reglab/housing_qa huggingface dataset:
MN Stat § 48.10 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.10 — Annual Audit; Report.

48.10 ANNUAL AUDIT; REPORT. The board of directors of a bank, bank and trust, or trust company shall annually examine its books, either in person, or by appointing an examining committee, or an auditor, who may be an independent auditor or accountant. The examining committee or auditor shall be solely responsible to the directors. A report shall be made to the directors as to the scope of the examination or audit, and also to show those assets, excluding marketable securities and fixed assets, which are carried on the books for more than actual value. This report shall be retained as a permanent record or incorporated in the minutes of the meeting. History:  (7672) RL s 2988; 1945 c 94 s 1; 1957 c 601 s 10; 1959 c 88 s 5; 1977 c 272 s 8; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1996 c 414 art 1 s 13; 2005 c 118 s 3
MN Stat § 48.11 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.11 — Contracts, How Made.

48.11 CONTRACTS, HOW MADE. Every contract made by any bank, except routine business, shall be first duly authorized by resolution of its board of directors, signed by the president or vice-president and by the cashier or some other officer specially designated by the board, and have its corporate seal impressed thereon. History:  (7678) RL s 2994
MN Stat § 48.12 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.12 — Bonds Of Officers And Employees.

48.12 BONDS OF OFFICERS AND EMPLOYEES. Every state bank shall be protected against loss by reason of the unlawful act of any of its officers or employees by a surety bond in an amount approved by the board of directors, issued by a solvent corporate surety in good standing authorized to do business in this state, or by a fidelity insurance policy written by a solvent insurance corporation in good standing authorized to do business in this state. The commissioner of commerce or the board of directors of such bank may require an increase of the amount of such bond whenever either deems it necessary. This shall not require the bonding or insuring of officers or directors of a bank not having active management or control thereof, or employees of a bank not holding positions of trust. Any bond given or contract of insurance secured shall be in favor of the bank. History:  (7699-1) 1925 c 351 s 1; 1945 c 72 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
MN Stat § 48.13 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.13 — Conditions Of Bonds.

48.13 CONDITIONS OF BONDS. Subdivision 1. Securities. If a bond is given, it shall be in favor of the bank and shall have one corporate surety, which shall be a solvent insurance corporation in good standing authorized to do business in Minnesota, or at least five individual sureties, not one of whom shall be an officer, director, or stockholder of the bank, and each of whom shall justify in a sum equal to the penalty of the bond and, in addition thereto, each individual surety shall furnish to the bank, in connection with the bond, a verified financial statement showing solvency and responsibility, which statement shall be renewed and revised annually by each surety. If a contract of insurance is secured, it shall be in favor of the bank and shall be executed by some insurance company possessing the qualifications heretofore specified. No cancellation or termination at the request of the underwriter of a bond or contract of insurance required by section 48.12 shall be effective unless the underwriter gives in advance at least 60 days' written notice by registered mail to the commissioner of commerce. Subd. 2. Securities in lieu of bond. With the prior written approval of the commissioner and in lieu of the corporate surety or five individual sureties, there may be posted a deposit in securities of a form and amount acceptable to the commissioner. These funds are under the control of the commissioner for the purposes of section 48.12. All deposits must remain in the custody of the commissioner of management and budget and pursuant to section 16A.271 may be released only upon order from the commissioner. These control and custody requirements must not prevent any interest or dividend earnings accruing on the funds posted to be paid over to pledgor. History:  (7699-2) 1925 c 351 s 2; 1984 c 576 s 10; 1Sp1985 c 13 s 182; 1986 c 444; 1987 c 384 art 2 s 10; 2003 c 112 art 2 s 50; 2009 c 101 art 2 s 109
MN Stat § 48.14 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.14 — Examinations, Reports To Show Names Of Bonded Officers And Employees.

48.14 EXAMINATIONS, REPORTS TO SHOW NAMES OF BONDED OFFICERS AND EMPLOYEES. When an examination is made of a bank by the commissioner, or an examiner, the report of the examination made to the commissioner shall state the names of all the officers and employees of the bank so bonded or insured, and the penalty of the bonds or the amount of the insurance covering them. When blanket coverage is provided, the names of all the officers and employees need not be stated. When the commissioner, after an investigation, or upon receipt of a notice of cancellation or other termination required by section 48.13, finds as a fact that any bank is not adequately protected against loss by reason of the unlawful act of any officer or employee thereof, whether through the omission to secure any bond or contract of insurance, or through the insufficiency of the sureties or the insurer on the bond or policy given, or otherwise, the commissioner may require, by written order, that such bonds or contracts of insurance in favor of the bank be obtained as in the commissioner's opinion would adequately protect the bank against loss by reason of the unlawful act of any of its officers or employees, and shall thereupon notify the bank, by certified mail, of the order; and, if the same is not complied with within 30 days after the date of the mailing of the order, the bank may be closed and, if closed, shall not be permitted to resume business until the order has been fully complied with. All such bonds or contracts of insurance shall remain in the custody of the bank protected thereby and shall be available for examination and inspection by the commissioner. History:  (7699-3) 1925 c 351 s 3; 1969 c 772 s 2; 1978 c 674 s 60; 1984 c 576 s 11; 1986 c 444
MN Stat § 48.151 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.151 — Additional Powers.

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 person, firm, or corporation, either directly or through agents, shall advertise for sale or shall sell for a fee any evidence of indebtedness on which there appears the words, "money order," "traveler's check," "cashier's check," "draft," "registered check," "certified check," or other words or symbols whether of the same or different character which tend to lead the purchaser to believe that such evidence of indebtedness is other than a personal check, unless such evidence of indebtedness is issued by a person, firm or corporation which is a savings association, or telegraph company, or, in the case of cashier's checks, is issued by an industrial loan and thrift company with deposit liabilities, provided that these instruments are issued in conformity with the Uniform Commercial Code, or is issued by a person, firm, or corporation licensed under chapter 53B. Any person, firm or corporation who shall violate any provision of this section shall be guilty of a misdemeanor. History:  1955 c 555 s 1; 1959 c 88 s 6; 1Sp1985 c 1 s 1; 1995 c 202 art 1 s 25; 2001 c 148 s 1
MN Stat § 48.154 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.154 — Prepayment, Extension Of Terms.

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 collect as an extension fee a finance charge not exceeding that rate agreed to in the original loan contract. No such extension shall be permitted to cause repayment of a loan to exceed those maturities set down in section 48.153. One day's finance charge shall mean an amount equal to 1/365 of the per annum rate provided for in an installment loan. History:  1945 c 544 s 2; 1965 c 171 s 10; 1976 c 196 s 3
MN Stat § 48.155 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.155 — Allowable Additional Charges.

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 any public officer for filing, recording, or releasing in any public office any instrument securing the loan; (b) any lawful premium or charge for insurance protecting the lender against the risk of loss from not filing or recording a security agreement or financing statement and in lieu of filing thereof. Such premium or charge shall not exceed the actual premium or charge made by the insurance company to the lender and in no event in excess of the costs if the document were actually filed, recorded, or released in any public office; (c) the premium on any life, property or other insurance taken as security for the loan; provided, that the borrower has acknowledged by signature that the borrower has been notified in writing that the borrower may, at the borrower's own cost, procure and deposit with the lender such insurance if written by a responsible company. Such premium may be included as part of the loan. History:  1945 c 544 s 3; 1963 c 153 s 3; 1971 c 33 s 1; 1976 c 196 s 4; 1986 c 444
MN Stat § 48.156 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.156 — Loan Due On Default.

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
MN Stat § 48.157 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.157 — Copy Of Note To Borrower.

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; 1986 c 444
MN Stat § 48.158 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.158 — Settlement Of Checks At Less Than Par.

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 a special collection item. This section is in effect on and after November 1, 1968. History:   1967 c 156 s 1
MN Stat § 48.16 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.16 — Banks May Not Pledge Assets; Exceptions.

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 good faith from other banks, trust companies, a financial agency created by act of Congress, or the state in programs specifically authorizing state banks to participate as an eligible local lender; (5) to finance the acquisition of real estate to be carried as an asset as provided for in section 47.10; (6) to secure a liability that arises from a transfer of a direct obligation of, or obligations that are fully guaranteed as to principal and interest by, the United States government or an agency thereof, or obligations of United States government-sponsored entities which are exempt from the registration requirements of the Securities Act of 1933, United States Code, title 15, section 77a, that the bank or trust company is obligated to repurchase; (7) to a counterparty to secure an interest rate swap agreement. This section shall not be construed to permit the use of assets as security for public deposits other than the securities made eligible by law for that purpose. History:  (7699-14) 1927 c 257 s 1; 1931 c 341; 1933 c 149 s 1; 1939 c 46; Ex1967 c 30 s 1; 1982 c 473 s 11; 1995 c 202 art 2 s 14; 2001 c 56 s 5
MN Stat § 48.17 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.17 — Powers Of Officers Or Employees.

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 been given the officer or employee by the board of directors and a written record thereof made in the minute book of the bank and a certified copy of the record delivered to the creditor, guarantee, pledgee, or endorsee of the note, bond, guaranty, or other obligation. History:  (7699-15) 1927 c 257 s 2
MN Stat § 48.18 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.18 — Pledges Or Liens Of Assets Subject To Prior Liens.

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
MN Stat § 48.194 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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 51A.386, subdivision 4. A state bank or national bank may extend credit pursuant to the terms and conditions set forth in sections 47.59, 47.60, and 51A.386, subdivision 4. History:  1988 c 666 s 1; 1993 c 257 s 17; 1995 c 202 art 3 s 3; 1996 c 414 art 1 s 15; 1997 c 157 s 67; 1998 c 260 s 1
MN Stat § 48.195 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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 discount made or upon any note, bill or other evidence of debt, except an extension of credit made pursuant to section 48.185, interest at a rate of not more than 4-1/2 percent in excess of the discount rate, including any surcharge thereon, on 90-day commercial paper in effect at the Federal Reserve Bank located in the Ninth Federal Reserve District. History:  1980 c 343 s 1; 1981 c 259 s 1; 2Sp1981 c 4 s 1; 1982 c 494 s 3; 1995 c 202 art 1 s 25
MN Stat § 48.196 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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 thereon. In case the greater rate of interest has been paid, the person paying it, or the person's legal representatives, may recover, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the lender taking or receiving the interest, if the action is commenced within two years from the time the usurious transaction occurred. For purposes of this section, the term "lender" means a bank or savings bank organized under the laws of this state, a federally chartered savings association, a savings association organized under chapter 51A, a federally chartered credit union, a credit union organized under chapter 52, an industrial loan and thrift company organized under chapter 53, a regulated lender licensed under chapter 56, or a mortgagee or lender approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs. History:  1980 c 606 s 2; 1983 c 252 s 3; 1986 c 444; 1995 c 202 art 1 s 25
MN Stat § 48.20 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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
MN Stat § 48.21 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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 it; (3) if conveyed to it in satisfaction of debts previously contracted in good faith in the course of its dealings; (4) if acquired by sale on execution or judgment of a court in its favor; or (5) if reasonably necessary to mitigate or avoid loss on a loan or investment theretofore made. (b) Real estate acquired under paragraph (a), clauses (2) to (5), shall be carried as an asset only in accordance with rules the commissioner prescribes. The maximum period for holding other real estate as an asset shall be five years, provided that upon application to the commissioner, the commissioner may approve the possession of such real estate by a bank for a period longer than five years, but not to exceed an additional five years, if: (1) the bank has made a good faith attempt to dispose of the real estate within the initial five-year period; or (2) disposal within the initial five-year period would be detrimental to the bank. Subd. 2. Real estate holdings not bank liabilities. Real estate owned by a bank as a result of actions authorized in subdivision 1, paragraph (a), clauses (2) to (5), and subsequently sold to any buyer on a contract for deed may not be considered creating a liability to a bank for purposes of section 48.24. Subd. 3. Real estate holdings not sold; authority to write off. Notwithstanding any rules of the commissioner to the contrary, if real estate owned by a bank pursuant to subdivision 1, paragraph (a), clauses (2) to (5), is not sold or otherwise disposed of within the maximum period, the bank may write off any remaining balance at a rate not less than one-fifth of that balance each subsequent calendar year. History:  (7679) RL s 2995; 1919 c 85 s 1; 1921 c 258 s 1; 1929 c 54 s 1; 1945 c 63 s 1; 1955 c 104 s 2; 1957 c 601 s 12; 1982 c 473 s 12; 1987 c 349 art 1 s 14; 2009 c 37 art 3 s 5
MN Stat § 48.221 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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 United States and its territories, or short term, direct obligations of or guaranteed by the United States government. Obligations must mature within one year to be considered short term. The commissioner may prescribe the required amount of reserves in relation to liabilities for any individual state bank or trust company from time to time based upon examination findings or other reports relating to the bank or trust company that are available to the commissioner. Reserves for an individual state bank or trust company as prescribed by the commissioner pursuant to this section shall be enforced in accordance with sections 46.24 and 46.30 to 46.33. History:  1981 c 182 s 2; 1982 c 424 s 130; 1997 c 187 art 3 s 8
MN Stat § 48.23 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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 be disposed of, at public or private sale, within six months after it is so acquired. History:  (7676) RL s 2992
MN Stat § 48.245 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|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 and Services Act of 1951, (Public Law 139, 82nd Congress), and of the minor spouse of any eligible veteran irrespective of age, in connection with any transaction entered into pursuant thereto, is hereby removed for all purposes in connection with such transaction, including but not limited to incurring of indebtedness or obligations and acquiring, encumbering, selling, releasing, or conveying property or any interest therein and litigating or settling controversies arising therefrom, if all or part of any obligations incident to such transaction be guaranteed or insured by the administrator of Veterans Affairs pursuant to any act hereinbefore referred to; provided, that this section shall not be construed to impose any other or greater rights or liabilities than would exist if any such person were under no such disability. History:  1945 c 177 s 1; 1947 c 178 s 1; 1953 c 699 s 3
MN Stat § 48.27 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.27 — Limitation On Amount Of Deposits.

48.27 LIMITATION ON AMOUNT OF DEPOSITS. No bank or trust company organized under the laws of this state shall accept deposits in a sum exceeding 30 times the amount of its capital stock and its actual surplus. History:  (7699-12) 1927 c 325 s 1; 1943 c 342 s 2; 1945 c 73 s 1; 1947 c 11 s 1; 1949 c 24 s 1; 1959 c 88 s 11