriate to make use of United States Code, title 12, se…

48.59 § Subdivision 1. MS 2002 [Renumbered 48.59, para (a)] § Subd. 2. MS 2002 [Renumbered 48.59, para (b)] § Subd. 3. MS 2002 [Renumbered 48.59, para (c)] 48.59 COMMISSIONER MAY ACCEPT EXAMINATIONS AND REPORTS OF CORPORATION. (a) The commissioner may accept, in lieu of any exami…

48.591 CLIMATE RISK DISCLOSURE SURVEY. § Subdivision 1.Requirement. By July 30 each year, a banking institution with more than $1,000,000,000 in assets must submit a completed climate risk disclosure survey to the commissioner. The commissioner must provide the form used to submi…

48.605 STATE BANKS, EMPLOYEE STOCK OPTION AND STOCK PURCHASE PLANS. § Subdivision 1.Authority and terms. Any state bank may grant options to purchase, sell, or enter into agreements to sell shares of its capital stock to its employees, for a consideration of not less than 100 per…