48.15 SPECIAL POWERS. Subdivision 1. Authority. In addition to the inherent and granted powers of corporations in general, any such bank shall have power to exercise, by its board of directors, or duly authorized officers and agents, subject to law, all such powers as shall be necessary to carry on the business of banking by […]
48.151 ADDITIONAL POWERS. Any bank, savings bank, or trust company organized under the laws of this state, or any national banking association doing business in this state, shall have the power to advertise for sale and sell for a fee money orders, traveler’s checks, cashier’s checks, drafts, registered checks, and certified checks and no other […]
48.152 STATE BANK ACQUISITION AND LEASING OF PERSONAL PROPERTY. Subdivision 1. Authorization. A state bank may acquire and lease or participate in the acquisition and leasing of personal property to customers, and may incur such additional obligations as may be incidental to becoming an owner and lessor of such property, subject to the rules of […]
48.153 INSTALLMENT LOANS; FINANCE CHARGES; MINIMUM CHARGES. Subdivision 1. [Repealed, 1982 c 494 s 5] Subd. 1a. Authorized rate of interest charged by banks or banking associations. A bank organized under the laws of this state, or a national banking association doing business in this state, making a loan of money not exceeding $35,000 repayable […]
48.154 PREPAYMENT, EXTENSION OF TERMS. The borrower may repay the entire balance or any portion of the balance of an installment loan in advance without penalty. An installment loan contract may provide that the parties, before or after default, may agree in writing to an extension of all or part of the unpaid installments and […]
48.155 ALLOWABLE ADDITIONAL CHARGES. No charge other than those provided for in sections 48.153 and 48.154 shall be made directly or indirectly for any such installment loan except that there may be charged to the borrower or included in the amount financed: (a) any lawful fees paid or to be paid by the lender to […]
48.156 LOAN DUE ON DEFAULT. Nothing in sections 48.153 to 48.157 shall prohibit the lender from declaring the whole of such loan immediately due and payable upon default if the loan agreement shall so provide. History: 1945 c 544 s 4
48.157 COPY OF NOTE TO BORROWER. At the time of making an installment loan under the provisions of sections 48.153 to 48.157, the borrower shall be furnished a signed copy of the note and also a copy or statement of all charges made by the bank on such loan. History: 1945 c 544 s 5; […]
48.158 SETTLEMENT OF CHECKS AT LESS THAN PAR. No bank or trust company organized under the laws of this state shall settle any check drawn on it otherwise than at par. The provisions of this section shall not apply with respect to the settlement of a check sent to such bank or trust company as […]
48.16 BANKS MAY NOT PLEDGE ASSETS; EXCEPTIONS. No bank or trust company shall pledge, hypothecate, assign, transfer, or create a lien upon or charge against any of its assets except as follows: (1) to the state; (2) to secure public deposits; (3) to secure funds of trustees in bankruptcy; (4) to secure money borrowed in […]
48.17 POWERS OF OFFICERS OR EMPLOYEES. No officer or employee of a bank or trust company shall have power or authority to borrow money, execute guaranties or endorse, otherwise than without recourse, pledge or hypothecate any note, bond, or other obligation belonging to the bank or trust company unless the power and authority shall have […]
48.18 PLEDGES OR LIENS OF ASSETS SUBJECT TO PRIOR LIENS. No bank or trust company shall pledge or hypothecate or create a lien upon or charge against any of its assets subject to a prior lien, hypothecation, or charge. History: (7699-16) 1927 c 257 s 3
48.185 OPEN END LOAN ACCOUNT ARRANGEMENTS. Subdivision 1. Authorization. Any bank organized under the laws of this state, any national banking association doing business in this state, any savings bank organized and operated pursuant to chapter 50, any savings association organized under chapter 51A, and any federally chartered savings association, may extend credit through an […]
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 […]
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 […]
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 […]
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
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 […]
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 […]
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 […]
