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 A financial institution in Minnesota may stay closed on the Monday following a Sunday holiday and on the Saturday next … 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 A financial institution's officers may decide, in their reasonable discretion, not to open its offices or to close an … 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 bars insiders of a financial institution (its employees, officers, directors, and shareholders, including … 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are allowed to use the words 'bank,' 'banker,' or 'banking' in their names and business. 47.04 This section has been repealed and is no longer in effect. 47.05 This section has been repealed and is no longer in effect. 47.07 Companies Subject to Provisions Companies that do bank-like activities must follow the same rules as banks, even if they were not set up as banks. 47.08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their financial strength, use a parent company's assets in ads, or overstate their … 47.095 This section has been repealed and is no longer in effect. 47.096 Time Deposits; Notice of Automatic Renewal Banks must send written notice at least 30 days before a time deposit (like a CD) automatically renews.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 limits how much a bank, trust company, savings bank, or savings association may invest in real estate used … 47.101 Place of Business; Relocation, Disposal A bank, trust company, savings bank, or savings association may change its location, dispose of its place of business, … 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 governs financial corporations in Minnesota. It lists the purposes for which they may be formed (banking, … 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 the certificate of incorporation is presented to the commissioner of commerce, it must be accompanied by certain … 47.15 Bylaws This section governs how a financial corporation's bylaws are adopted, changed, and filed. Initial bylaws may be adopted … 47.16 Certification by Commissioner The Commerce Commissioner reviews and certifies bank incorporation documents before the bank can begin operations. The … 47.17 This section has been repealed and is no longer in effect. 47.171 Certificates of Incorporation, Amendment; Exceptions A financial corporation can amend its certificate of incorporation to change its name, increase or decrease its capital … 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 the servicing of a one-to-four family owner-occupied home mortgage is sold or transferred, both the old and new … 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 may cancel private mortgage insurance (PMI) by written request once the unpaid principal balance is 80 … 47.208 Delivery of Satisfaction of Mortgage After the full and final balance of a mortgage on Minnesota real estate is paid, the holder must deliver a valid … 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 This section restricts who may use words like "savings," "trust," or "safe deposit" in a business name or advertising. … 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 key terms used in sections 47.27 through 47.30. It explains what "savings bank," "savings … 47.28 Savings Banks May Convert Into Savings Associations A state savings bank may convert itself into a savings association by amending its articles of incorporation. The … 47.29 This section has been repealed and is no longer in effect. 47.30 Savings Association May Convert Into Savings Bank A capital stock savings association may convert itself into a savings bank by amending its articles of incorporation. It … 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 believes it has been harmed by any action or inaction of the commissioner under sections 47.27 to … 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 With the commissioner's prior approval, a bank may establish detached facilities (such as drive-in, walk-up, or remote … 47.521 Closed Bank Location; Authorization When the commissioner determines that an existing state bank or national bank is about to fail or has failed, and that … 47.53 Functions of a Facility A detached facility may provide any service or perform any function that the bank's main banking house can offer. In … 47.54 Notices and Approval Procedures A bank applying to open a detached facility must file a written application with the commissioner, pay a $500 fee, and … 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, which are short-term, unsecured, single-payment cash advances of $350 or … 47.601 Consumer Short-term Loans This section regulates consumer short-term loans, meaning loans of $1,300 or less that require a minimum payment of more … 47.602 Motor Vehicle Title Loans This section governs lenders, other than pawnbrokers, who use a motor vehicle title as collateral for a consumer loan, … 47.603 Ability to Repay Analysis Before making a payday loan with an annual percentage rate above 36 percent, a lender must first determine that the … 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 Any person may establish and maintain electronic financial terminals such as ATMs, but if the operator is not a bank, … 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 A terminal such as an ATM that sits separate from a bank's office must be made available to other financial institutions … 47.65 Transmission Facility This section governs transmission facilities, the systems and networks that route data between electronic banking … 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 consumers who use electronic banking terminals such as ATMs. Information from a transaction may be … 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 against persons (other than national banks, federal savings … 47.73 Hearing A person aggrieved by a cease and desist order, revocation, suspension, or denial of an application to establish an … 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 state or federally chartered financial institution (including a bank, savings association, savings bank, or credit … 47.77 Transfer of Accounts Prohibited; Notice on Closing A financial institution cannot move your deposit account to another account with different identification information … 47.78 Contracts to Provide Services A financial institution (the "customer institution") may contract with another financial institution (the "service … 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.