Chapter 48 — Capital and Surplus; Prepayment of Capital

48.01 Definitions Defines key terms used in the state banking laws, including what counts as a bank. 48.02 Capital and Surplus; Prepayment of Capital Sets the minimum capital and surplus requirements for starting a state bank in Minnesota. 48.03 Shares Sets rules about bank shares, including par value and how shares are issued. 48.032 Preemptive Rights Gives existing shareholders the first right to buy new shares when a bank issues more stock. 48.033 State Banks, Liability of Shareholders Limits how much shareholders of a state bank can be held personally liable. 48.04 Increase and Reduction of Capital Sets the process for a state bank to increase or reduce its capital stock. 48.05 Capital Not to Be Withdrawn; Dividends Prohibits banks from withdrawing capital and sets rules for paying dividends. 48.055 Issuance of Preferred Stock, Conditions Allows state banks to issue preferred stock under certain conditions. 48.056 Reverse Stock Split Allows state banks to do a reverse stock split to reduce the number of outstanding shares. 48.06 Board of Directors Sets rules for the board of directors of a state bank, including size and duties. 48.07 Officers; Appointment, Removal Gives the board power to appoint and remove bank officers like the president and cashier. 48.08 Directors and Officers, Restricted Use of Bank Funds; Dealings With Bank Restricts how directors and officers can use bank funds and do business with the bank. 48.09 Dividends; Surplus Sets rules for paying dividends and building up surplus reserves at state banks. 48.10 This section has been repealed and is no longer in effect. 48.11 Contracts, How Made Describes how a state bank enters into contracts. 48.12 Bonds of Officers and Employees Requires bank officers and employees to post bonds to protect against losses. 48.13 Conditions of Bonds Sets the conditions and requirements for bonds posted by bank officers and employees. 48.14 Examinations, Reports to Show Names of Bonded Officers and Employees Requires bank examiners to check that officers and employees have proper bonds. 48.15 Special Powers Grants state banks special powers including trust services and other financial activities. 48.151 Additional Powers Gives state banks additional powers beyond basic banking activities. 48.152 State Bank Acquisition and Leasing of Personal Property Allows state banks to acquire and lease personal property to customers. 48.153 Installment Loans; Finance Charges; Minimum Charges Sets rules for installment loans, including maximum finance charges and minimum charges. 48.154 Prepayment, Extension of Terms Sets rules for prepaying or extending installment loans at state banks. 48.155 Allowable Additional Charges Lists the additional charges a bank can add to installment loans. 48.156 Loan Due on Default Allows the bank to declare the full loan due if the borrower defaults. 48.157 Copy of Note to Borrower Requires banks to give borrowers a copy of their signed loan agreement. 48.158 Settlement of Checks at Less Than Par Allows banks to settle checks for less than the full face amount. 48.1585 This section has been repealed and is no longer in effect. 48.159 This section has been repealed and is no longer in effect. 48.16 Banks May Not Pledge Assets; Exceptions Prohibits banks from pledging their assets as security, with some exceptions. 48.17 Powers of Officers or Employees Limits what powers bank officers and employees have to act on behalf of the bank. 48.18 Pledges or Liens of Assets Subject to Prior Liens Makes bank pledges or liens on assets void if there are already prior claims. 48.185 Open End Loan Account Arrangements Sets rules for open-end loan accounts like lines of credit at state banks. 48.19 This section has been repealed and is no longer in effect. 48.194 Installment Sales Contracts; Loans Allows banks to buy installment sales contracts and make related loans. 48.195 Interest Rates; Usury Limit for Depository Institutions Sets the maximum interest rate that banks can charge on loans. 48.196 Penalty for Usurious Interest Sets the penalty when a bank charges more interest than the law allows. 48.20 Unauthorized Pledges, Notes, Liens Void Makes any unauthorized pledge of bank assets void and unenforceable. 48.21 Real Estate; Restrictions on Holding Limits how much real estate a state bank can own and for how long. 48.22 This section has been repealed and is no longer in effect. 48.221 Reserves Sets reserve requirements that state banks must maintain. 48.23 Bank Not to Lend on Its Own Stock or Purchase Same Prohibits banks from lending money secured by their own stock or buying their own shares. 48.24 Restrictions Upon Total Liabilities to a Bank Limits the total amount a bank can lend to any one borrower. 48.245 War Veteran; Minority; Contract for Loan Allows war veterans who are minors to enter into valid loan contracts with banks. 48.25 This section has been repealed and is no longer in effect. 48.26 This section has been repealed and is no longer in effect. 48.27 Limitation on Amount of Deposits Limits the total amount of deposits a state bank can accept. 48.28 Liquidation Unless Deposits Are Reduced Requires a bank to begin closing if it cannot reduce excess deposits. 48.29 This section has been repealed and is no longer in effect. 48.30 Deposits in Name of Minor Allows minors to have bank accounts in their own name. 48.301 Multiparty Accounts Sets rules for multiparty bank accounts with more than one owner. 48.31 State Banks Organized From National Banks Sets the process for converting a national bank into a state-chartered bank. 48.32 State Banks or Trust Companies May Be Members of Federal Reserve Banks Allows state banks and trust companies to join the Federal Reserve System. 48.33 Execution of Trust Allows banks to serve as trustees and execute trust responsibilities. 48.34 This section has been repealed and is no longer in effect. 48.35 Clearinghouses Sets rules for bank participation in clearinghouses for processing checks. 48.36 Application Sets the application process for obtaining a bank charter or trust company license. 48.37 Certificates From Commissioner Requires the commissioner to issue certificates for new state banks. 48.38 This section has been repealed and is no longer in effect. 48.39 Trust Accounts Recorded Requires banks to keep records of all trust accounts. 48.40 Subject to Orders of Court Makes bank trust activities subject to court orders and supervision. 48.41 Corporate Name Sets rules for what names state banks can use. 48.42 Bank May Be Designated as Savings Bank Allows a bank to add 'savings bank' to its name if it meets certain conditions. 48.43 Bank May Cease Operations; Duties of Commissioner Sets the process for a bank to voluntarily stop doing business. 48.44 Bank May Organize as Trust Company Allows a state bank to reorganize as a trust company. 48.45 Corporate Names Sets additional rules about corporate names for banks and trust companies. 48.46 Authorized Securities Purchased Lists the types of securities that state banks are allowed to buy and hold. 48.47 Banking and Trust Company Business Allows combined banking and trust company operations under one institution. 48.475 This section has been repealed and is no longer in effect. 48.476 This section has been repealed and is no longer in effect. 48.48 Reports to Commissioner Requires state banks to file regular financial reports with the commissioner. 48.49 Books to Be Kept Requires state banks to keep proper accounting books and records. 48.50 This section has been repealed and is no longer in effect. 48.51 This section has been repealed and is no longer in effect. 48.511 This section has been repealed and is no longer in effect. 48.512 Procedures for Opening Checking Accounts Sets procedures banks must follow when customers open checking accounts. 48.513 Financial Intermediary Fees Allows banks to charge reasonable fees for certain financial services. 48.515 This section has been repealed and is no longer in effect. 48.518 This section has been repealed and is no longer in effect. 48.521 This section has been repealed and is no longer in effect. 48.522 This section has been repealed and is no longer in effect. 48.523 This section has been repealed and is no longer in effect. 48.524 This section has been repealed and is no longer in effect. 48.525 This section has been repealed and is no longer in effect. 48.526 This section has been repealed and is no longer in effect. 48.527 This section has been repealed and is no longer in effect. 48.528 This section has been repealed and is no longer in effect. 48.53 This section has been repealed and is no longer in effect. 48.54 This section has been repealed and is no longer in effect. 48.55 This section has been repealed and is no longer in effect. 48.56 Banking Institution May Use Federal Banking Laws Allows state banks to use federal banking laws for certain activities. 48.57 This section has been repealed and is no longer in effect. 48.58 This section has been repealed and is no longer in effect. 48.59 Commissioner May Accept Examinations and Reports of Corporation Allows the commissioner to accept federal examinations instead of conducting separate state exams. 48.591 Climate Risk Disclosure Survey Requires banks to complete a climate risk disclosure survey. 48.60 This section has been repealed and is no longer in effect. 48.605 State Banks, Employee Stock Option and Stock Purchase Plans Allows state banks to create employee stock option and stock purchase plans. 48.61 Authorized Investments for State Banks and Trust Companies Lists the types of investments that state banks and trust companies are allowed to make. 48.611 This section has been repealed and is no longer in effect. 48.62 Bank May Issue Notes or Debentures Allows state banks to issue notes or debentures to raise additional capital. 48.63 Security for Deposits Not Required States that banks do not need to provide security for regular customer deposits. 48.64 Deposits of Trust Funds Sets rules for how banks handle trust fund deposits. 48.65 This section has been repealed and is no longer in effect. 48.66 This section has been repealed and is no longer in effect. 48.67 This section has been repealed and is no longer in effect. 48.68 This section has been repealed and is no longer in effect. 48.69 This section has been repealed and is no longer in effect. 48.70 This section has been repealed and is no longer in effect. 48.71 This section has been repealed and is no longer in effect. 48.72 This section has been repealed and is no longer in effect. 48.73 This section has been repealed and is no longer in effect. 48.74 Funds and Property Held in Fiduciary Capacity Sets rules for how banks handle funds and property held in a fiduciary capacity. 48.75 This section has been repealed and is no longer in effect. 48.76 This section has been repealed and is no longer in effect. 48.77 This section has been repealed and is no longer in effect. 48.78 This section has been repealed and is no longer in effect. 48.79 This section has been repealed and is no longer in effect. 48.80 This section has been repealed and is no longer in effect. 48.81 This section has been repealed and is no longer in effect. 48.82 This section has been repealed and is no longer in effect. 48.83 This section has been repealed and is no longer in effect. 48.84 This section has been repealed and is no longer in effect. 48.841 This section has been repealed and is no longer in effect. 48.845 This section has been repealed and is no longer in effect. 48.846 This section has been repealed and is no longer in effect. 48.85 This section has been repealed and is no longer in effect. 48.86 This section has been repealed and is no longer in effect. 48.87 This section has been repealed and is no longer in effect. 48.88 Violations; Penalties Sets penalties for violations of state banking laws. 48.89 Clerical Service Corporation Allows banks to form or use corporations for clerical and data processing services. 48.892 Clerical Services Offices Allows banks to establish clerical services offices for administrative tasks. 48.90 Legislative Intent States the legislature's intent behind the bank acquisition and holding company laws. 48.91 Title Provides the title for the bank acquisition and holding company provisions. 48.92 Definitions Defines terms used in the bank acquisition and holding company laws. 48.93 Acquisition Procedure Sets the procedure for acquiring control of a state bank or bank holding company. 48.94 This section has been repealed and is no longer in effect. 48.95 This section has been repealed and is no longer in effect. 48.96 Supervision Gives the commissioner authority to supervise bank holding companies. 48.97 Addresses enforcement of bank holding company regulations. 48.98 This section has been repealed and is no longer in effect. 48.99 Special Acquisitions Authorized Authorizes special types of bank acquisitions in certain circumstances. 48.991 This section has been repealed and is no longer in effect. 48.992 Exemption Exempts certain bank acquisitions from the normal approval process. 48.993 This section has been repealed and is no longer in effect. 48.995 This section has been repealed and is no longer in effect.