Section 47.205 — Assignment Of Mortgage; Duties; Penalties.
47.205 ASSIGNMENT OF MORTGAGE; DUTIES; PENALTIES. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) “Lender” means all state banks and trust companies, national banking associations, state and federally chartered savings associations, mortgage banks, savings banks, insurance companies, credit unions making a loan, […]
Section 47.206 — Interest Rate Or Discount Point Agreements.
47.206 INTEREST RATE OR DISCOUNT POINT AGREEMENTS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) “Lender” means a person or entity referred to in section 47.20, subdivision 1, a credit union, or a person making a conventional loan as defined under section […]
Section 47.207 — Cancellation Of Private Mortgage Insurance.
47.207 CANCELLATION OF PRIVATE MORTGAGE INSURANCE. Subdivision 1. Definitions. For the purposes of this section, the following terms have the meanings given: (a) “Current fair market value” means the value of the mortgagor’s property determined by an appraisal conducted within 90 days of a mortgagor’s written request for cancellation of private mortgage insurance. The appraisal […]
Section 47.208 — Delivery Of Satisfaction Of Mortgage.
47.208 DELIVERY OF SATISFACTION OF MORTGAGE. Subdivision 1. Delivery required. Upon written request, a good and valid satisfaction of mortgage in recordable form shall be delivered to any party paying the full and final balance of a mortgage indebtedness that is secured by Minnesota real estate; such delivery shall be in hand or by certified […]
Section 47.209 — Manufactured Home Financing; Property Tax Collection Requirement.
47.209 MANUFACTURED HOME FINANCING; PROPERTY TAX COLLECTION REQUIREMENT. Subdivision 1. Applicability. This section applies to any agreement entered into after December 31, 1992, for the financing or refinancing of a purchase of a manufactured home. As used in this section and section 277.17, “lender” includes a state bank and trust company, national banking association, state […]
Section 47.21 — Inapplicable Laws; Authorized Investments.
47.21 INAPPLICABLE LAWS; AUTHORIZED INVESTMENTS. Subdivision 1. Limits relating to loans. No other law in this state, except as stated in section 58.137, prescribing the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of […]
Section 47.23 — Use Of Certain Words Permitted.
47.23 USE OF CERTAIN WORDS PERMITTED. Subdivision 1. Savings, trust, safe deposit. Except as specifically authorized by other laws of this state, no individual, partnership, unincorporated association, or corporation, other than a savings bank, safe deposit company, or trust company, holding an effective certificate of authority or license issued by the commissioner of commerce and […]
Section 47.24 — Failure To Report; Forfeitures.
47.24 FAILURE TO REPORT; FORFEITURES. Every corporation which shall fail to make and transmit to the commissioner of commerce, within ten days after the time prescribed by law therefor, any report required by the provisions of this chapter, or by other lawful authority, or shall fail to include therein any matter required by the commissioner […]
Section 47.25 — Notice Of Meetings.
47.25 NOTICE OF MEETINGS. At least 30 days prior to any annual, and at least ten days prior to any special, meeting of its stockholders, mailed notice shall be given to each stockholder, specifying the time, place, and purpose thereof; also a notice of any resolution or proposition on which action is proposed to be […]
Section 47.172 — Restated Certificates Of Incorporation.
47.172 RESTATED CERTIFICATES OF INCORPORATION. Subdivision 1. Procedure. A financial corporation may by action taken in the same manner required for amendment of certificates of incorporation adopt a restated certificate of incorporation consisting of the certificate of incorporation as amended to date. The restated certificate of incorporation may be adopted in connection with an amendment […]