Title Minnesota Statutes, Minnesota Statutes

51A.56 ACT CONTROLLING. Insofar as the provisions of sections 51A.01 to 51A.58 are inconsistent with the provisions of any other law affecting associations, the provisions of sections 51A.01 to 51A.58 shall control. History: 1969 c 490 s 56; 1988 c 666 s 73; 1989 c 217 s 17; 1996…

51A.57 SEPARABILITY. If any provision, clause, or phrase of sections 51A.01 to 51A.58 or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of sections 51A.01 to 51A.58 which can be given effect…

51A.58 INTERSTATE BRANCHING. An association, whether or not the subsidiary of a savings and loan holding company, may, by acquisition, merger, purchase and assumption of some or all of the assets and liabilities, or consolidation, establish or operate branch offices in any recipr…

52.001 DEFINITIONS. § Subdivision 1.Application. For purposes of this chapter, the terms defined in this section have the meanings given. § Subd. 2.Board. "Board" means the board of directors of a credit union. § Subd. 3.Commissioner. "Commissioner" means the commissioner of the …

52.01 ORGANIZATION. Any seven residents of the state may apply to the commissioner of commerce for permission to organize a credit union. A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of c…

52.02 RESOLUTIONS, AMENDMENT OF BYLAWS AND CERTIFICATE OF ORGANIZATION, APPROVAL. § Subdivision 1.Amendment of bylaws by members. (a) If three percent or more of all members propose a resolution for action by the members to adopt, amend, or repeal bylaws adopted, amended, or repe…

52.03 "CREDIT UNION," UNLAWFUL USE. § Subdivision 1.Penalty. Except as provided in subdivision 2, it shall be a misdemeanor for any person, association, copartnership, or corporation, except corporations organized in accordance with the provisions of this chapter, to use the word…

52.04 POWERS. § Subdivision 1.Generally. A credit union has the following powers: (1) to offer its members and other credit unions various classes of shares, share certificates, deposits, or deposit certificates; (2) to receive the savings of its members either as payment on shar…

52.05 MEMBERSHIP. § Subdivision 1.Requirements. Credit union membership consists of the incorporators and other persons as may be elected to membership and subscribe to at least one share as designated by the board of directors, pay the initial installment thereon and the entranc…

52.06 SUPERVISION; REPORTS; AUDITS; FEES. § Subdivision 1.Report and audit schedule. Credit unions shall be under the supervision of the commissioner of commerce. Each credit union shall annually, on or before January 25, file a report with the commissioner of commerce on forms s…

52.062 CREDIT UNIONS; SUSPENSION OF OPERATION. § Subdivision 1.Reasons for commissioner's action. Whenever the commissioner of commerce shall find that a credit union is engaged in unsafe or unsound practices in conducting its business or that the shares of the members are impair…

52.063 PROCEEDINGS FOLLOWING SUSPENSION, CONTINUATION OF SUSPENSION, OR CONSENT CEASE AND DESIST ORDER; APPOINTMENT OF NATIONAL CREDIT UNION ADMINISTRATION BOARD AS RECEIVER. § Subdivision 1.Proceedings following suspension or continuation of suspension. Upon receipt of the suspe…

52.064 RECEIVERSHIP. § Subdivision 1.Ceasing operations; planning for return. A receiver shall take possession and control of all the books, assets, and records of the credit union, which shall not be subject to any levy or attachment, and shall cease or continue cessation of all…

52.065 CLIMATE RISK DISCLOSURE SURVEY. § Subdivision 1.Requirement. By July 30 each year, a credit union 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 submit a cli…

52.07 FISCAL YEAR; MEETINGS; VOTING. The fiscal year of all credit unions shall end December 31. General and special meetings may be held in the manner and for the purposes indicated in the bylaws. At least ten days before any regular meeting, and at least seven days before any s…

52.08 ANNUAL MEETING. At the annual meeting the credit union shall elect a board of directors of not less than five members and may elect a credit committee of not less than three members, all to hold office for the terms provided in the bylaws and until successors qualify. The c…

52.09 DIRECTORS; POWERS AND DUTIES. § Subdivision 1.Meetings; officers. At their first meeting, and annually thereafter at the first meeting following the annual meeting of members, the directors shall elect from their own number a president, vice president, and from their own nu…

52.10 CREDIT COMMITTEE; CREDIT MANAGER; POWERS. § Subdivision 1.Authority of credit committee. The credit committee shall have the general supervision of all loans to members as provided herein. Applications for loans shall be on a form prepared by the credit committee, shall set…

52.11 SUPERVISORY COMMITTEE; DUTIES. The supervisory committee shall: (1) make an examination of the affairs of the credit union at least semiannually, in June and December, including an audit of its books and, in the event the committee feels such action to be necessary, it shal…

52.12 CAPITAL; ENTRANCE FEES; CREDIT UNION TO HAVE LIEN. The capital of a credit union includes shares, share certificates, any special class of shares, undivided earnings, reserves, member investment shares, nonmember subordinated debt, member paid-in capital, and any entrance o…

52.13 DEPOSITS IN NAME OF MINOR. Any deposit made in the name of a minor, or shares issued in a minor's name, 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 in…

52.131 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…

52.137 INDIVIDUAL RETIREMENT ACCOUNTS. Notwithstanding sections 52.04, subdivision 1, clause (1), and 52.05, a credit union may receive payment as deposits to establish an individual retirement account for the spouse of a blood or adoptive relative of a regularly qualified member…

52.14 INTEREST ON LOANS. § Subdivision 1. [Repealed, 1982 c 494 s 5] § Subd. 2.Maximum allowable rate. Interest rates on unpaid balances of loans made by a credit union shall not exceed one percent a month or the rate of interest authorized by section 48.195, whichever is greater…

52.141 LOAN EXPENSES. In addition to the interest charged on loans, the borrowing member may be required to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting, or renewing of personal or real estate loans. The commissio…

52.15 BORROWING; LIMITATION. § Subdivision 1.Fifty percent of unimpaired assets. A credit union may borrow from any source, or sources, sums not exceeding in the aggregate 50 percent of its unimpaired assets. For the purposes of this subdivision, "unimpaired assets" mean total as…

52.16 LENDING; CONDITIONS. § Subdivision 1.Purposes; repayment; loans involving officers. A credit union may loan to members. Loans must be for a provident or productive purpose and are made subject to the conditions contained in the bylaws. A borrower may repay a loan, in whole …

52.165 GRADUATED PAYMENT HOME LOAN. § Subdivision 1.Definition. As used in this section, "graduated payment home loan" means a real estate loan made pursuant to section 52.16, whereunder initial periodic repayments are lower than those under the standard real estate loan having e…

52.17 RESERVE FUND. § Subdivision 1. [Repealed, 2002 c 342 s 11] § Subd. 2.Required liquidity. Every credit union shall maintain a reserve in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves must be …

52.18 DIVIDENDS. The directors of a credit union may, on a daily, monthly, quarterly, semiannual, or annual basis as its board of directors may determine, declare and pay a dividend from net earnings or accumulated net undivided profits remaining after statutory reserve has been …

52.19 EXPULSION OR WITHDRAWAL OF MEMBERS. § Subdivision 1.General regulation. A member may be expelled by a two-thirds vote of the members present at a special meeting called to consider the matter, but only after a hearing. A member may also be expelled by the board of directors…

52.191 INACTIVE ACCOUNTS. Whenever a member's share or deposit balance is less than $25 and the member has not transacted any business with the credit union for a period of at least three years, the board of directors, after giving 30 days' written notice by certified mail to the…

52.20 VOLUNTARY DISSOLUTION. § Subdivision 1.Special meeting; liquidation committee. A credit union may be voluntarily liquidated after two-thirds of the members present and entitled to vote shall have voted such liquidation at a special meeting called by a majority of the board …

52.201 REORGANIZING FEDERAL CREDIT UNION INTO STATE CREDIT UNION. When any federal credit union authorized to convert to a state charter has taken the necessary steps under the federal law for that purpose, upon the affirmative vote of a majority of the members who vote on the pr…

52.202 DIRECTORS MAY EXECUTE CERTIFICATES. When any state credit union authorized to dissolve has taken the necessary steps for that purpose, pursuant to section 52.20, excepting the necessity for the appointment of a liquidating committee and filing a bond, the number of its mem…

52.203 MERGER OR CONSOLIDATION. Any credit union chartered by this state may merge with and be absorbed by any other state or federal credit union, and any credit union chartered by this or any other state or any federal credit union may be merged into a successor credit union ch…

52.21 CHANGE OF PLACE OF BUSINESS. A credit union may change its place of business within this state only with the written consent of the commissioner of commerce. The commissioner of commerce shall consent, or give notice to the credit union of failure to consent, within 60 days…

52.211 STUDENT EDUCATION PROGRAMS. A credit union is allowed to establish part-time deposit-taking locations at elementary and secondary schools provided that the locations are established in connection with student education programs approved by the school administration and con…

52.212 SENIOR CITIZEN LOCATIONS. In addition to its primary member location, a credit union may operate part-time locations in nursing homes and senior citizen housing facilities if they are operated in a manner consistent with safe and sound practices. History: 1999 c 151 s 27

52.23 [Obsolete]

52.24 MANDATORY SHARE AND DEPOSIT INSURANCE. § Subdivision 1.Insurance accounts. Every credit union under the supervision of the commissioner of commerce shall at all times maintain in effect insurance of member share and deposit accounts under the provisions of title II of the N…

53.01 ORGANIZATION. It is lawful for three or more persons, who desire to form a corporation for the purpose of carrying on primarily the business of loaning money to persons within the conditions set forth in this chapter, to organize, under this chapter, an industrial loan and …

53.015 DEFINITIONS. § Subdivision 1.Applicability. For the purposes of this chapter, the terms defined in this section shall have the meanings given them. § Subd. 2.Surplus. "Surplus" means the sum total of all funds: (1) received as consideration in excess of the par value of pr…

53.02 CAPITAL. No corporation shall be organized under this chapter or qualified to do business thereunder with a capital represented by shares of common stock of less than $25,000 in cities with less than 50,000 people; $50,000 in cities with more than 50,000 people and less tha…

53.03 CERTIFICATE. § Subdivision 1.Application, fee, notice. Any corporation hereafter organized as an industrial loan and thrift company, shall, after compliance with the requirements set forth in sections 53.01 and 53.02, file a written application with the Department of Commer…

53.04 SPECIAL POWERS. § Subdivision 1.Authorization. Industrial loan and thrift companies, in addition to the general and usual powers incidental to ordinary corporations in this state, which are not specifically restricted in this chapter, shall have the special powers enumerate…