reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.01 — Definitions.

47.01 DEFINITIONS.
Subdivision 1.
Terms.
Unless the language or context clearly indicates that a different meaning is intended, the following terms, for the purposes of this chapter, shall be given the meanings ascribed to them.
Subd. 2.
Bank.
A bank is a corporation under public control, having a place of business where credits are opened by the deposit or collection of money and currency, subject to be paid or remitted upon draft, check, or order, and where money is advanced, loaned on stocks, bonds, bullion, bills of exchange, and promissory notes, and where the same are received for discount or sale; and all persons and copartnerships, respectively, so operating, are bankers. The term does not include a savings bank.
Subd. 3.
Savings bank.
A savings bank is a corporation authorized to do business under chapter 50.
Subd. 4.
Trust company.
A trust company is a corporation under like control authorized, within prescribed limitations, to act as a safe deposit company, trustee or representative for or under any court, public or private corporation, or individual, and as surety or guarantor.
Subd. 5.
Savings association.
A savings association is a corporation under like control authorized to accumulate funds to be loaned to persons to assist them in acquiring homes and which is organized pursuant to the provisions of chapter 51A and includes savings associations of both mutual and stock organization.
History:
(7635) RL s 2967; 1982 c 473 s 4; 1995 c 171 s 4,5; 1995 c 202 art 1 s 25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.015 — Closing On Certain Days.

47.015 CLOSING ON CERTAIN DAYS.
Subdivision 1.
Financial institutions.
As used in this section the term "financial institution" shall include banks, trust companies, banks and trust companies, savings banks, industrial loan and thrift companies having outstanding certificates of indebtedness for investment, savings associations, national banking associations, Federal Reserve banks, federal savings associations, and federal savings banks doing business in this state, and includes any branch or detached facility of any of them.
Subd. 2.
Holiday closings generally.
Any financial institution in the state may remain closed on any Monday next following a Sunday on which falls a holiday designated by any law of this state and on any Saturday next following a Friday holiday or preceding a Sunday or Monday holiday. Any such Saturday or any such Monday on which any financial institution remains closed is a holiday and not a business day with respect to that institution. Any act which by law or contract may be performed on any such Saturday or any such Monday, at, by, or with respect to any such financial institution remaining closed on such day may be performed on the next succeeding regular business day. No liability or loss of rights on the part of any person or financial institution shall result from such closing.
Subd. 3.
Exceptions; Mondays or holidays.
Any financial institution in the state may remain open for the transaction of business on any such Monday or on any holiday designated by any law of this state, and on any such day any financial institution in this state may accept, certify or pay checks, drafts or other instruments, may charge the same against the accounts of customers, and may receive payment of notes, drafts and other instruments, all to the same extent and with the same legal effect as if such day were a regular business day, but nothing herein contained shall affect the due date of any time instrument.
Subd. 4.
Good Friday.
A financial institution may close for up to three hours on Good Friday. The financial institution shall post on its premises a written notice of the closing.
Subd. 5.
December 24 or 31.
A financial institution may close at noon on December 24 or on December 31. The financial institution shall post on its premises a written notice of the closing.
History:
1949 c 38 s 1; 1951 c 128 s 1; 1953 c 61 s 1; 1953 c 445 s 1; 1955 c 9 s 1; 1955 c 202 s 1; 1955 c 229 s 1; 1955 c 631 s 1; 1955 c 787 s 1; 1981 c 220 s 5; 1Sp1985 c 13 s 178; 1989 c 166 s 2; 1992 c 587 art 1 s 6; 1995 c 171 s 6; 2003 c 51 s 3; 2012 c 142 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.0151 — Emergency Suspension Of Business, Definitions.

47.0151 EMERGENCY SUSPENSION OF BUSINESS, DEFINITIONS.
Subdivision 1.
Scope.
For the purposes of sections 47.0151 to 47.0155, the terms defined in this section have the meanings given them, unless the context requires otherwise.
Subd. 2.
Commissioner.
"Commissioner" means the commissioner of commerce.
Subd. 3.
Financial institution.
"Financial institution" includes a bank, a savings bank, a trust company, any branch or agency of a foreign banking organization, a person or association of persons lawfully carrying on the business of banking, a savings association, and, so far as the provisions of sections 47.0151 to 47.0155 are consistent with federal law, national banks and federal savings associations, and includes any branch or detached facility of any of them.
Subd. 4.
Officer.
"Officer" means the person designated by the board of directors, board of trustees, or other governing body of a financial institution, to act for the financial institution in carrying out the provisions of sections 47.0151 to 47.0155 or, in the absence of a designation or of the officer or officers designated, the president or any other officer currently in charge of the operations of the financial institution or of the office or offices in question.
Subd. 5.
Office.
"Office" means any place at which a financial institution transacts its business or conducts operations related to its business.
Subd. 6.
Emergency.
"Emergency" means any condition or occurrence which may interfere physically with the conduct of normal business operations at one or more or all of the offices of a financial institution and which poses an imminent or existing threat to the safety or security of persons or property, or both. An emergency includes but is not limited to fire; flood; earthquake; hurricane; wind, rain, or snow storms; labor disputes and strikes; power failures; transportation failures; interruption of communication facilities; shortages of fuel, housing, food, transportation or labor; robbery or attempted robbery; actual or threatened enemy attack; epidemics or other catastrophes, riots; civil commotions; and other acts of lawlessness or violence.
History:
1971 c 318 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1Sp1985 c 13 s 179; 1995 c 202 art 1 sec 25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.0152 — Emergency Closings; Power Of Commissioner.

47.0152 EMERGENCY CLOSINGS; POWER OF COMMISSIONER.
Whenever the commissioner is of the opinion that an emergency exists, or is impending, in the state or in a part of it, the commissioner may, by proclamation, authorize financial institutions located in the affected area to close any or all of their offices. In addition, if the commissioner is of the opinion that an emergency exists, or is impending, which affects, or may affect, a particular financial institution or a particular office of it, but not financial institutions located in the area generally, the commissioner may authorize the particular financial institution or office affected, to close or to temporarily relocate. The office closed shall remain closed until the commissioner proclaims that the emergency has ended, or until an earlier time when the officers of the financial institution determine that an office, closed because of the emergency, should reopen, and, in either event, for the further time reasonably necessary to reopen. The provisions of section 47.101 shall be waived for a temporary location established due to an emergency.
History:
1971 c 318 s 2; 1Sp1985 c 13 s 180; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.0153 — Closings; Powers Of Officers.

47.0153 CLOSINGS; POWERS OF OFFICERS.
Subdivision 1.
Emergency closings.
When the officers of a financial institution are of the opinion that an emergency exists, or is impending, which affects, or may affect, a financial institution's offices, they shall have the authority, in the reasonable exercise of their discretion, to determine not to open any of its offices on any business day or, if having opened, to close an office during the continuation of the emergency, even if the commissioner does not issue a proclamation of emergency. The office closed shall remain closed until the time that the officers determine the emergency has ended, and for the further time reasonably necessary to reopen. No financial institution office shall remain closed for more than 48 consecutive hours in a Monday through Friday period, excluding other legal holidays, without the prior approval of the commissioner.
Subd. 2.
Special observance closings.
The officers of a financial institution may close the financial institution or one or more of the financial institution's offices on a day designated, by the President of the United States or the governor as a day of national mourning, rejoicing, or other special observance.
History:
1971 c 318 s 3; 1994 c 382 s 2; 2023 c 57 art 3 s 2
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.0154 — Notice To Commissioner.

47.0154 NOTICE TO COMMISSIONER.
A financial institution closing an office or offices pursuant to the authority granted under section 47.0153, subdivision 1, shall give as prompt notice of its action, as conditions will permit and by any means available, to the commissioner.
History:
1971 c 318 s 4; 1994 c 382 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.0155 — Effect Of Closing.

47.0155 EFFECT OF CLOSING.
Any day on which a financial institution, or any of its offices, is closed during all or part of its normal business hours pursuant to sections 47.0151 to 47.0155 shall be, with respect to the financial institution or, if not all of its offices are closed, then with respect to the office which is closed, a legal holiday for all purposes with respect to any financial institution business of any character. No liability, or loss of rights of any kind, on the part of any financial institution, or director, officer, or employee thereof, shall accrue or result by virtue of any closing authorized by sections 47.0151 to 47.0155.
The provisions of sections 47.0151 to 47.0155 shall be construed and applied as being in addition to, and not in substitution for or limitation of, any other law of this state or of the United States, authorizing the closing of a financial institution or excusing the delay by a financial institution in the performance of its duties and obligations because of emergencies or conditions beyond the financial institution's control, or otherwise.
History:
1971 c 318 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.0156 — Closing Effecting A Permanent Cessation Of Business.

47.0156 CLOSING EFFECTING A PERMANENT CESSATION OF BUSINESS.
The permanent closing of a financial institution as defined in section 47.015 or 47.0151 for purposes, or with a result, other than authorized in sections 47.015 to 47.0155 is unlawful unless at least 60 days' written notice is given to the commissioner.
History:
1Sp1985 c 13 s 181; 1993 c 257 s 6; 1999 c 151 s 6
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.016 — Disposition Of Credit Insurance Income.

47.016 DISPOSITION OF CREDIT INSURANCE INCOME.
Subdivision 1.
Definitions.
(a) For the purpose of this section, the following terms have the meanings given them.
(b) "Credit insurance" means credit life, accident and health insurance, and credit involuntary unemployment insurance as defined in section 62B.02.
(c) "Officer," "director," "employee," and "shareholder" include the spouse and minor children of the officer, director, employee, or shareholder.
(d) "Interest" includes ownership through a spouse or minor children; ownership through a broker, nominee, or agent; and ownership through a corporation, partnership, association, joint venture, or proprietorship.
(e) "Financial institution" means any person who lends money and sells credit insurance to the borrower.
Subd. 2.
Scope and purpose.
This section applies to sales of credit insurance by employees, officers, directors, and shareholders of a financial institution and by corporations, partnerships, associations, and other entities in which these persons have an interest. The purposes of this section are (1) to prohibit employees, officers, directors, members, and shareholders of financial institutions from benefiting personally on the sale of credit insurance to loan customers and (2) to encourage marketing of credit insurance through the use of financial facilities only under arrangements which assure that employees, officers, directors, and shareholders do not receive benefits not shared with all stockholders or members of the financial institution.
Subd. 3.
Distribution of credit insurance income.
No employee, officer, director, or shareholder of a financial institution, nor a corporation, partnership, association, or other entity in which these persons have an interest, may retain commissions or other income from the sale of credit insurance in connection with a loan made by the financial institution. All such income received by these persons or by a corporation, partnership, association, or other entity in which these persons have an interest, must be turned over to the financial institution. Nothing in this section prohibits a financial institution from receiving the income directly in the form of commissions or as compensation for use of its premises, personnel, and good will.
History:
1983 c 250 s 8; 1993 c 343 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.02 — "bank" And "savings Bank."

47.02 "BANK" AND "SAVINGS BANK."
A "bank" is a corporation having a place of business in this state, where credits are opened by the deposit of money or currency, or the collection of the same, subject to be paid or remitted on draft, check, or order; and where money is loaned or advanced on stocks, bonds, bullion, bills of exchange, or promissory notes, and where the same are received for discount or sale. A "savings bank" is a corporation authorized to do business under chapter 50. Every "bank" or "savings bank" in this state shall at all times be under the supervision and subject to the control of the commissioner of commerce, and when so conducted the business shall be known as "banking."
History:
(7636) 1907 c 111 s 1; 1909 c 103 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.03 — Use Of Certain Words Permitted.

47.03 USE OF CERTAIN WORDS PERMITTED.
Subdivision 1.
Bank, banker, banking.
No individual, partnership, unincorporated association, or corporation, except as specifically authorized by the laws of this state, who does not hold an effective certificate of authority, issued by the commissioner of commerce, to engage in the business of banking and is not subject to and complying with all the provisions of law relating to banks shall engage in such business, or make use of the words "bank," "banker," or "banking," or any derivative or compound of any such words, or any word or words in a foreign language having the same or a similar meaning, in its business name or in any sign, symbol, token, letterhead, circular, advertisement, or any other written or printed matter, in such manner as might indicate to any person that such individual, partnership, unincorporated association, or corporation is authorized to engage in the business of banking. This subdivision shall not apply to any holding company affiliate or affiliate as defined in the Act of Congress, known as the Banking Act of 1933, nor to any insurance company authorized to engage in the insurance business in the state of Minnesota.
Subd. 2.
Violations.
Every individual, partnership, unincorporated association, or corporation which shall violate any of the provisions of this section shall forfeit to the state the sum of not to exceed $100 for each day the violation shall continue, as determined by the court, to be recovered in a civil action to be brought by the attorney general in the name of the state at the request of the commissioner of commerce, and may be enjoined from any further violation in an action brought in the name of the state for that purpose.
History:
(7637) 1907 c 111 s 2; 1945 c 133 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.07 — Companies Subject To Provisions.

47.07 COMPANIES SUBJECT TO PROVISIONS.
All companies, associations, and corporations organized under any law of this state, other than those relating to the organization of banks and trust companies, which assume or exercise any of the functions, powers, or privileges conferred upon banks or trust companies under any law of this state, shall be subject to all the limitations, penalties, and requirements incident or pertaining to these functions, powers, or privileges; and the stockholders or persons forming the same shall be liable in the same manner and to the same extent as if these companies, associations, and corporations were organized as banks or trust companies under this chapter.
History:
(7655) RL s 2982
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.08 — Articles Of Incorporation Filed With Commissioner.

47.08 ARTICLES OF INCORPORATION FILED WITH COMMISSIONER.
All persons proposing to incorporate and organize any financial institution, whether defined or described as such by the laws of the state, shall, before doing any business in the state as a corporation, file a copy of the proposed articles of incorporation with the commissioner of commerce.
History:
(7656) 1911 c 323 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 2022 c 93 art 2 s 6
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.09 — Advertisements.

47.09 ADVERTISEMENTS.
No such financial institution shall, directly, indirectly, or by inference of any kind, display, represent, hold out or otherwise advertise as its capital, resources, assets or financial strength or ability or availability therefor, any capital, resources, or assets of any other financial institution or institutions, whether or not such other financial institution or institutions are in any way connected with such financial institution through or by way of a holding company or other corporation or similar structure; nor shall any such financial institution, the capital stock of which is, in whole or in part, controlled or owned by any such holding company, other corporation or similar structure, display, represent, hold out or otherwise advertise that it is affiliated with or has any other connection with such company, corporation or similar structure other than that which truly and actually exists; and no such financial institution shall advertise as its capital any amount other or greater than the amount of actual paid-in capital, which it shall have at the time of the appearance of such advertisement, and no such financial institution shall advertise in any way the aggregate or individual responsibility or financial worth of its stockholders, or in any manner seek to convey the impression that the financial resources of its stockholders above the limit provided by law are available for the purpose of meeting its liabilities.
History:
(7657) 1911 c 323 s 2; 1925 c 169; 1931 c 380
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.096 — Time Deposits; Notice Of Automatic Renewal.

47.096 TIME DEPOSITS; NOTICE OF AUTOMATIC RENEWAL.
If a deposit for a term of one year or more, including a savings certificate and a certificate of deposit, is automatically renewable by its own terms if not redeemed at a specified redemption date, the financial corporation receiving the deposit shall give mailed written notice to the owner or holder of the deposit not less than 30 days prior to the redemption date. The written notice shall be sent to the last known address of the owner or holder as filed with the financial corporation, shall state the date of the automatic renewal and shall state any penalty diminution of interest or other consequences to the owner or holder arising out of the failure to redeem prior to automatic renewal. In lieu of complying with the provisions of this section, a financial corporation may comply with the requirements of the federal Truth in Savings Act and regulations, notwithstanding whether or not that act or those regulations apply to the deposit.
History:
1976 c 187 s 1; 1993 c 257 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.101 — Place Of Business; Relocation, Disposal.

47.101 PLACE OF BUSINESS; RELOCATION, DISPOSAL.
Subdivision 1.
Approval.
A bank, trust company, savings bank, or savings association may change its location, dispose of its place of business, and acquire another upon the written approval of the commissioner of commerce or otherwise as provided for in this section.
Subd. 2.
Banking institutions; certain relocations, applications, notice, approval.
A banking institution defined in section 48.01, subdivision 2, desiring to relocate its main office within the lesser of a radius of three miles measured in a straight line or the municipality, as defined in section 47.51, in which it is located shall notify the commissioner of commerce in a form prescribed by the commissioner of commerce. The applicant shall publish once in a form prescribed by the commissioner a notice of the relocation in a qualified newspaper published in the municipality where the banking institution is located. If there are no such newspapers, then notice shall be published in qualified newspapers likely to give notice in the municipality. The applicant shall cause the notice to be publicly displayed in its lobby.
Subd. 3.
Applications to Department of Commerce.
An application by a banking institution to relocate its main office other than those provided for in subdivision 2 shall be accompanied by a filing fee of $3,000 payable to the commissioner of commerce and approved or disapproved by the commissioner of commerce as provided for in sections 46.041 and 46.044.
History:
1982 c 473 s 6; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1985 c 248 s 13,14; 1989 c 166 s 3; 1992 c 587 art 1 s 8; 1995 c 202 art 1 s 25; 1996 c 414 art 3 s 1,2; 1999 c 151 s 7; 2003 c 51 s 4
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.11 — Selection Of Name.

47.11 SELECTION OF NAME.
Before execution of the certificate of incorporation of any such corporation or conduct of business under an assumed name, its proposed name or proposed assumed name shall be submitted to the commissioner of commerce, who shall compare it with those of corporations operating in the state, and if it is likely to be mistaken for any of them, or to confuse the public as to the character of its business, or is otherwise objectionable, additional names shall be submitted until a satisfactory one is selected, whereupon the commissioner shall issue a certificate of approval thereof.
History:
(7644) RL s 2972; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1995 c 202 art 1 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.13 — Application Of Business Corporation Act.

47.13 APPLICATION OF BUSINESS CORPORATION ACT.
The provisions of chapter 302A, other than sections 302A.471, 302A.473, 302A.671, 302A.673, 302A.675, and 302A.701 to 302A.791, apply to corporations formed for any of the purposes specified in section 47.12, except:
(1) that section 302A.215, subdivisions 2 and 3, only apply if the corporation's certificate of incorporation provides cumulative voting; and
(2) to the extent those provisions are inconsistent with any of the provisions of this chapter and chapters 46 to 50.
History:
2005 c 69 art 1 s 2
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.14 — Certificate; How Accompanied.

47.14 CERTIFICATE; HOW ACCOMPANIED.
The certificate of incorporation, when presented to the commissioner of commerce, shall be accompanied, in the case of a bank, with the certificate of a solvent bank in this state of the deposit therein, in cash, to the credit of the proposed bank, and payable upon its order when countersigned by the commissioner of commerce, of an amount equal to its capital stock, surplus and undivided profits. In the case of a reorganization of a former national bank, it shall also be accompanied with the written consent of the holders of a majority of its former capital stock. In the case of a savings bank, it shall be accompanied with proof of four weeks' published notice of the intention of the incorporators to organize the same, specifying its proposed name and location, and the names of the proposed incorporators, and that a majority thereof reside in the county of its proposed location, and a sworn declaration by each proposed trustee that the trustee will perform the duties as such to the best of that person's ability, according to law, with proof of the record of such declaration with the county recorder; and if there is a savings bank organized and doing business in such county, a copy of such notice shall be served by mail on such bank at least 15 days before the filing of such certificate.
History:
(7645) RL s 2973; 1965 c 171 s 4; 1976 c 181 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.15 — Bylaws.

47.15 BYLAWS.
Subdivision 1.
Adoption of bylaws.
Initial bylaws may be adopted pursuant to section 302A.171 by the incorporators. If not adopted by the incorporators, the bylaws must be adopted by the first board. Unless reserved by the articles to the shareholders, the power to adopt, amend, or repeal the bylaws is vested in the board. The power of the board is subject to the power of the shareholders, exercisable in the manner provided in section 302A.181, subdivision 3, to adopt, amend, or repeal bylaws adopted, amended, or repealed by the board. The bylaws may be amended by the shareholders at a regular or special meeting called for that purpose. After the adoption of the initial bylaws, the board shall not adopt, amend, or repeal a bylaw fixing a quorum for meetings of shareholders, prescribing procedures for removing directors or filling vacancies in the board, or fixing the number of directors or their classifications, qualifications, or terms of office, but may adopt or amend a bylaw to increase the number of directors.
Subd. 2.
Filing.
Within 90 days after the adoption of bylaws or any amendment thereof, a certified copy of the same shall be filed with the commissioner of commerce.
History:
(7647) RL s 2975; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 2005 c 69 art 1 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.16 — Certification By Commissioner.

47.16 CERTIFICATION BY COMMISSIONER.
Subdivision 1.
Filing.
The certificate of a corporation must be filed for record with the commissioner of commerce. If the commissioner of commerce finds that it conforms to law and that the required fee has been paid, the commissioner of commerce must record it and certify that fact on it.
Subd. 2.
[Repealed, 1982 c 473 s 30]
Subd. 2.
Certificate of authority.
If the commissioner of commerce is satisfied that the corporation has been organized for legitimate purposes, and under such conditions as to merit and have public confidence, and that all provisions of law applicable to every branch of business in which, by the terms of its certificate, it is authorized to engage, have been complied with, the commissioner shall so certify. When the original certificate of incorporation is filed with the commissioner of commerce, the commissioner shall, within 60 days thereafter, execute and deliver to it a certificate of authority.
History:
(7646) RL s 2974; 1955 c 820 s 11; 1980 c 541 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1989 c 166 s 4; 2005 c 69 art 1 s 4; 2022 c 93 art 2 s 7,8
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.171 — Certificates Of Incorporation, Amendment; Exceptions.

47.171 CERTIFICATES OF INCORPORATION, AMENDMENT; EXCEPTIONS.
The certificate of incorporation of a financial corporation organized and existing under the laws of this state may be amended to change its name; to increase or decrease its capital stock; to change the number and, subject to section 48.02, the par value of the shares of its capital stock; to eliminate or limit a director's personal liability; or in respect to another matter which an original certificate of a corporation of the same kind might lawfully have contained. The change must be accomplished by the adoption of a resolution specifying the proposed amendment at a regular meeting or at a special meeting called for that expressly stated purpose, in either of the following ways:
(1) by a majority vote of all its shares; or
(2) by a majority vote of its entire board of directors within one year after authorization by specific resolution duly adopted at a meeting of shareholders. The resolution must be included in a certificate duly executed by its president and secretary, or other presiding and recording officers, and approved and filed in the manner prescribed for the execution, approval, and filing of a like original certificate.
History:
2005 c 69 art 1 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.172 — Restated Certificates Of Incorporation.

47.172 RESTATED CERTIFICATES OF INCORPORATION.
Subdivision 1.
Procedure.
A financial corporation may by action taken in the same manner required for amendment of certificates of incorporation adopt a restated certificate of incorporation consisting of the certificate of incorporation as amended to date. The restated certificate of incorporation may be adopted in connection with an amendment to the certificate of incorporation. The restated certificate of incorporation must contain all the statements required by section 47.12, subdivision 2, to be included in the original certificate of incorporation except that: in lieu of setting forth the names and addresses of the first board of directors, the restated certificate of incorporation must include the names and addresses of the directors at the time of the adoption of the restated certificate of incorporation; and no statement need be made with respect to the names and addresses of the incorporators.
Subd. 2.
Effect.
The certificate to be filed to accomplish a restated certificate of incorporation must be entitled "restated certificate of incorporation of (name of financial corporation)" and must contain a statement that the restated certificate supersedes and takes the place of the existing certificate of incorporation and all amendments to it. The restated certificate of incorporation when executed, filed and recorded in the manner prescribed for certificate of amendment supersedes and takes the place of an existing certificate of incorporation and amendments to it.
History:
2005 c 69 art 1 s 6; 2022 c 93 art 2 s 9
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.18 — "corporation"; "agency."

47.18 "CORPORATION"; "AGENCY."
For the purpose of this section and section 47.19, the term "corporation" shall be construed to mean any bank, savings bank, trust company, insurance company, or savings association organized under the laws of this state; and the term "agency" shall be construed to mean the federal home loan bank of the district of which this state is a part, or of an adjoining district if convenience shall so require, or other financial corporation, association or agency created by any act of Congress.
History:
(7658-1) 1933 c 101 s 1; 1995 c 202 art 1 s 25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.19 — Corporation May Be Member Or Stockholder Of Federal Agency.

47.19 CORPORATION MAY BE MEMBER OR STOCKHOLDER OF FEDERAL AGENCY.
Any corporation is hereby empowered and authorized to become a member of, or stockholder in, any such agency, and to that end to purchase stock in, or securities of, or deposit money with, such agency and/or to comply with any other conditions of membership or credit; to borrow money from such agency upon such rates of interest, not exceeding the contract rate of interest in this state, and upon such terms and conditions as may be agreed upon by such corporation and such agency, for the purpose of making loans, paying withdrawals, paying maturities, paying debts, and for any other purpose not inconsistent with the objects of the corporation; provided, that the aggregate amount of the indebtedness, so incurred by such corporation, which shall be outstanding at any time shall not exceed 35 percent of the then total assets of the corporation; to assign, pledge and hypothecate its bonds, mortgages or other assets; and, in case of savings associations, to repledge with such agency the shares of stock in such association which any owner thereof may have pledged as collateral security, without obtaining the consent thereunto of such owner, as security for the repayment of the indebtedness so created by such corporation and as evidenced by its note or other evidence of indebtedness given for such borrowed money; and to do any and all things which shall or may be necessary or convenient in order to comply with and to obtain the benefits of the provisions of any act of Congress creating such agency, or any amendments thereto.
History:
(7658-2) 1933 c 101 s 2; 1995 c 202 art 1 s 25; 2007 c 44 s 1; 2007 c 57 art 3 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.203 — Federal Preemption Override.

47.203 FEDERAL PREEMPTION OVERRIDE.
The provisions of Public Law 96-221, title V, part A, section 501(a)(1) (United States Code, title 12, section 1735f-7a), do not apply with respect to a loan, mortgage, credit sale or advance made in this state after June 2, 1981, nor with respect to a loan, mortgage, credit sale or advance secured by real property located in this state and made after June 2, 1981.
History:
1980 c 599 s 4; 1980 c 604 s 4; 1981 c 351 s 11; 1Sp1981 c 4 art 1 s 47; 1999 c 151 s 9
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.204 — Temporary Removal Of Mortgage Usury Limits.

47.204 TEMPORARY REMOVAL OF MORTGAGE USURY LIMITS.
Subdivision 1.
Limits on interest and other charges.
Notwithstanding any law to the contrary, except as stated in section 58.137, no limitation on the rate or amount of interest, points, finance charges, fees, or other charges applies to a loan, mortgage, credit sale, or advance as described in United States Code, title 12, section 1735f-7a, as amended, which is made in this state after June 2, 1981.
Subd. 2.
Enforceable throughout term.
If the rate or amount of interest, discount points, finance charges, or other charges are permitted by this section at the time the loan, mortgage, credit sale or advance is made, the rate or amount of interest, discount points, finance charges or other charges are permitted throughout the original term of the agreement and any extension agreed upon by the borrower and the lender or their respective successors in interest.
History:
1981 c 351 s 12; 1984 c 576 s 4; 1987 c 349 art 1 s 7; 1999 c 151 s 10; 2002 c 342 s 2
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.208 — Delivery Of Satisfaction Of Mortgage.

47.208 DELIVERY OF SATISFACTION OF MORTGAGE.
Subdivision 1.
Delivery required.
Upon written request, a good and valid satisfaction of mortgage in recordable form shall be delivered to any party paying the full and final balance of a mortgage indebtedness that is secured by Minnesota real estate; such delivery shall be in hand or by certified mail postmarked within 45 days of the receipt of the written request to the holder of any interest of record in said mortgage and within 45 days of the payment of all sums due thereon.
Subd. 2.
Penalty.
If a lender fails to comply with the requirements of subdivision 1, the lender may be held liable to the party paying the balance of the mortgage debt, for a civil penalty of up to $500, in addition to any actual damages caused by the violation.
History:
1987 c 336 s 6
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.209 — Manufactured Home Financing; Property Tax Collection Requirement.

47.209 MANUFACTURED HOME FINANCING; PROPERTY TAX COLLECTION REQUIREMENT.
Subdivision 1.
Applicability.
This section applies to any agreement entered into after December 31, 1992, for the financing or refinancing of a purchase of a manufactured home. As used in this section and section 277.17, "lender" includes a state bank and trust company, national banking association, state or federally chartered savings association, mortgage bank, savings bank, insurance company, credit union, or a dealer as defined in section 327B.01, subdivision 7, that enters into an agreement for financing or refinancing a purchase of a manufactured home.
Subd. 2.
Condition of financing agreement.
Each agreement must contain a statement that it is a condition of the agreement that the borrower must agree to pay all taxes on the manufactured home when due.
Subd. 3.
Collection of delinquent taxes.
Within 30 days of receipt of a notice of delinquency from a county under section 277.17, the lender must notify the mortgagor that the tax must be paid in full no later than 60 days from the date of issuance of the notice. The notice must inform the mortgagor that if the tax is not paid by that date, the lender may pay the delinquent tax, together with any penalty and interest then due, in full to the county. The notice may inform the mortgagor of the lender's option to begin foreclosure proceedings. The county may only request payment and collection of taxes that have been delinquent for no longer than one year under this section. The county must notify the lender if the owner of the manufactured home pays the delinquent taxes at any time during the 60 days after the notice has been issued.
History:
1991 c 291 art 15 s 1; 1992 c 511 art 2 s 1; 1995 c 171 s 14
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.21 — Inapplicable Laws; Authorized Investments.

47.21 INAPPLICABLE LAWS; AUTHORIZED INVESTMENTS.
Subdivision 1.
Limits relating to loans.
No other law in this state, except as stated in section 58.137, prescribing the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for which loans or advances of credit may be made, shall be deemed to apply to loans, advances of credit or purchases made pursuant to section 47.20, subdivisions 1, 3 and 4a.
Subd. 2.
Investments.
(a) The institutions described in section 47.20, subdivision 1, may invest in notes or bonds secured by mortgages, trust deeds, or security interests insured or guaranteed as described in section 47.20, subdivision 1, clause (2), and in securities issued by national mortgage associations.
(b) The notes, bonds, and other securities described in paragraph (a) may be used wherever security is required by statute or rule for the deposit of public funds or other funds; or wherever deposits are required by statute or rule to be made with any public official or public department; or wherever an investment of capital or surplus, or a reserve or other fund, is required by statute or rule to be maintained consisting of designated securities.
History:
(7658-4) 1935 c 49 s 2; 1937 c 88 s 2; 1976 c 300 s 3; 1981 c 351 s 13; 2002 c 342 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.24 — Failure To Report; Forfeitures.

47.24 FAILURE TO REPORT; FORFEITURES.
Every corporation which shall fail to make and transmit to the commissioner of commerce, within ten days after the time prescribed by law therefor, any report required by the provisions of this chapter, or by other lawful authority, or shall fail to include therein any matter required by the commissioner of commerce, shall forfeit to the state the sum of $100 for every day that the report is withheld or delayed or that it shall fail to report any such omitted matter.
History:
(7652) RL s 2979; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.25 — Notice Of Meetings.

47.25 NOTICE OF MEETINGS.
At least 30 days prior to any annual, and at least ten days prior to any special, meeting of its stockholders, mailed notice shall be given to each stockholder, specifying the time, place, and purpose thereof; also a notice of any resolution or proposition on which action is proposed to be taken.
History:
(7653) RL s 2980
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.26 — Violations.

47.26 VIOLATIONS.
Every officer, agent, or employee of any corporation or copartnership, and every other individual, who shall knowingly and willfully do or omit anything, the doing or omission of which on the part of any corporation, copartnership, or individual is in violation of any of the provisions of this chapter and who continues or repeats such act or omission for or during more than ten successive days, shall be guilty of a felony.
History:
(7654) RL s 2981
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.27 — Definitions.

47.27 DEFINITIONS.
Subdivision 1.
Scope.
Unless the language or context clearly indicates that a different meaning is intended, the words, terms, and phrases defined in subdivisions 2, 3 and 4, shall, for the purposes of sections 47.27 to 47.30, be given the meanings subjoined to them.
Subd. 2.
Savings bank.
"Savings bank" shall have the meaning set forth in sections 47.01 and 47.02.
Subd. 3.
Savings association.
"Savings association" shall have the meaning set forth in section 51A.02, subdivision 7.
Subd. 4.
Federal association.
"Federal association" means a savings association, savings and loan association or savings bank organized under that certain act of Congress known as The Home Owners Loan Act of 1933, and acts amendatory thereof.
History:
1949 c 337 s 1; 1984 c 592 s 1; 1995 c 171 s 15; 1995 c 202 art 1 s 25; 1996 c 414 art 1 s 45; 1997 c 157 s 67; 1998 c 254 art 1 s 9; 1998 c 260 s 1; 1999 c 151 s 12
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.28 — Savings Banks May Convert Into Savings Associations.

47.28 SAVINGS BANKS MAY CONVERT INTO SAVINGS ASSOCIATIONS.
Subdivision 1.
Procedure.
Any savings bank organized and existing under and by virtue of the law of this state may amend its articles of incorporation so as to convert itself into a savings association, by complying with the following requirements and procedure:
The savings bank by a two-thirds vote of the entire board of directors, at any regular or special meeting of said board duly called for that purpose, shall (a) pass a resolution declaring their intention to convert the savings bank into a savings association, and (b) cause an application in writing to be executed, by such persons as the directors may direct, in the form prescribed by the Department of Commerce, requesting a certificate of authorization (charter) as a savings association to transact business at the place and in the name stated in the application. The amendments proposed to the articles of incorporation and bylaws shall be included as part of the application.
The application shall be submitted to, considered and acted upon by the Department of Commerce in the same manner and by the same standards as applications are submitted, considered and acted upon under chapter 51A.
Subd. 2.
Amendment of articles.
If the certificate of authorization (charter) be issued, the articles of incorporation may then be amended so as to convert the savings bank into a savings association by following the procedure prescribed for amending articles of incorporation of savings banks.
Subd. 3.
Recording.
Upon receipt of the fees required for filing and recording amended articles of incorporation of savings banks, the commissioner of commerce shall record the amended articles of incorporation and certify that fact thereon, whereupon the conversion of such savings bank into a savings association shall become final and complete and thereafter said corporation shall have the powers and be subject to the duties and obligations prescribed by the laws of this state applicable to savings associations.
Subd. 4.
[Repealed by amendment, 1995 c 171 s 16]
Subd. 5.
Conformance to applicable laws.
The resulting association shall as soon as practicable and within such time not extending beyond three years from the date the conversion becomes final and complete and by such methods as the department of commerce shall direct, cause its organization, its securities and investments, the character of its business, and the methods of transacting the same to conform to the laws applicable to savings associations.
History:
1949 c 337 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1985 c 248 s 70; 1986 c 444; 1995 c 171 s 16; 1995 c 202 art 1 s 6; 2022 c 93 art 2 s 10
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.325 — Appeal And Judicial Review.

47.325 APPEAL AND JUDICIAL REVIEW.
A savings bank aggrieved by any action or inaction of the commissioner under sections 47.27 to 47.30 may appeal under sections 14.63 to 14.69.
History:
1995 c 171 s 24; 1998 c 254 art 1 s 10; 2014 c 222 art 1 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 47 — Financial Corporations › Section 47.41 — Negotiable Instruments, Facsimile Signatures, Disbursement Of Public Funds.

47.41 NEGOTIABLE INSTRUMENTS, FACSIMILE SIGNATURES, DISBURSEMENT OF PUBLIC FUNDS.
Any public officer or other person who is authorized singly or in conjunction with another or others, to sign checks, drafts, warrants, warrant-checks, vouchers or other orders on public funds on deposit in a depository bank may authorize the bank to honor any such instrument bearing a facsimile of that person's signature and to charge the same to the account upon which drawn, as fully as though it bore a manually written signature. Instruments so honored shall be wholly operative and binding in favor of the bank although such facsimile signature shall have been affixed without authority of such officer or other person. Any one or more or all of the signatures upon any such instrument may be facsimile as herein provided. As here used "public funds" means funds of the state or of any county, city, town, school district, any political subdivision of the state, or of any commission, board, department or agency of any thereof.
History:
1955 c 96 s 1; 1973 c 123 art 5 s 7; 1986 c 444