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 business thereof. Subd. 2. Rulemaking. The commissioner of commerce may promulgate rules as necessary […]
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, chapter 201, were conferred by law upon the public examiner, and shall […]
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 must be signed by two or more of the incorporators and request a […]
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 contemplates the reorganization of a national […]
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 volume of business in this location is sufficient to insure […]
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 insuring deposits in banking institutions. In the case of fiduciary funds deposited with […]
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 the word defined in subdivision 3, for the purposes of chapters […]
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, including an out-of-state bank holding company, shall file notice of the proposed […]
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 control of the commissioner of commerce. If, and whenever in the performance of duties, the commissioner finds […]
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 examination and ascertaining the true condition of the corporation; willfully obstruct […]
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 examining financial institutions under the commissioner’s supervision only when and to the extent […]
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 and responsibilities entrusted, subject to such rules as may be established by civil service with regard to […]
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 financial institutions shall be interested, either directly or indirectly, as a stockholder, director, officer, trustee, […]
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 knowledge of the violation. History: (5328-1) 1931 c 43 s 2; 1983 c […]
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 represented and the number of examiners or assistants available, and shall […]
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 recommendations and suggestions as the examiner may deem advisable. History: (5330) 1909 c 201 s […]
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, in accordance with the provisions of this section. Subd. 2. Assessment authority. Each financial institution governed by chapters 46 […]
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 under the supervision and control of the commissioner of commerce, with the […]
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 be paid out of the funds of […]
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 committee report, or any correspondence with reference to any examination report. After a period of […]
