reglab/housing_qa huggingface dataset:
MN Stat § 48.56 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.56 — Banking Institution May Use Federal Banking Laws.

48.56 BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS. Subdivision 1. General powers. The board of directors of a banking institution may enter into a contract, incur an obligation, or generally do what is necessary or appropriate to make use of United States Code, title 12, section 1811, or any act or resolution of Congress enacted or resolved to aid, regulate, or safeguard banking institutions and their depositors. Subd. 2. General rights and privileges. Memberships, loans, subscriptions, contracts, grants, rights, or privileges that, under the act or resolution, are available to or enure to banking institutions, or their depositors, creditors, stockholders, receivers, or liquidators may be taken advantage of under this section. Subd. 3. Purchase of FDIC securities. The board may subscribe for and acquire securities of the Federal Deposit Insurance Corporation. Subd. 4. Complying with FDIC requirements. The board may comply with the corporation's requirements. History:  (7658-7) 1935 c 319 s 2; 2000 c 427 s 7
MN Stat § 48.59 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.59 — Commissioner May Accept Examinations And Reports Of Corporation.

48.59  Subdivision 1.  MS 2002 [Renumbered 48.59, paragraph (a)] Subd. 2.  MS 2002 [Renumbered 48.59, paragraph (b)] Subd. 3.  MS 2002 [Renumbered 48.59, paragraph (c)] 48.59 COMMISSIONER MAY ACCEPT EXAMINATIONS AND REPORTS OF CORPORATION. (a) The commissioner may accept, in lieu of any examination authorized by the laws of this state to be conducted by the department of a banking institution, the examination that may have been made of same within a reasonable period by the Federal Deposit Insurance Corporation, or the Federal Reserve Bank, provided a copy of this examination is furnished to the commissioner. The commissioner also has the discretionary authority to accept any report relative to the condition of a banking institution which may have been obtained by the corporation within a reasonable period, in lieu of a report authorized by the laws of this state to be required of the institution by the department, provided a copy of this report is furnished to the commissioner. (b) The commissioner may furnish to the corporation, or to any official or examiner thereof, a copy or copies of any or all examinations made of any such banking institutions any deposits of which are insured by the corporation and of any or all reports made by same, and shall give access to and disclose to the corporation, or any official or examiner thereof, any and all information possessed by the office of the commissioner with reference to the conditions or affairs of any such insured institution. (c) Nothing in this section shall be construed to limit the duty of any banking institution in this state, deposits of which are to any extent insured under the provisions of Section 8 of the "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended (Mason's United States Code Annotated, title 12, section 264)), or of any amendment of or substitution for the same, to comply with the provisions of that act, its amendments or substitutions, or requirements of the corporation relative to examinations and reports, nor to limit the powers of the commissioner with reference to examinations and reports under any law of this state. History:  (7658-9) 1935 c 319 s 4; 1957 c 601 s 20; 1986 c 444
MN Stat § 48.605 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.605 — State Banks, Employee Stock Option And Stock Purchase Plans.

48.605 STATE BANKS, EMPLOYEE STOCK OPTION AND STOCK PURCHASE PLANS. Subdivision 1. Authority and terms. Any state bank may grant options to purchase, sell, or enter into agreements to sell shares of its capital stock to its employees, for a consideration of not less than 100 percent of the fair market value of the shares on the date the option is granted or, if pursuant to a stock purchase plan, 85 percent of the fair market value on the date the purchase price is fixed, pursuant to the terms of an employee restricted stock option plan or employee stock purchase plan which has been adopted by the board of directors of the bank and approved by the holders of at least three-fourths of the outstanding shares of the bank entitled to vote and by the commissioner of commerce. Stock options issued hereunder shall not extend beyond a period of ten years from date of issuance and shall otherwise qualify as restricted stock options under the Internal Revenue Code, and acts amendatory thereof. Subd. 2. Exercise or purchase. Employee stock options and stock purchase agreements may provide that options may be exercisable or that shares may be purchased on any business day. Subd. 3. Capital stock increase. Any state bank to carry out the provisions of this section, may increase its capital stock as provided by law and upon approval of the commissioner of commerce as provided by Minnesota Statutes 1961, section 48.04, except that the provisions of said section requiring the entire new capital to be immediately paid in cash shall not apply. Notwithstanding any law to the contrary the bank may hold such authorized but unissued new capital stock but only for the purpose of disposing of the same by the issuing of shares to its employees as authorized by this section. All proceeds from the issuance and sale of such shares shall be paid into the capital and surplus of the bank. Stock and options issued pursuant to this section shall not increase the capital or surplus of the bank until the stock is paid for in full in cash and certified to the commissioner. History:  1965 c 369 s 1; 1969 c 6 s 8; 1983 c 216 art 1 s 14; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
MN Stat § 48.62 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.62 — Bank May Issue Notes Or Debentures.

48.62 BANK MAY ISSUE NOTES OR DEBENTURES. With the approval of the commissioner any banking institution may, at any time, through action of its board of directors and without requiring any action of its stockholders, issue and sell its capital notes or debentures. These capital notes or debentures shall be subordinate and subject to the claims of depositors and may be subordinated and subjected to the claims of other creditors. In determining whether the capital of any banking institution is impaired, outstanding capital notes or debentures, legally issued by the institution and sold by it to the Reconstruction Finance Corporation, shall not be considered as liabilities of the institutions, but for all other purposes they shall be, and shall be considered as, liabilities of the institution. No capital notes, or debentures, shall be retired or paid by any such institutions if this retirement or payment would impair the capital of the institution. These capital notes or debentures shall in no case be subject to any assessment. The holders of the capital notes or debentures shall not be held individually responsible, as holders, for any debts, contracts, or engagements of the institutions, and shall not be held liable for assessments to restore impairments in the capital of the institution. Any required reserve established for the retirement of capital notes or debentures may be considered as surplus, and the term "surplus" in any laws of this state pertaining to state banks shall be deemed to include such reserve, if an agreement is filed with the commissioner to transfer such reserve to surplus upon the request of the commissioner after the capital notes or debentures have matured. History:  (7697-7) 1935 c 305 s 1; 1967 c 102 s 9
MN Stat § 48.63 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.63 — Security For Deposits Not Required.

48.63 SECURITY FOR DEPOSITS NOT REQUIRED. Notwithstanding any provisions of law of this state requiring security for deposits in any bank or trust company in the form of collateral, surety bond or any other form, security for such deposits shall not be required to the extent the deposits are insured under the provisions of section 12B of the Federal Reserve Act, as amended (Mason's United States Code Annotated, title 12, section 264), or any amendments thereto. History:  (7697-8) 1935 c 317 s 1
MN Stat § 48.64 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.64 — Deposits Of Trust Funds.

48.64 DEPOSITS OF TRUST FUNDS. Any person, firm, or corporation appointed by a court of competent jurisdiction as representative of the estate of a deceased person, or as guardian or conservator, or any trustee of a firefighters' relief association, or any referee, receiver, or trustee appointed by a court of record in this state, may deposit funds for safekeeping and disbursing, unless otherwise directed by the court, in any bank, credit union, if the beneficial owner is a member, or trust company, however organized, the deposits of which are insured, in whole or in part, by an agency of the federal government insuring deposits, to the extent that the funds so deposited are fully insured. History:  (7697-9) 1937 c 318 s 1; 1977 c 429 s 63; 1986 c 444; 1993 c 257 s 24; 1999 c 171 s 5
MN Stat § 48.74 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.74 — Funds And Property Held In Fiduciary Capacity.

48.74 FUNDS AND PROPERTY HELD IN FIDUCIARY CAPACITY. Besides its general books of account, it shall keep separate books for all fiduciary accounts. All funds and property held by it in a fiduciary capacity shall at all times be kept separate from its own funds and property, and all fiduciary funds deposited or held as fiduciary by the bank awaiting investment shall be carried in a separate account, and shall not be used by the bank in the conduct of its business, unless the bank, under authorization by its board of directors, first delivers to the commissioner of commerce, as collateral security: (1) Bonds, notes, bills, certificates of indebtedness, or other direct obligations of the United States or its instrumentalities, or obligations fully guaranteed by the United States as to principal and interest; or (2) other readily marketable securities of the classes in which said trust companies or state banks exercising trust powers are authorized or permitted to invest trust funds under the laws of this state. Every security or property in which the funds held by it as trustee, personal representative, guardian, conservator, receiver, or assignee, or in any other fiduciary capacity are invested, shall at once upon receipt thereof be immediately entered in the proper books as belonging to the particular fiduciary account whose funds have been invested therein. Any change in such investment shall be fully specified in and under the account of the particular fiduciary account to which it belongs, so that all fiduciary funds and property can be readily identified at any time, by any person. Any trust company incorporated under the laws of this state and any national banking association authorized to act in a fiduciary capacity in this state, when acting in a fiduciary capacity, either alone or jointly with an individual or individuals, may, with the consent of such individual fiduciary or fiduciaries, who are hereby authorized to give such consent, cause any stocks, securities, or other property now held or hereafter acquired in such capacity to be registered and held in the name of a nominee or nominees of such corporate fiduciary without mention of the fiduciary relationship. Any such corporate fiduciary shall be liable for any loss occasioned by the acts of any of its nominees with respect to such stocks, securities or other property so registered. History:  (7739) RL s 3044; 1943 c 339 s 1; 1959 c 88 s 14; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1999 c 171 s 5
MN Stat § 48.88 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.88 — Violations; Penalties.

48.88 VIOLATIONS; PENALTIES. Subdivision 1. Criminal penalty. Any officer or employee of a bank or trust company who violates the provisions of sections 48.15 and 48.16 to 48.20, or who consents thereto or connives thereat, shall be guilty of a gross misdemeanor. Subd. 2.  [Repealed, 1994 c 382 s 15] History:  (7699-13 1/2a, 7699-19) 1927 c 257 s 6; 1929 c 144 s 2; 1Sp1981 c 4 art 2 s 5
MN Stat § 48.892 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.892 — Clerical Services Offices.

48.892 CLERICAL SERVICES OFFICES. A bank may perform clerical services, as defined in section 48.89, subdivision 1, for itself at an off-premises data processing and storage center located within the state if the bank furnishes assurances satisfactory to the commissioner that the performances of those services will be subject to regulation and examination by the commissioner to the same extent as if the services were being performed at the bank's main office or detached facility. A data processing and storage center is not considered a branch or detached facility, as defined in section 47.51. The establishment of a data processing and storage center may include acquiring real and personal property, which shall be subject to section 47.10. History:   1989 c 129 s 3
MN Stat § 48.90 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.90 — Legislative Intent.

48.90 LEGISLATIVE INTENT. Subdivision 1. Express intent. It is the express intention of the Minnesota legislature to act pursuant to the United States Code, title 12, section 1842(d), as amended by title I of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to provide for interstate banking on a nationwide basis and to preserve certain state law, policy, and practices. Subd. 2. Nonaffected activities. Laws 1986, chapter 339 should not be construed to limit the power granted to a bank in this state to conduct its business or to limit the conduct of business by any bank holding company in which the operation of its banking subsidiaries are principally conducted in this state. Subd. 3. Prohibited activities. Laws 1986, chapter 339 does not authorize: (1) the establishment in this state of branch offices of a banking subsidiary of any out-of-state bank holding company making an acquisition pursuant to Laws 1986, chapter 339 if the banking subsidiary does not have its principal place of business in this state; or (2) the establishment in this state of branch offices of a bank having its principal place of business in this state unless authorized by sections 47.51 to 47.57. History:  1986 c 339 s 4; 1995 c 202 art 4 s 7
MN Stat § 48.91 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.91 — Title.

48.91 TITLE. Sections 48.90 to 48.99 may be cited as the "Interstate Banking Act." History:  1986 c 339 s 5; 1995 c 202 art 4 s 8
MN Stat § 48.92 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.92 — Definitions.

48.92 DEFINITIONS. Subdivision 1. Terms. When used in sections 48.90 to 48.99, the terms defined in this section have the meanings given them, unless their context requires a different meaning. Subd. 2. Control. "Control," with respect to a bank holding company, bank, or bank to be organized pursuant to chapters 46, 47, 48, and 300, means that term as defined in section 46.048, subdivision 1. Subd. 3. Bank. "Bank" means any bank, or bank and trust company which is now or may hereafter be organized under the laws of this state that is an insured institution as the term is defined in section 3(h) of the Federal Deposit Insurance Act, United States Code, title 12, section 1813(h), that: (1) accepts deposits that the depositor has a legal right to withdraw on demand; and (2) engages in the business of making commercial loans. Subd. 4. Commissioner. "Commissioner" means the commissioner of commerce of the state of Minnesota. Subd. 5. Department. "Department" means the Department of Commerce of the state of Minnesota. Subd. 6. Home state. "Home state" means: (1) with respect to a national bank, the state in which the main office of the bank is located; (2) with respect to a state bank, the state by which the bank is chartered; and (3) with respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of the company are the largest on the later of (i) July 1, 1966, or (ii) the date on which the company becomes a bank holding company under the Bank Holding Company Act of 1956, as amended, United States Code, title 12, section 1842. Subd. 7. Host state. "Host state" is a state other than the home state of the bank holding company, in which the company controls, or seeks to control, a bank subsidiary. Subd. 8. Out-of-state bank holding company. "Out-of-state bank holding company" means a bank holding company as defined in the Bank Holding Company Act of 1956, as amended, whose home state is a state other than Minnesota. Subd. 9. Interstate bank holding company. "Interstate bank holding company" means (a) a bank holding company whose home state is Minnesota and that is engaging in interstate banking, and (b) an out-of-state bank holding company engaged in banking in this state. Subd. 10. Equity capital. "Equity capital" means the sum of common stock, preferred stock, paid in surplus, reserves for loss loans and undivided profits. Subd. 11. Out-of-state bank. "Out-of-state bank" means a bank whose home state is other than Minnesota. History:  1986 c 339 s 6; 1Sp1986 c 3 art 2 s 24; 1987 c 349 art 1 s 19; 1988 c 616 s 1; 1990 c 491 art 4 s 1; 1991 c 296 s 1; 1994 c 484 s 1; 1995 c 202 art 1 s 12; art 4 s 9-14
MN Stat § 48.96 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.96 — Supervision.

48.96 SUPERVISION. The department may enter into cooperative and reciprocal agreements with federal or state regulatory authorities responsible for supervision of out-of-state bank holding companies for exchange or acceptance of reports of examination and other records from the authorities in lieu of conducting its own examinations. The department may enter into joint actions with federal or state regulatory authorities responsible for supervision of out-of-state bank holding companies to carry out its responsibilities and assure compliance with the laws of this state. History:  1986 c 339 s 10; 1995 c 202 art 4 s 18
MN Stat § 48.992 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.992 — Exemption.

48.992 EXEMPTION. Subdivision 1. Resolution. The board of directors of a bank or a bank holding company located in this state may adopt a resolution before July 1, 1987, to exempt the bank or bank holding company from section 48.93. If the board of directors adopts the resolution and files a certified copy of it as required by subdivision 2, the bank or bank holding company may not be acquired under section 48.93. Subd. 2. Filing. If a resolution is adopted under this section, the board of directors shall file a certified copy of the resolution with the department in person or by certified mail. The board of directors may revoke the resolution by notifying the department in writing of its decision to revoke the resolution. History:  1986 c 339 s 15; 1Sp1986 c 3 art 2 s 26
MN Stat § 48A.02 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.02 — Application For State Trust Company Charter.

48A.02 APPLICATION FOR STATE TRUST COMPANY CHARTER. Subdivision 1. Procedure. An application for a trust company charter must be in the form prescribed by the commissioner. The procedure in sections 46.041 to 46.045 apply, except for the conditions in section 46.044, subdivision 1, clauses (1) to (6). Subd. 2. Conditions. The commissioner shall grant an application for a trust company charter if: (1) the applicants are of good moral character and financial integrity; (2) there is reasonable public demand for this trust company in this location that: (i) considers the needs of the community for trust service of the kind applied for and the probable volume of trust business available to the applicant; and (ii) the probable volume of business in this location is sufficient to ensure and maintain the solvency of the new trust company and the solvency of the existing trust company or trust companies in the locality; (3) the commissioner is satisfied the proposed trust company will be properly and safely managed considering: (i) the general character and ability of the proposed management; (ii) the nature of the supervision to be given to the proposed trust activities, including the qualifications and experience of the members of the proposed trust investment committee; (iii) the qualifications, experience, and character of the proposed executive officer or officers of the trust company; and (iv) whether the trust company will have available competent legal counsel to advise and pass upon trust matters whenever necessary; (4) the commissioner is satisfied that the capital funds are available and the commissioner may accept any reasonable demonstration including subscription agreements supported by current financial statements; and (5) any other facts and circumstances that the commissioner considers proper. The commissioner shall deny an application that does not satisfy the requirements of this subdivision. History:   1998 c 331 s 15
MN Stat § 48A.04 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.04 — Certain Trust Companies May Assume Powers Of State Banks.

48A.04 CERTAIN TRUST COMPANIES MAY ASSUME POWERS OF STATE BANKS. Subdivision 1. Authority. Upon complying with the terms of this section, a trust company organized under section 47.12 has all the powers and privileges of a state bank not otherwise granted to trust companies and is subject to and must comply with all the laws of this state applicable to state banks. Subd. 2. Application. In considering the application of a trust company to assume the powers of a state bank, the department shall proceed in the same manner and be governed by the same laws that are applicable to applications for charters for new state banks. Subd. 3. Certificates to be amended. In order to exercise the powers granted under this subdivision, the trust company shall amend its certificate of incorporation to include the additional powers of a state banking corporation. This amendment may include the change of the corporate name of the trust company. The trust company shall display in its place of business the certificate of the authorization issued by the commissioner of commerce. Amendments to the certificate of incorporation must be made under section 47.171. Before becoming effective, these amendments must be approved by the department and the approval must be endorsed upon the certificate of amendment. Subd. 4. Trust companies to comply with certain laws. No trust company of this state shall conduct a banking business, as defined in section 47.02, exercising deposit taking powers, without complying with the reserve requirements of section 48.221. History:  1998 c 331 s 17; 2005 c 69 art 3 s 3,4
MN Stat § 48A.05 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.05 — National Associations; Powers.

48A.05 NATIONAL ASSOCIATIONS; POWERS. The commissioner of commerce may authorize trust companies organized under the laws of this state to engage in trust activity in which banks exercising trust powers subject to the jurisdiction of the federal government may be authorized to engage. The commissioner may not authorize trust companies to engage in an activity prohibited by the laws of this state. History:   1998 c 331 s 18