Section 47.201 — Graduated Payment Mortgages And Cooperative Apartment Loans.
47.201 GRADUATED PAYMENT MORTGAGES AND COOPERATIVE APARTMENT LOANS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision shall have the meanings given them: (1) “Financial institution” means a state bank or trust company, a national banking association, a state or federally chartered savings association, a mortgage bank, or savings […]
Section 47.203 — Federal Preemption Override.
47.203 FEDERAL PREEMPTION OVERRIDE. The provisions of Public Law 96-221, title V, part A, section 501(a)(1) (United States Code, title 12, section 1735f-7a), do not apply with respect to a loan, mortgage, credit sale or advance made in this state after June 2, 1981, nor with respect to a loan, mortgage, credit sale or advance […]
Section 47.204 — Temporary Removal Of Mortgage Usury Limits.
47.204 TEMPORARY REMOVAL OF MORTGAGE USURY LIMITS. Subdivision 1. Limits on interest and other charges. Notwithstanding any law to the contrary, except as stated in section 58.137, no limitation on the rate or amount of interest, points, finance charges, fees, or other charges applies to a loan, mortgage, credit sale, or advance as described in […]
Section 47.15 — Bylaws.
47.15 BYLAWS. Subdivision 1. Adoption of bylaws. Initial bylaws may be adopted pursuant to section 302A.171 by the incorporators. If not adopted by the incorporators, the bylaws must be adopted by the first board. Unless reserved by the articles to the shareholders, the power to adopt, amend, or repeal the bylaws is vested in the […]
Section 47.16 — Certification By Commissioner.
47.16 CERTIFICATION BY COMMISSIONER. Subdivision 1. Filing. The certificate of a corporation must be filed for record with the commissioner of commerce. If the commissioner of commerce finds that it conforms to law and that the required fee has been paid, the commissioner of commerce must record it and certify that fact on it. Subd. […]
Section 47.171 — Certificates Of Incorporation, Amendment; Exceptions.
47.171 CERTIFICATES OF INCORPORATION, AMENDMENT; EXCEPTIONS. The certificate of incorporation of a financial corporation organized and existing under the laws of this state may be amended to change its name; to increase or decrease its capital stock; to change the number and, subject to section 48.02, the par value of the shares of its capital […]
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 […]
Section 47.18 — “corporation”; “agency.”
47.18 “CORPORATION”; “AGENCY.” For the purpose of this section and section 47.19, the term “corporation” shall be construed to mean any bank, savings bank, trust company, insurance company, or savings association organized under the laws of this state; and the term “agency” shall be construed to mean the federal home loan bank of the district […]
Section 47.19 — Corporation May Be Member Or Stockholder Of Federal Agency.
47.19 CORPORATION MAY BE MEMBER OR STOCKHOLDER OF FEDERAL AGENCY. Any corporation is hereby empowered and authorized to become a member of, or stockholder in, any such agency, and to that end to purchase stock in, or securities of, or deposit money with, such agency and/or to comply with any other conditions of membership or […]
Section 47.07 — Companies Subject To Provisions.
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 […]