52.141 LOAN EXPENSES. In addition to the interest charged on loans, the borrowing member may be required to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting, or renewing of personal or real estate loans. The commissioner of commerce may prescribe by rule which of said expenses may be charged […]
52.15 BORROWING; LIMITATION. Subdivision 1. Fifty percent of unimpaired assets. A credit union may borrow from any source, or sources, sums not exceeding in the aggregate 50 percent of its unimpaired assets. For the purposes of this subdivision, “unimpaired assets” mean total assets less borrowings, including all forms of indebtedness, accounts payable, and any amount […]
52.16 LENDING; CONDITIONS. Subdivision 1. Purposes; repayment; loans involving officers. A credit union may loan to members. Loans must be for a provident or productive purpose and are made subject to the conditions contained in the bylaws. A borrower may repay a loan, in whole or in part, any day the office of the credit […]
52.165 GRADUATED PAYMENT HOME LOAN. Subdivision 1. Definition. As used in this section, “graduated payment home loan” means a real estate loan made pursuant to section 52.16, whereunder initial periodic repayments are lower than those under the standard real estate loan having equal periodic repayments, and gradually rise to a predetermined point after which they […]
52.17 RESERVE FUND. Subdivision 1. [Repealed, 2002 c 342 s 11] Subd. 2. Required liquidity. Every credit union shall maintain a reserve in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves must be in cash and balances due from solvent banks or which may […]
52.18 DIVIDENDS. The directors of a credit union may, on a daily, monthly, quarterly, semiannual, or annual basis as its board of directors may determine, declare and pay a dividend from net earnings or accumulated net undivided profits remaining after statutory reserve has been set aside, which dividend may be paid on all shares whether […]
52.19 EXPULSION OR WITHDRAWAL OF MEMBERS. Subdivision 1. General regulation. A member may be expelled by a two-thirds vote of the members present at a special meeting called to consider the matter, but only after a hearing. A member may also be expelled by the board of directors in accordance with a procedure and policy […]
52.191 INACTIVE ACCOUNTS. Whenever a member’s share or deposit balance is less than $25 and the member has not transacted any business with the credit union for a period of at least three years, the board of directors, after giving 30 days’ written notice by certified mail to the last known address of the member, […]
52.20 VOLUNTARY DISSOLUTION. Subdivision 1. Special meeting; liquidation committee. A credit union may be voluntarily liquidated after two-thirds of the members present and entitled to vote shall have voted such liquidation at a special meeting called by a majority of the board of directors for that purpose, upon 14 days mailed written notice to each […]
52.201 REORGANIZING FEDERAL CREDIT UNION INTO STATE CREDIT UNION. When any federal credit union authorized to convert to a state charter has taken the necessary steps under the federal law for that purpose, upon the affirmative vote of a majority of the members who vote on the proposal, a quorum being present, at a regular […]
52.202 DIRECTORS MAY EXECUTE CERTIFICATES. When any state credit union authorized to dissolve has taken the necessary steps for that purpose, pursuant to section 52.20, excepting the necessity for the appointment of a liquidating committee and filing a bond, the number of its members required by federal law may execute a certificate of incorporation under […]
52.203 MERGER OR CONSOLIDATION. Any credit union chartered by this state may merge with and be absorbed by any other state or federal credit union, and any credit union chartered by this or any other state or any federal credit union may be merged into a successor credit union chartered by this state, upon approval […]
52.21 CHANGE OF PLACE OF BUSINESS. A credit union may change its place of business within this state only with the written consent of the commissioner of commerce. The commissioner of commerce shall consent, or give notice to the credit union of failure to consent, within 60 days of the date the request for a […]
52.211 STUDENT EDUCATION PROGRAMS. A credit union is allowed to establish part-time deposit-taking locations at elementary and secondary schools provided that the locations are established in connection with student education programs approved by the school administration and consistent with safe and sound financial institution practices. For purposes of this section, students do not need to […]
52.212 SENIOR CITIZEN LOCATIONS. In addition to its primary member location, a credit union may operate part-time locations in nursing homes and senior citizen housing facilities if they are operated in a manner consistent with safe and sound practices. History: 1999 c 151 s 27
52.24 MANDATORY SHARE AND DEPOSIT INSURANCE. Subdivision 1. Insurance accounts. Every credit union under the supervision of the commissioner of commerce shall at all times maintain in effect insurance of member share and deposit accounts under the provisions of title II of the National Credit Union Act. A credit union which fails to meet this […]
