47.01 DEFINITIONS. Subdivision 1. Terms. Unless the language or context clearly indicates that a different meaning is intended, the following terms, for the purposes of this chapter, shall be given the meanings ascribed to them. Subd. 2. Bank. A bank is a corporation under public control, having a place of business where credits are opened […]
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 indebtedness for investment, savings associations, national banking associations, Federal Reserve banks, federal savings associations, and federal savings […]
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 commissioner of commerce. Subd. 3. Financial institution. “Financial institution” includes a bank, a savings bank, a […]
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 any or all of their offices. In addition, if the commissioner […]
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 the reasonable exercise of their discretion, to determine not to open any of […]
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. History: 1971 c 318 s 4; 1994 c 382 s 3
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 closed, then with respect to the […]
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 notice is given to the commissioner. History: 1Sp1985 c 13 s […]
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 insurance as defined in section 62B.02. (c) “Officer,” “director,” “employee,” and “shareholder” include the spouse and minor […]
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 advanced on stocks, […]
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 commissioner of commerce, to engage in the business of banking and is not subject to […]
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 upon banks or trust companies under any law of this state, shall be subject […]
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 proposed articles of incorporation with the commissioner of commerce. History: […]
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, or assets of any other financial institution or institutions, whether or not such other financial institution or […]
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 receiving the deposit shall give mailed written notice to the […]
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 others, shall not be more than as follows: (1) for a bank, trust company, savings […]
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 otherwise as provided for in this section. Subd. 2. Banking institutions; certain relocations, applications, […]
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 corporations operating in the state, and if it is likely […]
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 investment, domestic or foreign, dealing in gold and silver bullion and foreign coins, issuing circulating […]
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 302A.215, subdivisions 2 and 3, only apply if the corporation’s certificate of incorporation provides cumulative […]
