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Chapter 50

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Part 50.1485


Current History

  • 1996 Subd. 1 Amended 1996 c 414 art 1 s 19
  • 1995 50.1485 brand New 1995 c 171 s 49

Subdivision 1. Generally Speaking.

A savings bank may make, purchase, or invest in in addition to other investments authorized by law

(a loans that are because of the pledge of policies of life insurance policies, the project of which will be correctly recognized by the insurer;

(b) customer loans, that might be unsecured or guaranteed by individual or property that is real. Customer loans consist of, but are not restricted to, closed-end installment loans, solitary re re payment loans, nonamortizing loans, open-end revolving credit line loans, bank card loans and extensions of credit, and overdraft security loans. For the true purpose of this paragraph, “consumer loan” means that loan created by the cost cost savings bank for which: (1) the debtor is an individual except that a business; (2) your debt is incurred mainly for individual, household, or home function; and (3) your debt is payable in installments or perhaps a finance fee is created;

(c) secured and quick unsecured loans to companies and normal people for company or purposes that are commercial. For the intended purpose of this paragraph, “organization” means a business, federal government or subdivision that is governmental or agency, trust, property, partnership, restricted obligation partnership, restricted liability business, jv, cooperative, or relationship. “company or commercial function” means an intention aside from personal, household, home, or purpose that is agricultural

(d) guaranteed and loans that are unsecured agricultural purposes. For the intended purpose of this paragraph, “agricultural function” means an intention concerning the manufacturing, harvest, event, advertising, transport, processing, or make of agricultural services and products. “Agricultural services and services and products” includes agricultural, horticultural, viticultural, and dairy food, livestock, wildlife, chicken, bees, and woodland items, and services and products raised or produced on farms, including processed or manufactured items;

( ag ag e) credit purchase agreements, which means that a purchase of products, solutions, or a pursuit in land by which credit is provided by way of a vendor whom frequently engages as being a seller in credit deals associated with the kind that is same and also the financial obligation is payable in installments or even a finance cost is manufactured;

(f) loans regarding the protection of deposit reports;

(g) property loans, susceptible to the conditions relevant to cost savings associations under area 51A. 38 and Minnesota Statutes 1994, area 51A. 385. “Real property loans” such as that loan or any other responsibility secured by an initial lien on real-estate in charge or perhaps in a leasehold extending or renewable immediately for a time period of at the very least a decade beyond the date planned for the last major payment of this loan or responsibility, or even a deal away from which a primary lien or claim is established up against the property, like the purchase of this real-estate in cost by way of cost savings bank as well as the concurrent or immediate purchase from it on installment agreement;

(h) guaranteed or loans that are unsecured the objective of fix, enhancement, rehabilitation, or furnishing of property;

(i) loans for the true purpose of funding or refinancing an ownership desire for certificates of stock, certificates of useful interest, or other proof of an ownership curiosity about, or a lease that is proprietary, a business, restricted liability business, trust, restricted obligation partnership, or partnership formed for the true purpose of the cooperative ownership of property, guaranteed because of the project or transfer of certificates or other proof ownership for the borrower;

(j) loans fully guaranteed or insured, in entire or perhaps in part, because of the united states of america or some of its instrumentalities;

(k) issuance of letters of credit or any other comparable plans; and

(l) some other form of loan authorized by guidelines used by the commissioner.

Subd. 2. Loans and extensions of credit.

(a) a cost cost savings bank may expand credit making loans under part 47.59 in the terms that are same at the mercy of the exact same conditions as connect with other loan providers under that chapter. An individual may come into a credit purchase or solution agreement on the market to a cost cost cost savings bank, and a cost savings bank may buy and enforce the agreement, beneath the conditions and terms established in part 47.59, subdivisions 1 and 4 to 14.

(b) a cost cost savings bank will make or buy extensions of credit authorized by parts 47.20, subdivision 1, 3, or 4a; 47.204; 47.21; 47.60; 48.153 to 48.155; 48.185; 48.195; 53C. 01 to 53C. 14; 59A. 15; 334.01; 334.011; 334.012, and just about every other law that is applicable. The extensions of credit or acquisitions of extensions of credit may, but do not need to, be produced under those parts in place of the authority established in this subdivision, of course therefore, are susceptible to those parts, rather than this subdivision. A cost cost savings bank may charge an organization also any interest rate and any fees decided to by the company and will determine and gather finance along with other costs in almost any manner decided to by that company. Aside from extensions of credit the cost savings bank elects to create under part 334.01, subdivision 2, 334.011, or 334.012, chapter 334 will not connect with extensions of credit made pursuant to the area or even the parts mentioned in this subdivision.

Subd. 3. Limit on total liabilities.

The sum total liabilities up to a cost cost cost savings bank, as principal, guarantor, or endorser of a person, including the liabilities of a company that the specific owns or settings a big part desire for, a partnership, restricted obligation partnership, restricted liability business, or unincorporated relationship, as well as in instance of a firm, of all of the subsidiaries from it when the company has or controls a big part interest, shall never ever surpass the restriction given to state banking institutions under part 48.24.

Subd. 4. Property loans.

The ownership of the real estate security or any part of it becomes vested in a person other than the party or parties originally executing the security instruments, and provided there is not an agreement in writing to the contrary, a savings bank may, without notice to the other party or parties, deal with the successor or successors in interest with reference to the mortgage and the debt secured in the same manner as with the party or parties, and may forbear to sue or may extend time for payment of or otherwise modify the terms of the debt secured, without discharging or in any way affecting the original liability of the party or parties upon the debt secured in the case of any investment made by a savings bank in a loan secured by a mortgage on real property, including a real estate loan, in the event.

Subd. 5. Leases of individual home.

A savings bank may get and rent or be involved in the purchase and renting of individual home to clients, that will incur additional responsibilities incidental to becoming an owner and lessor for the home towards the extent that is same and at the mercy of the exact same conditions, as state banking institutions under part 48.152.