Section 47.016 — Disposition Of Credit Insurance Income.
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 […]
Section 47.02 — “bank” And “savings Bank.”
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, […]
Section 47.03 — Use Of Certain Words Permitted.
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 […]
Section 47.015 — Closing On Certain Days.
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 […]
Section 47.0151 — Emergency Suspension Of Business, Definitions.
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 […]
Section 47.0152 — Emergency Closings; Power Of Commissioner.
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 […]
Section 47.0153 — Closings; Powers Of Officers.
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 […]
Section 47.0154 — Notice To Commissioner.
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
Section 47.0155 — Effect Of Closing.
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 […]
Section 47.01 — Definitions.
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 […]