reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.13 — Conditions Of Bonds.

48.13 CONDITIONS OF BONDS.
Subdivision 1.
Securities.
If a bond is given, it shall be in favor of the bank and shall have one corporate surety, which shall be a solvent insurance corporation in good standing authorized to do business in Minnesota, or at least five individual sureties, not one of whom shall be an officer, director, or stockholder of the bank, and each of whom shall justify in a sum equal to the penalty of the bond and, in addition thereto, each individual surety shall furnish to the bank, in connection with the bond, a verified financial statement showing solvency and responsibility, which statement shall be renewed and revised annually by each surety. If a contract of insurance is secured, it shall be in favor of the bank and shall be executed by some insurance company possessing the qualifications heretofore specified. No cancellation or termination at the request of the underwriter of a bond or contract of insurance required by section 48.12 shall be effective unless the underwriter gives in advance at least 60 days' written notice by registered mail to the commissioner of commerce.
Subd. 2.
Securities in lieu of bond.
With the prior written approval of the commissioner and in lieu of the corporate surety or five individual sureties, there may be posted a deposit in securities of a form and amount acceptable to the commissioner. These funds are under the control of the commissioner for the purposes of section 48.12. All deposits must remain in the custody of the commissioner of management and budget and pursuant to section 16A.271 may be released only upon order from the commissioner. These control and custody requirements must not prevent any interest or dividend earnings accruing on the funds posted to be paid over to pledgor.
History:
(7699-2) 1925 c 351 s 2; 1984 c 576 s 10; 1Sp1985 c 13 s 182; 1986 c 444; 1987 c 384 art 2 s 10; 2003 c 112 art 2 s 50; 2009 c 101 art 2 s 109
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.14 — Examinations, Reports To Show Names Of Bonded Officers And Employees.

48.14 EXAMINATIONS, REPORTS TO SHOW NAMES OF BONDED OFFICERS AND EMPLOYEES.
When an examination is made of a bank by the commissioner, or an examiner, the report of the examination made to the commissioner shall state the names of all the officers and employees of the bank so bonded or insured, and the penalty of the bonds or the amount of the insurance covering them. When blanket coverage is provided, the names of all the officers and employees need not be stated. When the commissioner, after an investigation, or upon receipt of a notice of cancellation or other termination required by section 48.13, finds as a fact that any bank is not adequately protected against loss by reason of the unlawful act of any officer or employee thereof, whether through the omission to secure any bond or contract of insurance, or through the insufficiency of the sureties or the insurer on the bond or policy given, or otherwise, the commissioner may require, by written order, that such bonds or contracts of insurance in favor of the bank be obtained as in the commissioner's opinion would adequately protect the bank against loss by reason of the unlawful act of any of its officers or employees, and shall thereupon notify the bank, by certified mail, of the order; and, if the same is not complied with within 30 days after the date of the mailing of the order, the bank may be closed and, if closed, shall not be permitted to resume business until the order has been fully complied with. All such bonds or contracts of insurance shall remain in the custody of the bank protected thereby and shall be available for examination and inspection by the commissioner.
History:
(7699-3) 1925 c 351 s 3; 1969 c 772 s 2; 1978 c 674 s 60; 1984 c 576 s 11; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.151 — Additional Powers.

48.151 ADDITIONAL POWERS.
Any bank, savings bank, or trust company organized under the laws of this state, or any national banking association doing business in this state, shall have the power to advertise for sale and sell for a fee money orders, traveler's checks, cashier's checks, drafts, registered checks, and certified checks and no other person, firm, or corporation, either directly or through agents, shall advertise for sale or shall sell for a fee any evidence of indebtedness on which there appears the words, "money order," "traveler's check," "cashier's check," "draft," "registered check," "certified check," or other words or symbols whether of the same or different character which tend to lead the purchaser to believe that such evidence of indebtedness is other than a personal check, unless such evidence of indebtedness is issued by a person, firm or corporation which is a savings association, or telegraph company, or, in the case of cashier's checks, is issued by an industrial loan and thrift company with deposit liabilities, provided that these instruments are issued in conformity with the Uniform Commercial Code, or is issued by a person, firm, or corporation licensed under chapter 53B. Any person, firm or corporation who shall violate any provision of this section shall be guilty of a misdemeanor.
History:
1955 c 555 s 1; 1959 c 88 s 6; 1Sp1985 c 1 s 1; 1995 c 202 art 1 s 25; 2001 c 148 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.154 — Prepayment, Extension Of Terms.

48.154 PREPAYMENT, EXTENSION OF TERMS.
The borrower may repay the entire balance or any portion of the balance of an installment loan in advance without penalty. An installment loan contract may provide that the parties, before or after default, may agree in writing to an extension of all or part of the unpaid installments and collect as an extension fee a finance charge not exceeding that rate agreed to in the original loan contract. No such extension shall be permitted to cause repayment of a loan to exceed those maturities set down in section 48.153. One day's finance charge shall mean an amount equal to 1/365 of the per annum rate provided for in an installment loan.
History:
1945 c 544 s 2; 1965 c 171 s 10; 1976 c 196 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.155 — Allowable Additional Charges.

48.155 ALLOWABLE ADDITIONAL CHARGES.
No charge other than those provided for in sections 48.153 and 48.154 shall be made directly or indirectly for any such installment loan except that there may be charged to the borrower or included in the amount financed:
(a) any lawful fees paid or to be paid by the lender to any public officer for filing, recording, or releasing in any public office any instrument securing the loan;
(b) any lawful premium or charge for insurance protecting the lender against the risk of loss from not filing or recording a security agreement or financing statement and in lieu of filing thereof. Such premium or charge shall not exceed the actual premium or charge made by the insurance company to the lender and in no event in excess of the costs if the document were actually filed, recorded, or released in any public office;
(c) the premium on any life, property or other insurance taken as security for the loan; provided, that the borrower has acknowledged by signature that the borrower has been notified in writing that the borrower may, at the borrower's own cost, procure and deposit with the lender such insurance if written by a responsible company. Such premium may be included as part of the loan.
History:
1945 c 544 s 3; 1963 c 153 s 3; 1971 c 33 s 1; 1976 c 196 s 4; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.156 — Loan Due On Default.

48.156 LOAN DUE ON DEFAULT.
Nothing in sections 48.153 to 48.157 shall prohibit the lender from declaring the whole of such loan immediately due and payable upon default if the loan agreement shall so provide.
History:
1945 c 544 s 4
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.157 — Copy Of Note To Borrower.

48.157 COPY OF NOTE TO BORROWER.
At the time of making an installment loan under the provisions of sections 48.153 to 48.157, the borrower shall be furnished a signed copy of the note and also a copy or statement of all charges made by the bank on such loan.
History:
1945 c 544 s 5; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.158 — Settlement Of Checks At Less Than Par.

48.158 SETTLEMENT OF CHECKS AT LESS THAN PAR.
No bank or trust company organized under the laws of this state shall settle any check drawn on it otherwise than at par. The provisions of this section shall not apply with respect to the settlement of a check sent to such bank or trust company as a special collection item. This section is in effect on and after November 1, 1968.
History:
1967 c 156 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.16 — Banks May Not Pledge Assets; Exceptions.

48.16 BANKS MAY NOT PLEDGE ASSETS; EXCEPTIONS.
No bank or trust company shall pledge, hypothecate, assign, transfer, or create a lien upon or charge against any of its assets except as follows:
(1) to the state;
(2) to secure public deposits;
(3) to secure funds of trustees in bankruptcy;
(4) to secure money borrowed in good faith from other banks, trust companies, a financial agency created by act of Congress, or the state in programs specifically authorizing state banks to participate as an eligible local lender;
(5) to finance the acquisition of real estate to be carried as an asset as provided for in section 47.10;
(6) to secure a liability that arises from a transfer of a direct obligation of, or obligations that are fully guaranteed as to principal and interest by, the United States government or an agency thereof, or obligations of United States government-sponsored entities which are exempt from the registration requirements of the Securities Act of 1933, United States Code, title 15, section 77a, that the bank or trust company is obligated to repurchase;
(7) to a counterparty to secure an interest rate swap agreement.
This section shall not be construed to permit the use of assets as security for public deposits other than the securities made eligible by law for that purpose.
History:
(7699-14) 1927 c 257 s 1; 1931 c 341; 1933 c 149 s 1; 1939 c 46; Ex1967 c 30 s 1; 1982 c 473 s 11; 1995 c 202 art 2 s 14; 2001 c 56 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.17 — Powers Of Officers Or Employees.

48.17 POWERS OF OFFICERS OR EMPLOYEES.
No officer or employee of a bank or trust company shall have power or authority to borrow money, execute guaranties or endorse, otherwise than without recourse, pledge or hypothecate any note, bond, or other obligation belonging to the bank or trust company unless the power and authority shall have been given the officer or employee by the board of directors and a written record thereof made in the minute book of the bank and a certified copy of the record delivered to the creditor, guarantee, pledgee, or endorsee of the note, bond, guaranty, or other obligation.
History:
(7699-15) 1927 c 257 s 2
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.18 — Pledges Or Liens Of Assets Subject To Prior Liens.

48.18 PLEDGES OR LIENS OF ASSETS SUBJECT TO PRIOR LIENS.
No bank or trust company shall pledge or hypothecate or create a lien upon or charge against any of its assets subject to a prior lien, hypothecation, or charge.
History:
(7699-16) 1927 c 257 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.194 — Installment Sales Contracts; Loans.

48.194 INSTALLMENT SALES CONTRACTS; LOANS.
A person may enter into a credit sale or service contract for sale to a state or national bank doing business in this state, and a bank may purchase and enforce the contract under the terms and conditions set forth in sections 47.59, subdivisions 2 and 4 to 14; and 51A.386, subdivision 4. A state bank or national bank may extend credit pursuant to the terms and conditions set forth in sections 47.59, 47.60, and 51A.386, subdivision 4.
History:
1988 c 666 s 1; 1993 c 257 s 17; 1995 c 202 art 3 s 3; 1996 c 414 art 1 s 15; 1997 c 157 s 67; 1998 c 260 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.195 — Interest Rates; Usury Limit For Depository Institutions.

48.195 INTEREST RATES; USURY LIMIT FOR DEPOSITORY INSTITUTIONS.
Notwithstanding any law to the contrary, a bank, savings bank, savings association, or credit union organized under the laws of this state, or a national bank or federally chartered savings bank, savings association, or credit union, doing business in this state, may charge on any loan or discount made or upon any note, bill or other evidence of debt, except an extension of credit made pursuant to section 48.185, interest at a rate of not more than 4-1/2 percent in excess of the discount rate, including any surcharge thereon, on 90-day commercial paper in effect at the Federal Reserve Bank located in the Ninth Federal Reserve District.
History:
1980 c 343 s 1; 1981 c 259 s 1; 2Sp1981 c 4 s 1; 1982 c 494 s 3; 1995 c 202 art 1 s 25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.196 — Penalty For Usurious Interest.

48.196 PENALTY FOR USURIOUS INTEREST.
The taking, receiving, reserving or charging by a lender of a rate of interest greater than is allowed by state law shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person paying it, or the person's legal representatives, may recover, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the lender taking or receiving the interest, if the action is commenced within two years from the time the usurious transaction occurred. For purposes of this section, the term "lender" means a bank or savings bank organized under the laws of this state, a federally chartered savings association, a savings association organized under chapter 51A, a federally chartered credit union, a credit union organized under chapter 52, an industrial loan and thrift company organized under chapter 53, a regulated lender licensed under chapter 56, or a mortgagee or lender approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs.
History:
1980 c 606 s 2; 1983 c 252 s 3; 1986 c 444; 1995 c 202 art 1 s 25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.20 — Unauthorized Pledges, Notes, Liens Void.

48.20 UNAUTHORIZED PLEDGES, NOTES, LIENS VOID.
Any note, endorsement, guaranty, pledge, hypothecation, lien or other obligation given contrary to the provisions of sections 48.16 to 48.18 shall be null and void.
History:
(7699-18) 1927 c 257 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.21 — Real Estate; Restrictions On Holding.

48.21 REAL ESTATE; RESTRICTIONS ON HOLDING.
Subdivision 1.
Specific restrictions.
(a) A bank may purchase, carry as an asset, and convey real estate only:
(1) as provided for in section 47.10;
(2) if acquired through foreclosure of a mortgage given to it in good faith as security for loans made by or money due to it;
(3) if conveyed to it in satisfaction of debts previously contracted in good faith in the course of its dealings;
(4) if acquired by sale on execution or judgment of a court in its favor; or
(5) if reasonably necessary to mitigate or avoid loss on a loan or investment theretofore made.
(b) Real estate acquired under paragraph (a), clauses (2) to (5), shall be carried as an asset only in accordance with rules the commissioner prescribes. The maximum period for holding other real estate as an asset shall be five years, provided that upon application to the commissioner, the commissioner may approve the possession of such real estate by a bank for a period longer than five years, but not to exceed an additional five years, if:
(1) the bank has made a good faith attempt to dispose of the real estate within the initial five-year period; or
(2) disposal within the initial five-year period would be detrimental to the bank.
Subd. 2.
Real estate holdings not bank liabilities.
Real estate owned by a bank as a result of actions authorized in subdivision 1, paragraph (a), clauses (2) to (5), and subsequently sold to any buyer on a contract for deed may not be considered creating a liability to a bank for purposes of section 48.24.
Subd. 3.
Real estate holdings not sold; authority to write off.
Notwithstanding any rules of the commissioner to the contrary, if real estate owned by a bank pursuant to subdivision 1, paragraph (a), clauses (2) to (5), is not sold or otherwise disposed of within the maximum period, the bank may write off any remaining balance at a rate not less than one-fifth of that balance each subsequent calendar year.
History:
(7679) RL s 2995; 1919 c 85 s 1; 1921 c 258 s 1; 1929 c 54 s 1; 1945 c 63 s 1; 1955 c 104 s 2; 1957 c 601 s 12; 1982 c 473 s 12; 1987 c 349 art 1 s 14; 2009 c 37 art 3 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.221 — Reserves.

48.221 RESERVES.
A state bank or trust company shall maintain reserves in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves shall be in cash, cash items in process of collection, short term obligations of or demand balances with other insured financial institutions in the United States and its territories, or short term, direct obligations of or guaranteed by the United States government. Obligations must mature within one year to be considered short term. The commissioner may prescribe the required amount of reserves in relation to liabilities for any individual state bank or trust company from time to time based upon examination findings or other reports relating to the bank or trust company that are available to the commissioner. Reserves for an individual state bank or trust company as prescribed by the commissioner pursuant to this section shall be enforced in accordance with sections 46.24 and 46.30 to 46.33.
History:
1981 c 182 s 2; 1982 c 424 s 130; 1997 c 187 art 3 s 8
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.23 — Bank Not To Lend On Its Own Stock Or Purchase Same.

48.23 BANK NOT TO LEND ON ITS OWN STOCK OR PURCHASE SAME.
Any such bank shall make no loan or discount on the security of its own capital stock, nor be the purchaser or holder thereof, unless necessary to prevent loss upon a debt previously contracted in good faith, and all stock so acquired shall be disposed of, at public or private sale, within six months after it is so acquired.
History:
(7676) RL s 2992
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.245 — War Veteran; Minority; Contract For Loan.

48.245 WAR VETERAN; MINORITY; CONTRACT FOR LOAN.
The disability of minority of any person otherwise eligible for guaranty or insurance pursuant to the Servicemen's Readjustment Act of 1944, as amended (Public Law 346, 78th Congress, as amended), the National Housing Act, as amended (Public Law 475, 81st Congress), or the Defense Housing and Community Facilities and Services Act of 1951, (Public Law 139, 82nd Congress), and of the minor spouse of any eligible veteran irrespective of age, in connection with any transaction entered into pursuant thereto, is hereby removed for all purposes in connection with such transaction, including but not limited to incurring of indebtedness or obligations and acquiring, encumbering, selling, releasing, or conveying property or any interest therein and litigating or settling controversies arising therefrom, if all or part of any obligations incident to such transaction be guaranteed or insured by the administrator of Veterans Affairs pursuant to any act hereinbefore referred to; provided, that this section shall not be construed to impose any other or greater rights or liabilities than would exist if any such person were under no such disability.
History:
1945 c 177 s 1; 1947 c 178 s 1; 1953 c 699 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.27 — Limitation On Amount Of Deposits.

48.27 LIMITATION ON AMOUNT OF DEPOSITS.
No bank or trust company organized under the laws of this state shall accept deposits in a sum exceeding 30 times the amount of its capital stock and its actual surplus.
History:
(7699-12) 1927 c 325 s 1; 1943 c 342 s 2; 1945 c 73 s 1; 1947 c 11 s 1; 1949 c 24 s 1; 1959 c 88 s 11
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.28 — Liquidation Unless Deposits Are Reduced.

48.28 LIQUIDATION UNLESS DEPOSITS ARE REDUCED.
If any such bank or trust company shall violate the provisions of Minnesota Statutes 1945, section 48.27, as amended, the commissioner of commerce may take possession thereof and liquidate such corporation in accordance with law, unless said bank or trust company shall within 90 days after notice from the commissioner of commerce reduce its deposits to the amount allowed by law or increase its capital stock accordingly.
History:
(7699-13) 1927 c 325 s 2; 1943 c 342 s 1; 1945 c 73 s 2; 1947 c 11 s 2; 1949 c 24 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.30 — Deposits In Name Of Minor.

48.30 DEPOSITS IN NAME OF MINOR.
Any deposit made in the name of a minor, shall be held for the exclusive right and benefit of the minor, free from the control or lien of all other persons, except creditors, and, together with the dividends or interest thereon, shall be paid to the minor, and the minor's receipt, check, or acquittance in any form shall be a sufficient release and discharge of the depository for the deposit, or any part thereof, until a conservator or guardian appointed for the minor shall have delivered a certificate of appointment to the depository.
History:
(7711) RL s 3019; 1907 c 468 s 6; 1985 c 292 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.301 — Multiparty Accounts.

48.301 MULTIPARTY ACCOUNTS.
When any deposit is made in the names of two or more persons jointly, or by any person payable on death (P.O.D.) to another, or by any person in trust for another, the rights of the parties and the financial institution are determined by chapter 524.
History:
1985 c 292 s 2; 1996 c 305 art 1 s 15; 1996 c 414 art 1 s 16
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.31 — State Banks Organized From National Banks.

48.31 STATE BANKS ORGANIZED FROM NATIONAL BANKS.
When any national bank authorized to dissolve has taken the necessary steps for that purpose, a majority of its directors, upon authority, in writing, of the owners of two-thirds of the capital stock and the approval of the commissioner, may execute a certificate of incorporation under the provisions of this chapter, which, in addition to the other requirements of law, shall state the authority derived from the stockholders of the national bank; and, upon recording and publishing this certificate, as provided by law, it shall become a legal state bank. Thereupon the assets, real and personal, of the dissolved bank, subject to its liabilities not liquidated under the federal law before this incorporation, shall vest in and become the property of the state bank.
History:
(7695) RL s 3006
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.32 — State Banks Or Trust Companies May Be Members Of Federal Reserve Banks.

48.32 STATE BANKS OR TRUST COMPANIES MAY BE MEMBERS OF FEDERAL RESERVE BANKS.
Any incorporated state bank or trust company may become a member of the Federal Reserve Bank of the Federal Reserve district in which the bank or trust company is located, and may invest in and hold stock therein.
History:
(7649) 1915 c 28 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.33 — Execution Of Trust.

48.33 EXECUTION OF TRUST.
When any state bank shall reorganize as a national bank, this national bank shall be regarded as continuing the existence of the state bank, and any officer of the bank elected to a corresponding office in this national bank shall be regarded as holding over as such state bank officer, for the purpose of carrying out any duty or trust reposed in the person holding such office or a successor in the state bank as personal representative of a will or trustee of any trust; and successors in office in the national bank shall be regarded as that person's successors in office in such state bank for the purpose of executing such will or performing such trust; and the personal representative of any will, or any trustee thereunder, who by such will has been directed or recommended to deposit the money of such estate or trust in this state bank, may deposit the same in the national bank under the same conditions as that person might have deposited them in the state bank, and with the same immunity from responsibility for its safety.
History:
(7696) RL s 3007; 1986 c 444; 1999 c 171 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.35 — Clearinghouses.

48.35 CLEARINGHOUSES.
Clearinghouses may make and enforce suitable provisions for effecting, at one place, daily exchanges and the settlement and adjustment of accounts between banks in the same locality and, under appropriate rules, may issue clearinghouse certificates for those purposes only, and may otherwise act in maintaining and enforcing uniformity of methods and harmonious action in banking business.
History:
(7697) RL s 3008; 1985 c 248 s 70
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.36 — Application.

48.36 APPLICATION.
Subdivision 1.
State bank to acquire trust authority.
Any state bank having a capital and surplus of not less than $500,000 may exercise the powers and privileges conferred by sections 48A.07 and 48A.08, in addition to all other powers granted by law, upon complying with the conditions and requirements of those sections, and receiving the approval of the commissioner of commerce, who may grant or reject, in the commissioner's judgment, the application of any bank to acquire trust authority, and in doing so shall take into consideration the following factors:
(1) the needs of the community for trust service of the kind applied for and the probable volume of such trust business available to the bank;
(2) the general condition of the bank, particularly the adequacy of its net capital and surplus funds in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities, including the proposed exercise of trust powers;
(3) the general character and ability of the management of the bank;
(4) the nature of the supervision to be given to the proposed trust activities, including the qualifications and experience of the members of the proposed trust investment committee;
(5) the qualifications, experience, and character of the proposed executive officer or officers of the trust department;
(6) whether the bank has available competent legal counsel to advise and pass upon trust matters whenever necessary; and
(7) any other facts and circumstances that seem proper.
Subd. 2.
Filing fee.
The application required under subdivision 1 shall be in the form prescribed by the commissioner and shall be accompanied with a $250 filing fee, which shall be deposited into the general fund.
History:
(7662) 1923 c 274 s 2; 1959 c 88 s 12; 1965 c 171 s 18; 1977 c 272 s 9; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1998 c 331 s 4
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.37 — Certificates From Commissioner.

48.37 CERTIFICATES FROM COMMISSIONER.
In order to exercise the powers herein conferred, any such bank shall invest and keep invested in one or more of the first, second, third, fourth, seventh, and eighth classes of authorized securities, at least 25 percent of its capital, which securities in the amounts above provided shall be duly assigned, transferred to, and deposited with the commissioner provided, however, that no bank and trust shall be required to deposit securities in excess of $1,000,000, and shall be maintained unimpaired as a guaranty fund for the integrity of its trusts and for the faithful discharge of its duties, in connection therewith, with the right to the bank to collect the income thereof and to substitute other like authorized securities of equal amount and value. The commissioner shall carefully examine the securities offered for deposit and, if they comply with all the provisions of law applicable thereto, and, if the bank making such deposit shall possess the qualifications stated in section 48.36, shall issue to the bank a certificate stating that it is qualified to exercise the powers herein conferred, and, upon the issuance of this certificate and while the same remains in force, the bank may exercise the powers and privileges conferred by sections 48A.07 and 48A.08.
In case of any increase in the capital of any bank which has qualified hereunder, this certificate shall be and become revoked and the bank shall not thereafter exercise the powers herein conferred until it shall have deposited the required proportion of its capital in authorized securities and received a new certificate that it is qualified hereunder.
History:
(7662) 1923 c 274 s 2; 1977 c 272 s 10; 1986 c 444; 1998 c 331 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.39 — Trust Accounts Recorded.

48.39 TRUST ACCOUNTS RECORDED.
Besides its general books of account, it shall keep separate books of account for all fiduciary accounts. All funds and property held by it in a fiduciary capacity shall at all times be kept separate from its own funds and property, and all fiduciary funds deposited or held as fiduciary by the bank awaiting investment shall be carried in a separate account, and shall not be used by the bank in the conduct of its business, unless the bank, under authorization by its board of directors, first delivers to the commissioner of commerce, as collateral security: (1) bonds, notes, bills, certificates of indebtedness or other direct obligations of the United States or its instrumentalities, or obligations fully guaranteed by the United States as to principal and interest; or (2) other readily marketable securities of the classes in which said trust companies or state banks exercising trust powers are authorized or permitted to invest trust funds under the laws of this state. The securities so deposited as collateral shall be owned by the bank and shall at all times be at least equal in market value to the amount of the trust funds so used in the conduct of the bank's business, and all deposits made by it of such funds in any other banking institutions shall be deposited as fiduciary funds, to its credit as fiduciary, and not otherwise. Every security or property in which the funds held by it as trustee, personal representative, guardian, conservator, receiver, or assignee, or in any other fiduciary capacity are invested, shall at once upon receipt thereof be immediately entered in the proper books as belonging to the particular fiduciary account whose funds have been invested therein. Any change in such investment shall be fully specified in and under the account of the particular fiduciary account to which it belongs so that all fiduciary funds and property can be readily identified at any time by any person. It shall be unlawful for any bank to lend any officer, director or employee any funds held as fiduciary under the powers conferred by section 48.37. Any officer, director or employee to whom such a loan is made shall be guilty of theft of the amount of such loan from the time of the making thereof. Any state bank, when acting in a fiduciary capacity, either alone or jointly with an individual or individuals, may, with the consent of such individual fiduciary or fiduciaries, who are hereby authorized to give such consent, cause any stocks, securities, or other property now held or hereafter acquired in such capacity to be registered and held in the name of a nominee or nominees of such state bank without mention of the fiduciary relationship. Any such state bank shall be liable for any loss occasioned by the acts of any of its nominees with respect to such stocks, securities or other property so registered.
History:
(7664) 1923 c 274 s 4; 1943 c 338 s 1; 1957 c 311 s 1; 1965 c 35 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1998 c 331 s 6; 1999 c 171 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.40 — Subject To Orders Of Court.

48.40 SUBJECT TO ORDERS OF COURT.
Every such bank shall be subject at all times to the orders of any court from which it shall have accepted any trust or appointment and shall render to the court such itemized and verified accounts and reports as may be required by law or the court. In addition to other reports required by law, it shall render to the commissioner, at such times as the commissioner may direct, full and itemized reports of investments, trust funds, and other business performed under the provisions hereof, and a condensed statement of the report, either separately stated or consolidated with the other reports required of it by law, shall be published as required by law.
History:
(7665) 1923 c 274 s 5; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.41 — Corporate Name.

48.41 CORPORATE NAME.
Any such bank which has qualified and obtained a certificate, as provided in section 48.37, may use in its corporate name or title, in addition to the word "bank" or other words now permitted by law, the words "trust" or "trust company," and may display and make use of signs, symbols, tokens, letterheads, cards, circulars and advertisements stating or indicating that it is authorized to transact the business authorized by said sections, and any such bank using the words "trust" or "trust company" is not required to use the word "state" in its corporate name.
History:
(7666) 1923 c 274 s 6; 1998 c 331 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.42 — Bank May Be Designated As Savings Bank.

48.42 BANK MAY BE DESIGNATED AS SAVINGS BANK.
Any state bank which has qualified under section 48.37 and obtained the certificate therein provided, and which has established and maintains a savings department, may use in its name or title, in addition to other words permitted by law, the words "savings" or "savings bank." Savings deposits received by any such state bank using the words "savings" or "savings bank" in its corporate name or title, shall be invested only in authorized securities, as defined by law, and the bank shall keep in hand at all times, in addition to the securities required to be deposited under the provisions of section 48.37, such securities as deposits in savings banks may be invested in to an amount at least equal to the savings deposits, and these securities to the amount of these deposits shall be representative of and the fund for and applicable first and exclusively to the payment of the savings deposits. Deposits received by the bank subject to its right to require notice of withdrawal evidenced by pass books, shall be deemed savings deposits.
History:
(7667) 1923 c 274 s 7; 1998 c 331 s 8
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.43 — Bank May Cease Operations; Duties Of Commissioner.

48.43 BANK MAY CEASE OPERATIONS; DUTIES OF COMMISSIONER.
Any state bank which has qualified hereunder may at any time notify the commissioner, in writing, that it intends to cease to operate under the provisions of section 48.37, and thereupon the certificate issued to it, as provided in section 48.37, shall be canceled and revoked, and the bank shall thereafter exercise no power or privilege except those permitted to state banks which have not qualified hereunder, and the securities deposited with the commissioner, as provided in section 48.37, shall forthwith be reassigned and returned to the bank; provided, that no part of the deposited securities shall be so returned until the bank shall have eliminated from its corporate name the words "trust," "trust company," or "savings," nor until it has ceased to hold any trust or trust office authorized by section 48.37, nor until all its accounts in any such trust shall have been settled and allowed and all property held in trust by it delivered to the persons entitled thereto, nor until all liabilities incurred by it as trustee, agent, or otherwise, under the provisions of section 48.37, and which it could not have incurred unless qualified thereunder, shall have been discharged; provided, further, that if the amount of all these liabilities, or the maximum limit thereof, has been or can be definitely ascertained, the commissioner may retain only such part of the deposited securities as shall be at least equal to and as shall be in the commissioner's opinion sufficient to liquidate the same. If any such bank so surrendering its powers hereunder shall have heretofore used the word "savings" in its corporate name, the provisions of section 48.42, relating to the investment of savings deposits and the rights of such depositors, shall remain operative as to all savings deposits on hand at the date of surrendering such certificate and until the savings deposits shall have been paid to the persons entitled thereto.
History:
(7668) 1923 c 274 s 8; 1986 c 444; 1998 c 331 s 9
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.44 — Bank May Organize As Trust Company.

48.44 BANK MAY ORGANIZE AS TRUST COMPANY.
Hereafter state banks which may be organized in the manner now provided by law may be organized with the additional authority to exercise the fiduciary powers and privileges set out in sections 48A.07 and 48A.08; provided, that the capital and surplus of any such bank shall not be less than $500,000.
History:
(7661-1) 1931 c 267 s 1; 1969 c 772 s 5; 1977 c 272 s 11; 1998 c 331 s 10
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.45 — Corporate Names.

48.45 CORPORATE NAMES.
A bank with the additional authority provided for in sections 48A.07 and 48A.08 may be organized with a corporate name which may include the words "trust" or "trust company," in addition to the word "bank" or other words now permitted by law, and the word "state" shall not be a required part of the corporate name of any such state bank.
History:
(7661-2) 1931 c 267 s 2; 1998 c 331 s 11
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.46 — Authorized Securities Purchased.

48.46 AUTHORIZED SECURITIES PURCHASED.
No state bank hereafter organized with authority to exercise fiduciary powers pursuant to the provisions of sections 48A.07 and 48A.08, the corporate name of which contains the words "trust" or "trust company," shall transact any banking or trust company business until it shall have invested in and assigned, transferred to, and deposited with the commissioner the authorized securities described in and required by section 48.37, relating to the authorization of existing state banks to exercise such fiduciary powers, and until the commissioner of commerce has issued the certificate provided by section 47.16, and a certificate stating that such bank is qualified to exercise the fiduciary powers set forth in sections 48A.07 and 48A.08.
History:
(7661-3) 1931 c 267 s 3; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1998 c 331 s 12
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.47 — Banking And Trust Company Business.

48.47 BANKING AND TRUST COMPANY BUSINESS.
After the application of the corporation shall have been favorably acted on by the department in compliance with sections 46.041 to 46.044, and upon compliance with the terms hereof and the issuance of such certificates, the bank may commence the transaction of banking and trust company business and may exercise, in addition to all the powers and privileges conferred by law on state banks, the powers and privileges set forth in sections 48A.07 and 48A.08, and the bank shall thereafter comply with and be subject to all of the provisions of law relating to state banks exercising such fiduciary powers and privileges.
History:
(7661-4) 1931 c 267 s 4; 1994 c 382 s 6; 1998 c 331 s 13
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.48 — Reports To Commissioner.

48.48 REPORTS TO COMMISSIONER.
Subdivision 1.
Submission and publication.
At least four times in each year, and at any other time when so requested by the commissioner, every bank or trust company shall, within 30 days of the date of notice, make and transmit to the commissioner or to the commissioner's designee, in a form the commissioner prescribes, a report, attested to in the official minutes of its directors, stating in detail, under appropriate heads, as required by the commissioner, its assets and liabilities at the close of business on the day specified in the request. The commissioner may accept a report made to a federal authority having supervision of banks or trust companies in fulfilling this requirement. That portion of the report constituting the statement of assets, liabilities, and capital and statement of income and expenses must be made available to the public within 45 days of the notice at every location of the bank or trust company including detached facilities and trust service offices.
Subd. 2.
Penalties for late submission.
For failure to send these reports to the commissioner or to the commissioner's designee in the time specified, a bank or trust company shall forfeit to the state the sum of $25 for each day of delay and shall pay the accumulated sum to the commissioner upon a formal demand for payment by the commissioner. If it appears that a report was transmitted by a bank or trust company on or before the end of the 30-day period, the commissioner shall waive any forfeit. In the event it does not appear that a report was timely transmitted, the commissioner may nevertheless waive forfeit upon a showing by the bank or trust company to the satisfaction of the commissioner that failure to send the reports was the result of causes beyond the control of the bank or trust company.
History:
(7674) RL s 2990; 1949 c 35 s 1; 1951 c 65 s 1; 1961 c 298 s 3; 1963 c 153 s 8; 1979 c 98 s 1; 1981 c 220 s 11; 1982 c 473 s 13; 1984 c 543 s 2; 1984 c 576 s 14,15; 1986 c 444; 1989 c 166 s 7; 1995 c 202 art 2 s 16,17
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.49 — Books To Be Kept.

48.49 BOOKS TO BE KEPT.
Every such bank shall open and keep such books and accounts as the commissioner may prescribe, for the purpose of keeping accurate and convenient records of its transactions.
History:
(7675) RL s 2991; 1995 c 202 art 2 s 18
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.513 — Financial Intermediary Fees.

48.513 FINANCIAL INTERMEDIARY FEES.
A financial intermediary may charge a fee for the assembly, production, and copying of records requested under chapter 13A, not to exceed the schedule established from time to time by the Federal Reserve System under Regulation S, Code of Federal Regulations, title 12, part 219, except that a fee may not be imposed if the records are requested by a law enforcement agency or prosecuting authority. This section does not apply to requests made under section 609.535. For purposes of this section, "financial intermediary" has the meaning given in section 48.512, subdivision 1.
History:
1991 c 256 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.56 — Banking Institution May Use Federal Banking Laws.

48.56 BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS.
Subdivision 1.
General powers.
The board of directors of a banking institution may enter into a contract, incur an obligation, or generally do what is necessary or appropriate to make use of United States Code, title 12, section 1811, or any act or resolution of Congress enacted or resolved to aid, regulate, or safeguard banking institutions and their depositors.
Subd. 2.
General rights and privileges.
Memberships, loans, subscriptions, contracts, grants, rights, or privileges that, under the act or resolution, are available to or enure to banking institutions, or their depositors, creditors, stockholders, receivers, or liquidators may be taken advantage of under this section.
Subd. 3.
Purchase of FDIC securities.
The board may subscribe for and acquire securities of the Federal Deposit Insurance Corporation.
Subd. 4.
Complying with FDIC requirements.
The board may comply with the corporation's requirements.
History:
(7658-7) 1935 c 319 s 2; 2000 c 427 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.59 — Commissioner May Accept Examinations And Reports Of Corporation.

48.59
Subdivision 1.
MS 2002 [Renumbered 48.59, para (a)]
Subd. 2.
MS 2002 [Renumbered 48.59, para (b)]
Subd. 3.
MS 2002 [Renumbered 48.59, para (c)]
48.59 COMMISSIONER MAY ACCEPT EXAMINATIONS AND REPORTS OF CORPORATION.
(a) The commissioner may accept, in lieu of any examination authorized by the laws of this state to be conducted by the department of a banking institution, the examination that may have been made of same within a reasonable period by the Federal Deposit Insurance Corporation, or the Federal Reserve Bank, provided a copy of this examination is furnished to the commissioner. The commissioner also has the discretionary authority to accept any report relative to the condition of a banking institution which may have been obtained by the corporation within a reasonable period, in lieu of a report authorized by the laws of this state to be required of the institution by the department, provided a copy of this report is furnished to the commissioner.
(b) The commissioner may furnish to the corporation, or to any official or examiner thereof, a copy or copies of any or all examinations made of any such banking institutions any deposits of which are insured by the corporation and of any or all reports made by same, and shall give access to and disclose to the corporation, or any official or examiner thereof, any and all information possessed by the office of the commissioner with reference to the conditions or affairs of any such insured institution.
(c) Nothing in this section shall be construed to limit the duty of any banking institution in this state, deposits of which are to any extent insured under the provisions of Section 8 of the "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended (Mason's United States Code Annotated, title 12, section 264)), or of any amendment of or substitution for the same, to comply with the provisions of that act, its amendments or substitutions, or requirements of the corporation relative to examinations and reports, nor to limit the powers of the commissioner with reference to examinations and reports under any law of this state.
History:
(7658-9) 1935 c 319 s 4; 1957 c 601 s 20; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.591 — Climate Risk Disclosure Survey.

48.591 CLIMATE RISK DISCLOSURE SURVEY.
Subdivision 1.
Requirement.
By July 30 each year, a banking institution with more than $1,000,000,000 in assets must submit a completed climate risk disclosure survey to the commissioner. The commissioner must provide the form used to submit a climate risk disclosure survey.
Subd. 2.
Data.
Data submitted to the commissioner under this section are public, except that trade secret information is nonpublic under section 13.37.
History:
2023 c 57 art 3 s 12