52.001 DEFINITIONS. Subdivision 1. Application. For purposes of this chapter, the terms defined in this section have the meanings given. Subd. 2. Board. “Board” means the board of directors of a credit union. Subd. 3. Commissioner. “Commissioner” means the commissioner of the Department of Commerce. Subd. 4. Credit union. “Credit union” means a cooperative, not-for-profit […]
52.01 ORGANIZATION. Any seven residents of the state may apply to the commissioner of commerce for permission to organize a credit union. A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest for provident […]
52.02 RESOLUTIONS, AMENDMENT OF BYLAWS AND CERTIFICATE OF ORGANIZATION, APPROVAL. Subdivision 1. Amendment of bylaws by members. (a) If three percent or more of all members propose a resolution for action by the members to adopt, amend, or repeal bylaws adopted, amended, or repealed by the board and the resolution sets forth the provisions proposed […]
52.03 “CREDIT UNION,” UNLAWFUL USE. Subdivision 1. Penalty. Except as provided in subdivision 2, it shall be a misdemeanor for any person, association, copartnership, or corporation, except corporations organized in accordance with the provisions of this chapter, to use the words “credit union” in their name or title. Subd. 2. Reciprocity. With the approval of […]
52.04 POWERS. Subdivision 1. Generally. A credit union has the following powers: (1) to offer its members and other credit unions various classes of shares, share certificates, deposits, or deposit certificates; (2) to receive the savings of its members either as payment on shares or as deposits, including the right to conduct Christmas clubs, vacation […]
52.05 MEMBERSHIP. Subdivision 1. Requirements. Credit union membership consists of the incorporators and other persons as may be elected to membership and subscribe to at least one share as designated by the board of directors, pay the initial installment thereon and the entrance fee if any. In addition to a regularly qualified member, the spouse […]
52.06 SUPERVISION; REPORTS; AUDITS; FEES. Subdivision 1. Report and audit schedule. Credit unions shall be under the supervision of the commissioner of commerce. Each credit union shall annually, on or before January 25, file a report with the commissioner of commerce on forms supplied by the commissioner for that purpose giving such relevant information as […]
52.062 CREDIT UNIONS; SUSPENSION OF OPERATION. Subdivision 1. Reasons for commissioner’s action. Whenever the commissioner of commerce shall find that a credit union is engaged in unsafe or unsound practices in conducting its business or that the shares of the members are impaired or are in immediate danger of becoming impaired, or that such credit […]
52.063 PROCEEDINGS FOLLOWING SUSPENSION, CONTINUATION OF SUSPENSION, OR CONSENT CEASE AND DESIST ORDER; APPOINTMENT OF NATIONAL CREDIT UNION ADMINISTRATION BOARD AS RECEIVER. Subdivision 1. Proceedings following suspension or continuation of suspension. Upon receipt of the suspension notice or the notice of the continuation of suspension under section 52.062, subdivision 2 or 3, the credit union […]
52.064 RECEIVERSHIP. Subdivision 1. Ceasing operations; planning for return. A receiver shall take possession and control of all the books, assets, and records of the credit union, which shall not be subject to any levy or attachment, and shall cease or continue cessation of all operations except those which have been authorized by the court. […]
52.07 FISCAL YEAR; MEETINGS; VOTING. The fiscal year of all credit unions shall end December 31. General and special meetings may be held in the manner and for the purposes indicated in the bylaws. At least ten days before any regular meeting, and at least seven days before any special meeting, written notice shall be […]
52.08 ANNUAL MEETING. At the annual meeting the credit union shall elect a board of directors of not less than five members and may elect a credit committee of not less than three members, all to hold office for the terms provided in the bylaws and until successors qualify. The credit union must have a […]
52.09 DIRECTORS; POWERS AND DUTIES. Subdivision 1. Meetings; officers. At their first meeting, and annually thereafter at the first meeting following the annual meeting of members, the directors shall elect from their own number a president, vice president, and from their own number or otherwise a treasurer, and secretary, of whom the last two named […]
52.10 CREDIT COMMITTEE; CREDIT MANAGER; POWERS. Subdivision 1. Authority of credit committee. The credit committee shall have the general supervision of all loans to members as provided herein. Applications for loans shall be on a form prepared by the credit committee, shall set forth the purpose for which the loan is desired, the security, if […]
52.11 SUPERVISORY COMMITTEE; DUTIES. The supervisory committee shall: (1) make an examination of the affairs of the credit union at least semiannually, in June and December, including an audit of its books and, in the event the committee feels such action to be necessary, it shall call the members together thereafter and submit to them […]
52.12 CAPITAL; ENTRANCE FEES; CREDIT UNION TO HAVE LIEN. The capital of a credit union includes shares, share certificates, any special class of shares, undivided earnings, reserves, member investment shares, nonmember subordinated debt, member paid-in capital, and any entrance or membership fees. The credit union shall have a lien on the shares and deposits of […]
52.13 DEPOSITS IN NAME OF MINOR. Any deposit made in the name of a minor, or shares issued in a minor’s name, shall be held for the exclusive right and benefit of the minor, free from the control or lien of all other persons except creditors, and together with the dividends or interest thereon shall […]
52.131 MULTIPARTY ACCOUNTS. When any deposit is made in the names of two or more persons jointly, or by any person payable on death (P.O.D.) to another, or by any person in trust for another, the rights of the parties and the financial institution are determined by chapter 524. History: 1985 c 292 s 7; […]
52.137 INDIVIDUAL RETIREMENT ACCOUNTS. Notwithstanding sections 52.04, subdivision 1, clause (1), and 52.05, a credit union may receive payment as deposits to establish an individual retirement account for the spouse of a blood or adoptive relative of a regularly qualified member if the blood or adoptive relative is a member of the credit union. History: […]
52.14 INTEREST ON LOANS. Subdivision 1. [Repealed, 1982 c 494 s 5] Subd. 2. Maximum allowable rate. Interest rates on unpaid balances of loans made by a credit union shall not exceed one percent a month or the rate of interest authorized by section 48.195, whichever is greater at the time the loan is made. […]
