Section 48.39 — Trust Accounts Recorded.
48.39 TRUST ACCOUNTS RECORDED. Besides its general books of account, it shall keep separate books of account for all fiduciary accounts. All funds and property held by it in a fiduciary capacity shall at all times be kept separate from its own funds and property, and all fiduciary funds deposited or held as fiduciary by […]
Section 48.194 — Installment Sales Contracts; Loans.
48.194 INSTALLMENT SALES CONTRACTS; LOANS. A person may enter into a credit sale or service contract for sale to a state or national bank doing business in this state, and a bank may purchase and enforce the contract under the terms and conditions set forth in sections 47.59, subdivisions 2 and 4 to 14; and […]
Section 48.195 — Interest Rates; Usury Limit For Depository Institutions.
48.195 INTEREST RATES; USURY LIMIT FOR DEPOSITORY INSTITUTIONS. Notwithstanding any law to the contrary, a bank, savings bank, savings association, or credit union organized under the laws of this state, or a national bank or federally chartered savings bank, savings association, or credit union, doing business in this state, may charge on any loan or […]
Section 48.196 — Penalty For Usurious Interest.
48.196 PENALTY FOR USURIOUS INTEREST. The taking, receiving, reserving or charging by a lender of a rate of interest greater than is allowed by state law shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid […]
Section 48.20 — Unauthorized Pledges, Notes, Liens Void.
48.20 UNAUTHORIZED PLEDGES, NOTES, LIENS VOID. Any note, endorsement, guaranty, pledge, hypothecation, lien or other obligation given contrary to the provisions of sections 48.16 to 48.18 shall be null and void. History: (7699-18) 1927 c 257 s 5
Section 48.21 — Real Estate; Restrictions On Holding.
48.21 REAL ESTATE; RESTRICTIONS ON HOLDING. Subdivision 1. Specific restrictions. (a) A bank may purchase, carry as an asset, and convey real estate only: (1) as provided for in section 47.10; (2) if acquired through foreclosure of a mortgage given to it in good faith as security for loans made by or money due to […]
Section 48.221 — Reserves.
48.221 RESERVES. A state bank or trust company shall maintain reserves in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves shall be in cash, cash items in process of collection, short term obligations of or demand balances with other insured financial institutions in the […]
Section 48.23 — Bank Not To Lend On Its Own Stock Or Purchase Same.
48.23 BANK NOT TO LEND ON ITS OWN STOCK OR PURCHASE SAME. Any such bank shall make no loan or discount on the security of its own capital stock, nor be the purchaser or holder thereof, unless necessary to prevent loss upon a debt previously contracted in good faith, and all stock so acquired shall […]
Section 48.24 — Restrictions Upon Total Liabilities To A Bank.
48.24 RESTRICTIONS UPON TOTAL LIABILITIES TO A BANK. Subdivision 1. Total liabilities of any individual. The total liabilities to any such bank, as principal, guarantor or endorser of any individual, including the liabilities of any corporation or limited liability company in which the individual owns or controls a majority interest, any partnership, unincorporated association, limited […]
Section 48.245 — War Veteran; Minority; Contract For Loan.
48.245 WAR VETERAN; MINORITY; CONTRACT FOR LOAN. The disability of minority of any person otherwise eligible for guaranty or insurance pursuant to the Servicemen’s Readjustment Act of 1944, as amended (Public Law 346, 78th Congress, as amended), the National Housing Act, as amended (Public Law 475, 81st Congress), or the Defense Housing and Community Facilities […]