reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.48 — Reports Of Certain Events.

53B.48 REPORTS OF CERTAIN EVENTS.
(a) A licensee must file a report with the commissioner within ten business days after the licensee has reason to know any of the following events has occurred:
(1) a petition by or against the licensee under the United States Bankruptcy Code, United States Code, title 11, sections 101 to 110, as amended or recodified from time to time, for bankruptcy or reorganization has been filed;
(2) a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization, or the making of a general assignment for the benefit of the licensee's creditors has been filed; or
(3) a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in business or is licensed has been commenced.
(b) A licensee must file a report with the commissioner within ten business days after the licensee has reason to know any of the following events has occurred:
(1) the licensee or a key individual or person in control of the licensee is charged with or convicted of a felony related to money transmission activities; or
(2) an authorized delegate is charged with or convicted of a felony related to money transmission activities.
History:
2023 c 57 art 3 s 35
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.49 — Bank Secrecy Act Reports.

53B.49 BANK SECRECY ACT REPORTS.
A licensee and an authorized delegate must file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. A licensee and authorized delegate that timely files with the appropriate federal agency a complete and accurate report required under this section is deemed to comply with the requirements of this section.
History:
2023 c 57 art 3 s 36
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.50 — Records.

53B.50 RECORDS.
(a) A licensee must maintain the following records, for purposes of determining the licensee's compliance with this chapter, for at least three years:
(1) a record of each outstanding money transmission obligation sold;
(2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
(3) bank statements and bank reconciliation records;
(4) records of outstanding money transmission obligations;
(5) records of each outstanding money transmission obligation paid within the three-year period;
(6) a list of the last known names and addresses of all of the licensee's authorized delegates; and
(7) any other records the commissioner reasonably requires by administrative rule.
(b) The items specified in paragraph (a) may be maintained in any form of record.
(c) The records specified in paragraph (a) may be maintained outside of Minnesota if the records are made accessible to the commissioner upon seven business-days' notice that is sent in a record.
(d) All records maintained by the licensee as required under paragraphs (a) to (c) are open to inspection by the commissioner under section 53B.33, paragraph (a).
History:
2023 c 57 art 3 s 37
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.52 — Unauthorized Activities.

53B.52 UNAUTHORIZED ACTIVITIES.
A person is prohibited from engaging in the business of money transmission on behalf of a person not licensed under this chapter or not exempt under sections 53B.29 and 53B.30. A person that engages in the business of money transmission on behalf of a person that is not licensed under this chapter or not exempt under sections 53B.29 and 53B.30 provides money transmission to the same extent as if the person were a licensee, and is jointly and severally liable with the unlicensed or nonexempt person.
History:
2023 c 57 art 3 s 39
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.53 — Prohibited Authorized Delegates.

53B.53 PROHIBITED AUTHORIZED DELEGATES.
(a) The district court in an action brought by a licensee has jurisdiction to grant appropriate equitable or legal relief, including without limitation prohibiting the authorized delegate from directly or indirectly acting as an authorized delegate for any licensee in Minnesota and the payment of restitution, damages, or other monetary relief, if the district court finds that an authorized delegate failed to remit money in accordance with the written contract required by section 53B.51, paragraph (b), or as otherwise directed by the licensee or required by law.
(b) If the district court issues an order prohibiting a person from acting as an authorized delegate for any licensee under paragraph (a), the licensee that brought the action must report the order to the commissioner within 30 days of the date of the order and must report the order through NMLS within 90 days of the date of the order.
History:
2023 c 57 art 3 s 40
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.54 — Timely Transmission.

53B.54 TIMELY TRANSMISSION.
(a) Every licensee must forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender, unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur.
(b) If a licensee fails to forward money received for transmission as provided under this section, the licensee must respond to inquiries by the sender with the reason for the failure, unless providing a response would violate a state or federal law, rule, or regulation.
History:
2023 c 57 art 3 s 41
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.55 — Refunds.

53B.55 REFUNDS.
(a) This section does not apply to:
(1) money received for transmission that is subject to the federal remittance rule under Code of Federal Regulations, title 12, part 1005, subpart B, as amended or recodified from time to time; or
(2) money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
(b) A licensee must refund to the sender within ten days of the date the licensee receives the sender's written request for a refund of any and all money received for transmission, unless:
(1) the money has been forwarded within ten days of the date on which the money was received for transmission;
(2) instructions have been given committing an equivalent amount of money to the person designated by the sender within ten days of the date on which the money was received for transmission;
(3) the agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond ten days of the date on which the money was received for transmission. If money has not been forwarded in accordance with the terms of the agreement between the licensee and the sender, the licensee must issue a refund in accordance with the other provisions of this section; or
(4) the refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur.
(c) A refund request does not enable the licensee to identify:
(1) the sender's name and address or telephone number; or
(2) the particular transaction to be refunded in the event the sender has multiple transactions outstanding.
History:
2023 c 57 art 3 s 42
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.56 — Receipts.

53B.56 RECEIPTS.
Subdivision 1.
Definition.
For purposes of this section, "receipt" means a paper receipt, electronic record, or other written confirmation.
Subd. 2.
Exemption.
This section does not apply to:
(1) money received for transmission that is subject to the federal remittance rule under Code of Federal Regulations, title 12, part 1005, subpart B, as amended or recodified from time to time;
(2) money received for transmission that is not primarily for personal, family, or household purposes;
(3) money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee; or
(4) payroll processing services.
Subd. 3.
Transaction types; receipts form.
For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by telephone, a receipt may be provided electronically. All electronic receipts must be provided in a retainable form.
Subd. 4.
Receipts required.
(a) Every licensee or the licensee's authorized delegate must provide the sender a receipt for money received for transmission.
(b) The receipt must contain, as applicable:
(1) the name of the sender;
(2) the name of the designated recipient;
(3) the date of the transaction;
(4) the unique transaction or identification number;
(5) the name of the licensee, NMLS Unique ID, the licensee's business address, and the licensee's customer service telephone number;
(6) the transaction amount, expressed in United States dollars;
(7) any fee the licensee charges the sender for the transaction; and
(8) any taxes the licensee collects from the sender for the transaction.
(c) The receipt required by this section must be provided in (1) English, and (2) the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by telephone, if the language principally used is a language other than English.
History:
2023 c 57 art 3 s 43
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.57 — Notice.

53B.57 NOTICE.
Every licensee or authorized delegate must include on a receipt or disclose on the licensee's website or mobile application the name and telephone number of the department and a statement that the licensee's customers can contact the department with questions or complaints about the licensee's money transmission services.
History:
2023 c 57 art 3 s 44
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.58 — Payroll Processing Services; Disclosures.

53B.58 PAYROLL PROCESSING SERVICES; DISCLOSURES.
(a) A licensee that provides payroll processing services must:
(1) issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and
(2) make available worker pay stubs or an equivalent statement to workers.
(b) Paragraph (a) does not apply to a licensee providing payroll processing services if the licensee's client designates the intended recipients to the licensee and is responsible for providing the disclosures required by paragraph (a), clause (2).
History:
2023 c 57 art 3 s 45
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.59 — Net Worth.

53B.59 NET WORTH.
(a) A licensee under this chapter must maintain at all times a tangible net worth that is the greater of: (1) $100,000; or (2) three percent of total assets for the first $100,000,000; two percent of additional assets between $100,000,000 to $1,000,000,000; and one-half percent of additional assets over $1,000,000,000.
(b) Tangible net worth must be demonstrated in the initial application by the applicant's most recent audited or unaudited financial statements under section 53B.38, paragraph (b), clause (6).
(c) Notwithstanding paragraphs (a) and (b), the commissioner has the authority, for good cause shown, to exempt any applicant or licensee in part or in whole from the requirements of this section.
History:
2023 c 57 art 3 s 46
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.60 — Surety Bond.

53B.60 SURETY BOND.
(a) An applicant for a money transmission license must provide, and a licensee must at all times maintain (1) security consisting of a surety bond in a form satisfactory to the commissioner, or (2) with the commissioner's approval, a deposit instead of a bond in accordance with this section.
(b) The amount of the required security under this section is:
(1) the greater of (i) $100,000, or (ii) an amount equal to one hundred percent of the licensee's average daily money transmission liability in Minnesota, calculated for the most recently completed three-month period, up to a maximum of $500,000; or
(2) in the event that the licensee's tangible net worth exceeds ten percent of total assets, the licensee must maintain a surety bond of $100,000.
(c) A licensee that maintains a bond in the maximum amount provided for in paragraph (b), clause (1) or (2), as applicable, is not required to calculate the licensee's average daily money transmission liability in Minnesota for purposes of this section.
(d) A licensee may exceed the maximum required bond amount pursuant to section 53B.62, paragraph (a), clause (5).
(e) The security device remains effective until cancellation, which may occur only after 30 days' written notice to the commissioner. Cancellation does not affect the rights of any claimant for any liability incurred or accrued during the period for which the bond was in force.
(f) The security device must remain in place for no longer than five years after the licensee ceases money transmission operations in Minnesota. Notwithstanding this paragraph, the commissioner may permit the security device to be reduced or eliminated before that time to the extent that the amount of the licensee's payment instruments outstanding in Minnesota are reduced. The commissioner may also permit a licensee to substitute a letter of credit or other form of security device acceptable to the commissioner for the security device in place at the time the licensee ceases money transmission operations in Minnesota.
History:
2023 c 57 art 3 s 47
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.63 — Suspension; Revocation.

53B.63 SUSPENSION; REVOCATION.
(a) The commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if:
(1) the licensee violates this chapter, or an administrative rule adopted or an order issued under this chapter;
(2) the licensee does not cooperate with an examination or investigation conducted by the commissioner;
(3) the licensee engages in fraud, intentional misrepresentation, or gross negligence;
(4) an authorized delegate is convicted of a violation of a state or federal statute prohibiting money laundering, or violates an administrative rule adopted or an order issued under this chapter, as a result of the licensee's willful misconduct or willful blindness;
(5) the competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, key individual, or responsible person of the authorized delegate indicates that it is not in the public interest to permit the person to provide money transmission;
(6) the licensee engages in an unsafe or unsound practice;
(7) the licensee is insolvent, suspends payment of the licensee's obligations, or makes a general assignment for the benefit of the licensee's creditors; or
(8) the licensee does not remove an authorized delegate after the commissioner issues and serves upon the licensee a final order that includes a finding that the authorized delegate has violated this chapter.
(b) When determining whether a licensee is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.
History:
2023 c 57 art 3 s 50
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.64 — Authorized Delegates; Suspension And Revocation.

53B.64 AUTHORIZED DELEGATES; SUSPENSION AND REVOCATION.
(a) The commissioner may issue an order suspending or revoking the designation of an authorized delegate if the commissioner finds:
(1) the authorized delegate violated this chapter, or an administrative rule adopted or an order issued under this chapter;
(2) the authorized delegate did not cooperate with an examination or investigation conducted by the commissioner;
(3) the authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;
(4) the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;
(5) the competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money transmission; or
(6) the authorized delegate is engaging in an unsafe or unsound practice.
(b) When determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the authorized delegate's provision of money transmission, the magnitude of the loss, the gravity of the violation of this chapter, or an administrative rule adopted or order issued under this chapter, and the previous conduct of the authorized delegate.
(c) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate in the same manner as a licensee.
History:
2023 c 57 art 3 s 51
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.66 — Criminal Penalties.

53B.66 CRIMINAL PENALTIES.
(a) A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in a record filed or required to be maintained under this chapter is guilty of a felony.
(b) A person who knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter, and who receives more than $1,000 in compensation within a 30-day period from the activity, is guilty of a felony.
(c) A person who knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter, and who receives more than $500 but less than $1,000 in compensation within a 30-day period from the activity, is guilty of a gross misdemeanor.
(d) A person who knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter, and who receives no more than $500 in compensation within a 30-day period from the activity, is guilty of a misdemeanor.
History:
2023 c 57 art 3 s 53
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.67 — Severability.

53B.67 SEVERABILITY.
If any provision of this chapter or the chapter's application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application.
History:
2023 c 57 art 3 s 54
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.68 — Transition Period.

53B.68 TRANSITION PERIOD.
(a) A person licensed in Minnesota to engage in the business of money transmission is not subject to the provisions of this chapter to the extent that this chapter's provisions conflict with current law or establish new requirements not imposed under current law until the licensee renews the licensee's current license or for five months after July 1, 2023, whichever is later.
(b) Notwithstanding paragraph (a), a licensee is only required to amend the licensee's authorized delegate contracts for contracts entered into or amended after the effective date or the completion of any transition period contemplated under paragraph (a). Nothing in this section limits an authorized delegate's obligations to operate in full compliance with this chapter, as required under section 53B.51, paragraph (c).
History:
2023 c 57 art 3 s 55
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.71 — Virtual Currency Business Activity; Conditions Precedent.

53B.71 VIRTUAL CURRENCY BUSINESS ACTIVITY; CONDITIONS PRECEDENT.
(a) A person may not engage in virtual-currency business activity, or hold itself out as being able to engage in virtual-currency business activity, with or on behalf of another person unless the person is:
(1) licensed in Minnesota by the commissioner under section 53B.40; or
(2) exempt from licensing under section 53B.29.
(b) A person that is licensed to engage in virtual-currency business activity is engaged in the business of money transmission and is subject to the requirements of this chapter.
History:
2023 c 57 art 3 s 58
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.73 — Property Interests And Entitlements To Virtual Currency.

53B.73 PROPERTY INTERESTS AND ENTITLEMENTS TO VIRTUAL CURRENCY.
(a) A licensee that has control of virtual currency for one or more persons must maintain control of virtual currency in each type of virtual currency sufficient to satisfy the aggregate entitlements of the persons to the type of virtual currency.
(b) If a licensee violates paragraph (a), the property interests of the persons in the virtual currency are pro rata property interests in the type of virtual currency to which the persons are entitled, without regard to the time the persons became entitled to the virtual currency or the licensee obtained control of the virtual currency.
(c) The virtual currency referred to in this section is:
(1) held for the persons entitled to the virtual currency;
(2) not property of the licensee;
(3) not subject to the claims of creditors of the licensee; and
(4) a permissible investment under this chapter.
History:
2023 c 57 art 3 s 60
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.74 — Virtual Currency Business Activities; Additional Requirements.

53B.74 VIRTUAL CURRENCY BUSINESS ACTIVITIES; ADDITIONAL REQUIREMENTS.
(a) A licensee engaged in virtual currency business activities may include virtual currency in the licensee's calculation of tangible net worth, by measuring the average value of the virtual currency in United States dollar equivalent over the prior six months, excluding control of virtual currency for a person entitled to the protections under section 53B.73.
(b) A licensee must maintain, for all virtual-currency business activity with or on behalf of a person five years after the date of the activity, a record of:
(1) each of the licensee's transactions with or on behalf of the person, or for the licensee's account in Minnesota, including:
(i) the identity of the person;
(ii) the form of the transaction;
(iii) the amount, date, and payment instructions given by the person; and
(iv) the account number, name, and United States Postal Service address of the person, and, to the extent feasible, other parties to the transaction;
(2) the aggregate number of transactions and aggregate value of transactions by the licensee with or on behalf of the person and for the licensee's account in this state, expressed in the United States dollar equivalent of the virtual currency for the previous 12 calendar months;
(3) each transaction in which the licensee exchanges one form of virtual currency for money or another form of virtual currency with or on behalf of the person;
(4) a general ledger posted at least monthly that lists all of the licensee's assets, liabilities, capital, income, and expenses;
(5) each business-call report the licensee is required to create or provide to the department or NMLS;
(6) bank statements and bank reconciliation records for the licensee and the name, account number, and United States Postal Service address of each bank the licensee uses to conduct virtual-currency business activity with or on behalf of the person;
(7) a report of any dispute with the person; and
(8) a report of any virtual-currency business activity transaction with or on behalf of a person which the licensee was unable to complete.
(c) A licensee must maintain records required by paragraph (b) in a form that enables the commissioner to determine whether the licensee is in compliance with this chapter, any court order, and law of Minnesota other than this chapter.
History:
2023 c 57 art 3 s 61
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.04 — Complaint Alleging Violation Of Vehicle Sale Installment Contract Laws.

53C.04 COMPLAINT ALLEGING VIOLATION OF VEHICLE SALE INSTALLMENT CONTRACT LAWS.
Any retail buyer having reason to believe that sections 53C.01 to 53C.14 relating to the buyer's retail installment contract has been violated may file with the commissioner a written complaint setting forth the details of such alleged violation and the commissioner, upon receipt of such complaint, may inspect the pertinent books, records, letters and contracts of the licensee, assignee of the licensee or retail seller, and of the retail seller involved, relating to such specific written complaint.
History:
1957 c 266 s 4; 1986 c 444; 1994 c 382 s 14; 1996 c 414 art 1 s 31; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.05 — Testimonial Powers Of Commissioner.

53C.05 TESTIMONIAL POWERS OF COMMISSIONER.
(a) The commissioner shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before the commissioner in any matter over which the commissioner has jurisdiction, control or supervision pertaining to sections 53C.01 to 53C.14. The commissioner shall have the power to administer oaths and affirmations to any person whose testimony is required.
(b) If any person shall refuse to obey any such subpoena, or to give testimony, or to produce evidence as required thereby, any judge of any district court may, upon application and proof of such refusal, make an order for the issuance of a subpoena, or subpoena duces tecum, for the witness to appear before the commissioner and to give testimony, and to produce evidence as required thereby. Upon filing such order in the office of the court administrator of such court the commissioner shall issue a subpoena, as directed, under the seal of said court, requiring the person to whom it is directed to appear at the time and place therein designated.
(c) If any person served with any such subpoena shall refuse to obey the same, or to give testimony or to produce evidence as required thereby, the commissioner may report such refusal to the court, and the court shall thereupon enforce obedience to the subpoena in the manner provided by law for enforcing obedience to subpoenas of the court.
History:
1957 c 266 s 5; 1986 c 444; 1Sp1986 c 3 art 1 s 82; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.06 — Vehicle Conditional Sales Installment Contract; Examination, Special Investigation, Cost Assessment.

53C.06 VEHICLE CONDITIONAL SALES INSTALLMENT CONTRACT; EXAMINATION, SPECIAL INVESTIGATION, COST ASSESSMENT.
(a) For the purpose of discovering violations of sections 53C.01 to 53C.14 or securing information lawfully required by the commissioner hereunder, the commissioner may, at any time, either personally or by a person or persons duly designated by the commissioner, investigate the conditional sales contracts and business related to the conditional sales contracts and examine the books, accounts, records, and files used therein, of every licensee, assignee of the licensee, and of every person who shall be engaged in the business of a sales finance company, including the retail seller and assignee of the retail seller, whether the person shall act as principal or agent, or under or without the authority of sections 53C.01 to 53C.14. For that purpose, the commissioner and the commissioner's duly designated representative shall have free access to the offices and places of business, books, accounts, papers, records, files, safes, and vaults of all these persons. The commissioner and all persons duly designated by the commissioner shall have authority to require the attendance of and to examine, under oath, all persons whomsoever whose testimony the commissioner may require relative to the conditional sales contract or the business or to the subject matter of any examination, investigation, or hearing.
(b) The commissioner may make an examination of the affairs, business, office, and records of licensees, and of other persons subject to examination under this section, as often as considered necessary. The commissioner may assess a fee covering the necessary costs of an examination or special investigation under this section, section 53C.04, or reports filed under section 53C.07. The fee is payable to the commissioner on the commissioner's request for payment. The commissioner may maintain an action for the recovery of the costs in any court of competent jurisdiction.
History:
1971 c 398 s 1; 1981 c 220 s 16; 1986 c 444; 1987 c 349 art 2 s 9; 1996 c 414 art 1 s 32; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.07 — Vehicle Sales Finance Company Books Of Account, Annual Report.

53C.07 VEHICLE SALES FINANCE COMPANY BOOKS OF ACCOUNT, ANNUAL REPORT.
(a) The licensee shall keep and use in the licensee's business such books, accounts, and records as will enable the commissioner to determine whether the licensee is complying with the provisions of sections 53C.01 to 53C.14 and with the rules lawfully made by the commissioner hereunder. Every licensee shall preserve such books, accounts, and records, including cards used in the card system, if any, for at least two years after making the final entry on any conditional sale contract recorded therein.
(b) Each licensee shall annually on or before March 15 file a report to the commissioner giving such relevant information as the commissioner reasonably may require concerning the business and operations during the preceding calendar year of each licensed place of business, conducted by such licensee within the state. Such report shall be made under oath and shall be in the form prescribed by the commissioner, who shall make and publish annually an analysis and recapitulation of such reports.
History:
1971 c 398 s 3; 1985 c 248 s 70; 1986 c 444; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.083 — Consumer Report Disclosure.

53C.083 CONSUMER REPORT DISCLOSURE.
(a) When a consumer report from a consumer reporting agency has been obtained by a lender or retail seller for use in connection with an application for credit initiated by a buyer for the purchase or lease of a motor vehicle:
(1) the lender shall provide to the retail seller, upon written request of the buyer, and unless required by federal law to provide the adverse action notice, prior to the sale or lease of the motor vehicle, the name of each credit reporting agency providing a consumer report that was obtained and used by the lender;
(2) the retail seller shall provide, prior to the sale or lease of the motor vehicle the following notice in at least ten-point boldface type on a document separate from the sale or lease contract, which must also include the name, address, and telephone number of four principal consumer reporting agencies:
"NOTICE TO MOTOR VEHICLE CREDIT APPLICANT
A consumer report from a consumer reporting agency was used in connection with your application to finance the acquisition of a motor vehicle. Consumer reports include data about your credit history and payment patterns. Consumer reports are important because they are used in determining whether to extend credit and may be used to determine the annual percentage rate you may be offered.
If you have questions about your consumer report, you are entitled to know the name, address, and telephone number of the consumer reporting agency that provided the consumer report used to evaluate your loan application. You may ask the dealer for this information. You may then contact the consumer reporting agency at the address and telephone number provided. You are entitled under federal law to a free copy annually of your consumer report by calling 1-877-322-8228 or visiting annualcreditreport.com"; and
(3) upon written request of the buyer, the retail seller shall obtain from the lender the consumer reporting agency information specified in clause (1) and shall provide that information to the buyer.
(b) This section does not require a dealer to provide more than one disclosure for each purchase or lease transaction. For purposes of this section, "consumer report" and "consumer reporting agency" have the meanings given in section 13C.001.
History:
2007 c 99 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.10 — Vehicle Installment Contract Prepayment, Refund Credits, Allowance.

53C.10 VEHICLE INSTALLMENT CONTRACT PREPAYMENT, REFUND CREDITS, ALLOWANCE.
Subdivision 1.
Prepayment in full.
(a) Notwithstanding the provisions of any retail installment contract to the contrary, any retail buyer may pay in full at any time before maturity the debt of any retail installment contract without penalty. In paying a precomputed retail installment contract in full, the retail buyer shall receive a refund credit thereon for such anticipation of payments. For contracts with substantially equal scheduled monthly payments remaining after the date of prepayment in full, the refund must be calculated for all fully unexpired monthly payment periods following the date of payment in full. For all other contracts, the refund must be calculated as of the date in the month following prepayment which corresponds to the original contract date. The refund shall be calculated according to the actuarial method, less an acquisition cost of $15 which may be deducted from the refund so calculated.
(b) Where the amount of the credit for anticipation of payment is less than $1, no refund need be made.
(c) The actuarial method means the method of allocating payments on a contract between the principal amount and finance charge at the contract rate charged under section 53C.09, whereby a payment is applied first to the accumulated finance charge and then to the unpaid principal balance based on the original terms of the contract and based on the assumption that all payments are made on the due date as originally scheduled or deferred.
Subd. 2.
Partial prepayment; notice.
If a payment results in the prepayment of three or more installment payments on a precomputed contract, the retail seller or assignee of the retail seller shall within 15 days of receipt of the prepayment, deliver or mail to the retail buyer a notice in at least eight-point type. The notice must contain the following statement:
"You have substantially prepaid the installment payments on your contract and may experience an interest savings over the remaining term only if you refinance the balance within the next 30 days."
History:
1957 c 266 s 8; 1987 c 349 art 2 s 13; 1989 c 217 s 21; 1996 c 414 art 1 s 34; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.11 — Extension Of Vehicle Installment Contract Schedules, Payments.

53C.11 EXTENSION OF VEHICLE INSTALLMENT CONTRACT SCHEDULES, PAYMENTS.
The holder of a precomputed retail installment contract may, upon written agreement with the retail buyer, extend the scheduled due date, or defer the scheduled payment of all or part of any installment payment or payments, or renew the balance of such contract. In any such case the holder may restate the amount of the installments and the time schedule therefor, and collect as a refinance charge for such extension, deferment or renewal, a flat service fee not to exceed $5 and a total additional charge not exceeding the simple interest annual percentage rate under the original retail installment contract calculated on the respective descending balances computed from the date of such extension, deferment or renewal.
History:
1957 c 266 s 9; 1976 c 86 s 2; 1987 c 349 art 2 s 14; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.12 — Vehicle Sales Finance Company Violations; Remedies.

53C.12 VEHICLE SALES FINANCE COMPANY VIOLATIONS; REMEDIES.
Subdivision 1.
Criminal violations.
Any person engaged in the business of a sales finance company in this state without a license therefor as provided in sections 53C.01 to 53C.14 shall be guilty of a gross misdemeanor and punished by a fine not exceeding $3,000, or by imprisonment for a period not to exceed 364 days, or by both such fine and imprisonment in the discretion of the court.
Subd. 2.
Fraudulent violations.
In case of a fraudulent violation of any provision of sections 53C.01 to 53C.14, the buyer shall have a right to recover from the person committing such violation, to set off or counterclaim in any action by such person to enforce such contract an amount as liquidated damages, the whole of the contract due and payable, plus reasonable attorneys' fees.
Subd. 3.
Other violations.
In case of a failure to comply with any provision of sections 53C.01 to 53C.14, other than a fraudulent violation, the buyer shall have a right to recover from the person committing such violation, to set off or counterclaim in any action by such person to enforce such contract an amount as liquidated damages equal to three times the amount of any time price differential charged in excess of the amount authorized by sections 53C.01 to 53C.14 or $50, whichever is greater, plus reasonable attorneys' fees.
History:
1957 c 266 s 10; 1971 c 398 s 2; 1984 c 628 art 3 s 11; 2003 c 128 art 14 s 4; 2005 c 19 s 1; 2023 c 52 art 6 s 16
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.13 — Severability Clause.

53C.13 SEVERABILITY CLAUSE.
If any provision of sections 53C.01 to 53C.14 or the application thereof to any person or circumstances is held unconstitutional, the remainder of sections 53C.01 to 53C.14 and the application of such provision to other persons or circumstances shall not be affected thereby.
History:
1957 c 266 s 11; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53C — Motor Vehicle Retail Installment Sales › Section 53C.14 — Citation Of Act.

53C.14 CITATION OF ACT.
Sections 53C.01 to 53C.14 may be cited as the "Motor Vehicle Retail Installment Sales Act."
History:
1957 c 266 s 12; 2005 c 19 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 54 — Investment And Loan Companies › Section 54.26 — Supervision By Commissioner.

54.26 SUPERVISION BY COMMISSIONER.
Face amount certificate investment companies as defined by the Federal Investment Company Act of 1940, organized and doing business under the laws of this state, or having their principal place of business within this state, and other investment companies having face amount certificates outstanding, which companies are not subject to section 28 of the Investment Company Act of 1940, shall be under the supervision of the commissioner of commerce.
History:
(7771) 1909 c 333 s 1; 1911 c 321 s 1; 1937 c 271 s 1; 1939 c 109 s 1; 1943 c 659 s 1; 1975 c 166 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 54 — Investment And Loan Companies › Section 54.294 — Annual Examination; Informational Reports; Cost Of Examination.

54.294 ANNUAL EXAMINATION; INFORMATIONAL REPORTS; COST OF EXAMINATION.
Subdivision 1.
Documents filed for examination.
Notwithstanding the examination frequency prescribed by section 46.04, the examination of the face amount certificate companies described in Minnesota Statutes 1974, section 54.26, shall be carried out on an annual basis by the commissioner. In conducting such examination, the commissioner may utilize reports which have been audited and attested to by independent certified public accountants. The procedures employed by the independent certified public accountants shall conform to generally accepted auditing standards. Each face amount certificate investment company shall file with the commissioner copies of its prospectuses, semiannual and annual reports to shareholders, S-1 registration statements and amendments thereto, and annual reports to the United States Securities and Exchange Commission, all as filed pursuant to the requirements of the Securities Act of 1933, as amended and the rules and regulations adopted pursuant thereto, the Securities Exchange Act of 1934, as amended and the rules and regulations adopted pursuant thereto, and the Investment Company Act of 1940, as amended and the rules and regulations adopted pursuant thereto. The commissioner may accept as filed copies of the foregoing material previously filed with the commissioner of commerce. Other face amount certificate investment companies described in Minnesota Statutes 1974, section 54.26, shall file with the commissioner copies of their semiannual and annual reports, which annual reports have been audited and attested to by independent certified public accountants as to assets maintained on deposit and the value thereof, and semiannual and annual reports, which annual reports have been certified by independent certified public accountants, as to certificate liabilities.
Subd. 2.
Company to pay expenses.
Face amount certificate investment companies subject to the supervision of the commissioner of commerce shall pay to the commissioner of commerce the actual necessary expenses incurred by the commissioner of commerce in the performance of duties and the exercise of powers of examination, including all salaries, wages, and expenses of examiners employed by the commissioner to make examinations provided for by law. In addition, such companies shall be assessed and shall pay examination fees in accordance with the provisions of section 46.131.
History:
1975 c 166 s 3; 1980 c 516 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1989 c 166 s 25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 54 — Investment And Loan Companies › Section 54.295 — Declaration Of Credit.

54.295 DECLARATION OF CREDIT.
When the amount of any additional or other credit, which under the terms of an outstanding face amount certificate issued by a company described in section 54.26, is payable solely in the discretion of the board of directors of the issuer, is computed on a basis which is reduced because of any loan outstanding from the issuer to the certificate holder during the period for which the credit is declared, the reduction in the amount of the credit paid to the certificate holder shall not constitute interest paid by the borrowing certificate holder or be considered in any way for the purposes of any law pertaining to the declaration or distribution of corporate dividends or prescribing or limiting interest rates upon loans.
History:
1975 c 166 s 4
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 54 — Investment And Loan Companies › Section 54.296 — Rules.

54.296 RULES.
The commissioner may promulgate such rules as are reasonably necessary to carry out and make effective the provisions and purposes of this chapter pursuant to chapter 14.
History:
1975 c 166 s 5; 1985 c 248 s 70
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 54 — Investment And Loan Companies › Section 54.297 — Application For Receiver.

54.297 APPLICATION FOR RECEIVER.
When in the judgment of the commissioner grounds for liquidation as set forth in section 49.04, exist or are about to occur, the commissioner may make application to the district court in which a company defined in section 54.26, is situated for the appointment of a receiver or conservator.
History:
1975 c 166 s 6
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.01 — Definitions.

55.01 DEFINITIONS.
Subdivision 1.
Scope.
Unless the language or context clearly indicates that a different meaning is intended, the following words, terms, and phrases shall, for the purposes of the laws of this state, be given the meanings subjoined to them.
Subd. 2.
Safe deposit box.
The words "safe deposit box" mean any box, safe, safe deposit box, receptacle, or any part or parts thereof, and any space in a vault, which may be used for the safekeeping and storage of valuable personal property.
Subd. 3.
Valuable personal property.
The words "valuable personal property" mean jewelry, plate, money, specie, bullion, stocks, bonds, valuable papers, or other personal property of value.
Subd. 4.
Person.
"Person" means an individual, partnership, unincorporated association or a corporation. "It" includes "he," "she," and "they."
Subd. 5.
Safe deposit company.
"Safe deposit company" means any person who lets out or rents, as lessor, for hire, safe deposit boxes, or space therein.
History:
(7747-1) 1933 c 340 s 1; 1945 c 114 s 1; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.02 — Powers.

55.02 POWERS.
Any safe deposit company which complies with the provisions of this chapter shall have power:
(1) to let out or rent as lessor, for hire, safe deposit boxes, upon such terms and for such compensation as may be agreed upon by such safe deposit company and the lessee; and
(2) to take and receive valuable personal property for safekeeping and storage, as bailee, for hire, upon such terms and for such compensation as may be agreed upon by such safe deposit company and the bailor. No such safe deposit company shall make any loans or advances upon any valuable personal property so left with it for safekeeping and storage.
History:
(7747-2) 1933 c 340 s 2; 1945 c 114 s 2
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.03 — License Required.

55.03 LICENSE REQUIRED.
Except as in this chapter otherwise provided, no person shall exercise the powers granted safe deposit companies by section 55.02 unless licensed so to do.
History:
(7747-3) 1933 c 340 s 3; 1945 c 114 s 3