Section 47.60 — Consumer Small Loans.
47.60 CONSUMER SMALL LOANS. Subdivision 1. Definitions. For purposes of this section, the terms defined have the meanings given them: (a) “Consumer small loan” is a loan transaction in which cash is advanced to a borrower for the borrower’s own personal, family, or household purpose. A consumer small loan is a short-term, unsecured loan to […]
Section 47.601 — Consumer Short-term Loans.
47.601 CONSUMER SHORT-TERM LOANS. Subdivision 1. Definitions. (a) For the purposes of this section, the terms defined in this subdivision have the meanings given. (b) “Borrower” means an individual who obtains a consumer short-term loan primarily for personal, family, or household purposes. (c) “Commissioner” means the commissioner of commerce. (d) “Consumer short-term loan” means a […]
Section 47.602 — Motor Vehicle Title Loans.
47.602 MOTOR VEHICLE TITLE LOANS. Subdivision 1. Definitions. (a) The terms defined in this section have the meanings given them. (b) “Automobile dealer” means a dealer, as defined in section 168.002, subdivision 6, and a used motor vehicle dealer. (c) “Banking institution” means a banking institution, as defined in section 48.01, subdivision 2, and includes […]
Section 47.54 — Notices And Approval Procedures.
47.54 NOTICES AND APPROVAL PROCEDURES. Subdivision 1. Application. Any bank desiring to establish a detached facility shall execute and acknowledge a written application in the form prescribed by the commissioner and shall file the application in the commissioner’s office with a fee of $500. The applicant shall within 30 days of the receipt of the […]
Section 47.55 — Existing Banking Facilities Or Branches Of Savings Associations.
47.55 EXISTING BANKING FACILITIES OR BRANCHES OF SAVINGS ASSOCIATIONS. Subdivision 1. Banking facilities in operation prior to May 1, 1971. A bank may retain and operate one detached facility as it may have had in operation prior to May 1, 1971 without requirement of approval hereunder. Subd. 2. Facilities of banks or branches of savings […]
Section 47.56 — Transfer Of Location.
47.56 TRANSFER OF LOCATION. The location of a detached facility transferred to another location outside of a radius of three miles measured in a straight line is subject to the same procedures and approval as required hereunder for establishing a new detached facility. The location of a detached facility transferred to another location within the […]
Section 47.561 — Identification Of Detached Facility.
47.561 IDENTIFICATION OF DETACHED FACILITY. A detached facility must be properly identified at its location in a manner which includes the name of the parent bank. A detached facility in existence on March 19, 1982 must comply with this section by December 31, 1982. History: 1982 c 473 s 7
Section 47.57 — Violation; Penalties.
47.57 VIOLATION; PENALTIES. A violation of sections 47.51 to 47.57 shall be subject to penalties applicable to violations of laws affecting banks. In addition, a violation of sections 47.51 to 47.57 may be enjoined by a civil action for injunction by any aggrieved bank. History: 1971 c 855 s 7
Section 47.58 — Reverse Mortgage Loans.
47.58 REVERSE MORTGAGE LOANS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) “Reverse mortgage loan” means a loan: (1) made to a borrower wherein the committed principal amount is paid to the borrower in equal or unequal installments over a period of […]
Section 47.27 — Definitions.
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 to them. Subd. 2. Savings bank. “Savings bank” shall have the […]