Chapter 47 — Closing on Certain Days

47.01 Definitions This section defines key terms used throughout Minnesota's banking laws, such as financial institution, bank, and … 47.015 Closing on Certain Days Banks and financial institutions may close on certain legal holidays and weekends without penalty. 47.0151 Emergency Suspension of Business, Definitions This section defines terms like 'emergency' and 'financial institution' as used in the emergency closing laws for banks. 47.0152 Emergency Closings; Power of Commissioner The Commerce Commissioner can order banks to close during emergencies like natural disasters or other crises. 47.0153 Closings; Powers of Officers Bank officers can decide to close their own offices during emergencies even without a Commissioner's order. 47.0154 Notice to Commissioner A bank that closes during an emergency must notify the Commerce Commissioner as soon as possible. 47.0155 Effect of Closing Days when a bank is closed for an emergency count as legal holidays, so the bank is not liable for missed deadlines. 47.0156 Closing Effecting a Permanent Cessation of Business A bank that permanently closes must give the Commerce Commissioner at least 60 days' written notice. 47.016 Disposition of Credit Insurance Income This section governs how banks handle income from credit insurance products they sell. 47.02 'bank' and 'savings Bank.' A 'bank' takes deposits and makes loans. A 'savings bank' operates under Chapter 50. Both are supervised by the Commerce … 47.03 Use of Certain Words Permitted Certain financial institutions are allowed to use the words 'bank,' 'banker,' or 'banking' in their names and business. 47.04 This section has been repealed and is no longer in effect. 47.05 This section has been repealed and is no longer in effect. 47.07 Companies Subject to Provisions Companies that do bank-like activities must follow the same rules as banks, even if they were not set up as banks. 47.08 Articles of Incorporation Filed With Commissioner Anyone wanting to start a financial institution in Minnesota must file their proposed articles of incorporation with the … 47.09 Advertisements Banks cannot falsely advertise their financial strength, use a parent company's assets in ads, or overstate their … 47.095 This section has been repealed and is no longer in effect. 47.096 Time Deposits; Notice of Automatic Renewal Banks must send written notice at least 30 days before a time deposit (like a CD) automatically renews. 47.10 Real Estate; Acquisition, Holding This section sets rules for how banks can buy, hold, and sell real estate. 47.101 Place of Business; Relocation, Disposal This section governs how banks can move their offices or get rid of property they own. 47.11 Selection of Name Before a new bank can use a name, the Commerce Commissioner must approve it to make sure it will not be confused with an … 47.12 Financial Corporations This section lists the types of financial corporations that can be organized under Minnesota law, including banks, trust … 47.13 Application of Business Corporation Act The Minnesota Business Corporation Act applies to financial corporations, but several sections about mergers, takeovers, … 47.14 Certificate; How Accompanied When filing incorporation papers, a new bank must prove it has deposited its full capital in cash at another bank. … 47.15 Bylaws This section sets rules for how financial corporations must adopt and maintain their bylaws. 47.16 Certification by Commissioner The Commerce Commissioner reviews and certifies bank incorporation documents before the bank can begin operations. 47.17 This section has been repealed and is no longer in effect. 47.171 Certificates of Incorporation, Amendment; Exceptions A bank can change its name, capital stock, or other parts of its charter by passing a resolution at a shareholder … 47.172 Restated Certificates of Incorporation A bank can restate its entire certificate of incorporation into one updated document that includes all past amendments. 47.18 'corporation'; 'agency.' For banking investment purposes, 'corporation' means any state-chartered bank, savings bank, trust company, insurance … 47.19 Corporation May Be Member or Stockholder of Federal Agency State-chartered financial institutions can join federal agencies like the Federal Home Loan Bank, buy their stock, and … 47.20 Lending Authority of Financial Institutions This section describes what types of loans Minnesota financial institutions are allowed to make. 47.201 Graduated Payment Mortgages and Cooperative Apartment Loans Financial institutions can offer graduated payment mortgages where payments start low and increase over time, and loans … 47.202 This section has been repealed and is no longer in effect. 47.203 Federal Preemption Override Minnesota opted out of the federal law that removed state interest rate limits on certain loans made after June 2, 1981. 47.204 Temporary Removal of Mortgage Usury Limits This section allowed a temporary removal of mortgage interest rate caps during a specific period. 47.205 Assignment of Mortgage; Duties; Penalties When a mortgage is assigned to a new holder, specific duties and penalties apply to both the old and new mortgage … 47.206 Interest Rate or Discount Point Agreements This section regulates agreements about interest rates and discount points between lenders and borrowers. 47.207 Cancellation of Private Mortgage Insurance Homeowners can cancel private mortgage insurance (PMI) once they reach a certain amount of equity in their home. 47.208 Delivery of Satisfaction of Mortgage After a mortgage is fully paid off, the lender must deliver a satisfaction document within a set time period. 47.209 Manufactured Home Financing; Property Tax Collection Requirement Lenders financing manufactured homes must follow specific rules about property tax collection as part of the loan. 47.21 Inapplicable Laws; Authorized Investments This section lists laws that do not apply to certain financial institutions and describes what investments they are … 47.23 Use of Certain Words Permitted Certain financial institutions are allowed to use banking-related words in their business names. 47.24 Failure to Report; Forfeitures A bank that does not file required reports with the Commerce Commissioner within 10 days of the deadline must pay $100 … 47.25 Notice of Meetings Banks must send notice to stockholders at least 30 days before annual meetings and 10 days before special meetings. 47.26 Violations Any bank officer, agent, or employee who knowingly breaks banking laws for more than 10 straight days commits a felony. 47.27 Definitions This section defines terms used in the laws about converting between savings banks and savings associations. 47.28 Savings Banks May Convert Into Savings Associations A savings bank can convert to a savings association by following specific steps including stockholder approval and … 47.29 This section has been repealed and is no longer in effect. 47.30 Savings Association May Convert Into Savings Bank A savings association can convert to a savings bank by following specific steps including member approval and … 47.31 This section has been repealed and is no longer in effect. 47.32 This section has been repealed and is no longer in effect. 47.325 Appeal and Judicial Review A savings bank that disagrees with the Commissioner's decision about a charter conversion can appeal through the … 47.41 Negotiable Instruments, Facsimile Signatures, Disbursement of Public Funds Public officers can authorize banks to accept checks with printed (facsimile) signatures instead of hand-signed ones for … 47.42 Facsimile Signatures, Officer Not Liable A public officer who uses facsimile signatures with governing body approval and proper insurance is not personally … 47.51 Detached Banking Facilities; Definitions This section defines key terms used in the laws about detached banking facilities (branch locations). 47.52 Authorization Banks can open branch offices with the Commissioner's approval, but location restrictions apply based on distance, … 47.521 Closed Bank Location; Authorization When a bank is about to fail, the Commissioner can fast-track approval for another bank to open a branch at the failing … 47.53 Functions of a Facility A bank branch can offer all the same services as the bank's main office. 47.54 Notices and Approval Procedures Banks must follow specific notice and approval steps when applying to open a new branch location. 47.55 Existing Banking Facilities or Branches of Savings Associations Banking facilities and savings association branches that existed before the current law was passed are allowed to … 47.56 Transfer of Location Moving a bank branch more than three miles away requires the same approval as opening a new branch. Shorter moves have … 47.561 Identification of Detached Facility Every bank branch must display the parent bank's name at its location. 47.57 Violation; Penalties Breaking the branch banking rules can lead to the same penalties as other banking law violations, plus any affected bank … 47.58 Reverse Mortgage Loans Banks can offer reverse mortgages, which let homeowners borrow against their home equity and receive payments instead of … 47.59 Financial Institution Credit Extension Maximum Rates This section sets the maximum interest rates and fees that financial institutions can charge on loans and credit. 47.60 Consumer Small Loans This section regulates consumer small loans, setting rules for terms, fees, and lending practices. 47.601 Consumer Short-term Loans This section regulates short-term consumer loans (like payday loans), setting limits on fees, terms, and lending … 47.602 Motor Vehicle Title Loans This section regulates loans where a car title is used as collateral, setting limits on terms and borrower protections. 47.603 Ability to Repay Analysis Lenders must check that a borrower can actually afford to repay a consumer short-term or title loan before approving it. 47.605 Loan Solicitation; Unrequested Checks Regulated Lenders cannot send you unsolicited live checks that create a loan when deposited without clear disclosures. 47.61 Electronic Funds Transfer Facilities; Definitions This section defines terms used in the laws about electronic banking, including ATMs and electronic fund transfers. 47.62 Authorization Financial institutions need Commissioner approval to set up electronic banking terminals like ATMs. 47.63 Functions of an Electronic Financial Terminal ATMs can handle deposits, withdrawals, transfers, and loan payments, but cannot be used to open new accounts. 47.64 Operation of an Electronic Financial Terminal This section sets rules for how electronic banking terminals must be operated and maintained. 47.65 Transmission Facility This section regulates the communication networks that connect electronic banking terminals to financial institutions. 47.66 Examination The Commerce Commissioner can examine ATMs and electronic banking systems to check their accuracy and security. The bank … 47.67 Advertising Advertising about ATMs and electronic banking must be accurate. Interest rate advertising at ATMs is restricted. 47.68 Electronic Financial Terminal Security Banks must keep their ATMs and electronic banking terminals secure, following standards similar to federal bank security … 47.69 Consumer Privacy This section protects consumer privacy in electronic banking transactions. 47.70 Antitrust Companies involved in electronic banking cannot engage in anticompetitive practices or conspire to restrict ATM … 47.71 Rules The Commerce Commissioner can make rules to carry out the electronic banking laws. 47.72 Cease and Desist Order; Injunction; Penalties The Commissioner can issue cease and desist orders and seek court injunctions against electronic banking law violations, … 47.73 Hearing Anyone affected by the Commissioner's decision about electronic banking can request a formal hearing to challenge it. 47.74 Federal Institutions; Application Minnesota's electronic banking laws also apply to national banks, federal savings associations, and federal credit … 47.75 Limited Trusteeship Certain financial institutions can serve as limited trustees for specific types of accounts and trusts. 47.76 Required Savings Account Every bank and credit union in Minnesota must offer a savings account with no fees if the balance stays above $50. 47.77 Transfer of Accounts Prohibited; Notice on Closing Banks cannot move your money to a different account without 30 days' notice and must get your written consent before … 47.78 Contracts to Provide Services Banks can hire other banks to provide services to their customers, with Commissioner approval. 47.80 This section has been repealed and is no longer in effect. 47.81 This section has been repealed and is no longer in effect. 47.82 This section has been repealed and is no longer in effect. 47.83 This section has been repealed and is no longer in effect. 47.84 This section has been repealed and is no longer in effect. 47.85 This section has been repealed and is no longer in effect.