Section 51A.54 — Insolvent Associations Liquidated.
51A.54 INSOLVENT ASSOCIATIONS LIQUIDATED. Insolvent associations shall be liquidated under and pursuant to the statutes relating to the liquidation of insolvent banks. History: 1969 c 490 s 54; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1
Section 51A.38 — Loan Plans.
51A.38 LOAN PLANS. Subdivision 1. Generally. Real estate loans and other loans secured by a mortgage on real estate that are eligible for investment by an association under sections 51A.01 to 51A.57 may be written according to this section and section 51A.386, or upon any other plan approved by the commissioner. Subd. 2. Appraisal. No […]
Section 51A.386 — Terms And Conditions Of Loans, Contracts, And Extensions Of Credit.
51A.386 TERMS AND CONDITIONS OF LOANS, CONTRACTS, AND EXTENSIONS OF CREDIT. Subdivision 1. Application. Except as otherwise provided in this section, this section applies to loans made and contracts purchased by federal and state associations, and “association” as used in this section applies to federal and state associations. Subd. 2. Finance charge for credit sales […]
Section 51A.40 — Dealing With Successors In Interest.
51A.40 DEALING WITH SUCCESSORS IN INTEREST. In the case of any investment made by an association in a loan secured by a mortgage on real property, including a real estate loan, in the event the ownership of the real estate security or any part thereof becomes vested in a person other than the party or […]
Section 51A.41 — Right To Act To Avoid Loss.
51A.41 RIGHT TO ACT TO AVOID LOSS. Nothing in sections 51A.01 to 51A.57 or the statute law of the state shall be construed as denying to an association the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be […]
Section 51A.42 — Savings Associations.
51A.42 SAVINGS ASSOCIATIONS. Subdivision 1. Commerce Department to control. The Department of Commerce shall have charge of the execution of all laws relating to the savings associations chartered under the laws of Minnesota and the business thereof. Subd. 2. Supervisor. The commissioner may appoint a savings association supervisor, whose duties shall be the supervision of […]
Section 51A.43 — Supervisory Power Of Commissioner.
51A.43 SUPERVISORY POWER OF COMMISSIONER. The commissioner shall have general supervision over all associations, service organizations the principal offices of which are located in this state and which are principally owned by one or more thrift institutions, and corporations which are subject to the provisions of sections 51A.01 to 51A.57 as provided in section 46.06. […]
Section 51A.44 — Reports And Examinations.
51A.44 REPORTS AND EXAMINATIONS. Subdivision 1. Annual report. On or before the last day of April in each year, every association shall make an annual written report to the commissioner, upon a form to be prescribed and furnished by the commissioner, of its affairs and operations, which shall include a complete statement of its financial […]
Section 51A.45 — Enforcement And Conservatorship.
51A.45 ENFORCEMENT AND CONSERVATORSHIP. Subdivision 1. Commissioner may order association to discontinue any illegal practice. If the commissioner, as a result of any examination or from any report made, shall find that any association is violating the provisions of its certificate of incorporation or bylaws, or the laws of this state or of the United […]
Section 51A.46 — Receivership.
51A.46 RECEIVERSHIP. Subdivision 1. Appointment of receiver. If the commissioner shall find that any association: (a) is in an impaired condition; (b) is engaging in practices which threaten to result in an impaired condition; or (c) is in violation of an order or injunction, as provided in section 51A.45, which has become final in that […]