Chapter 51A — Savings Association Act

51A.01 Citation This law establishes the short title for the Savings Association Act. Sections 51A.01 through 51A.58 together make up … 51A.02 Definitions This section defines key terms used throughout the Savings Association Act. It includes definitions for words like … 51A.03 Incorporation This law explains how to create a new savings association in Minnesota. At least three state residents must apply to the … 51A.04 Organization of Mutual Associations This law sets the rules for organizing a new mutual savings association. The incorporators must put up at least $100,000 … 51A.041 Organization of Capital Stock Associations This law sets the rules for organizing a new capital stock savings association. Each incorporator must subscribe to and … 51A.05 Name; Office This law requires every savings association to include the word 'saving' or 'savings' in its name. It prohibits using … 51A.06 Conversion This law limits how savings associations can convert to other forms. No conversion of a savings association, whether … 51A.065 Mutual and Capital Stock Conversions This law sets the rules for converting between mutual and capital stock forms of savings association. It covers how a … 51A.07 Power to Reorganize, Merge, or Consolidate This law allows savings associations to reorganize, merge, or consolidate with other associations or federal … 51A.08 Dissolution This law explains how a savings association can voluntarily shut down. It requires a vote of three-fourths of the … 51A.09 Meetings of Members of Mutual Associations This law sets the rules for meetings of mutual savings association members. Annual meetings must be held in January. … 51A.091 This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions. 51A.10 Membership Charges Prohibited This law prohibits mutual savings associations from charging any fees for becoming a member, staying a member, or … 51A.11 Access to Books and Records; Communication With Members or Stockholders This law gives members and stockholders the right to inspect the books and records of a savings association. It also … 51A.12 Financial Statement; Mutual Associations This law requires mutual savings associations to prepare and present financial statements at each annual meeting. … 51A.13 Directors of Mutual Associations This law sets the rules for the board of directors of mutual savings associations. It covers how many directors the … 51A.131 Directors of Capital Stock Associations This law sets the rules for the board of directors of capital stock savings associations. It covers qualifications, … 51A.14 Indemnity Bonds This law requires savings associations to obtain indemnity bonds (also called fidelity bonds) for their officers and … 51A.15 Transactions of Officers and Directors This law sets rules for financial transactions between a savings association and its own officers or directors. It … 51A.16 Depositories This law sets rules about where savings associations can deposit their own funds. It specifies which types of financial … 51A.17 Indemnification of Officers, Directors and Employees This law allows savings associations to indemnify (reimburse and protect) their officers, directors, and employees for … 51A.18 This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions. 51A.19 Records This law requires savings associations to keep accurate books and records of all their business and financial … 51A.20 Reserve Accounts; Surplus and Undivided Profits This law requires savings associations to maintain reserve accounts, surplus, and undivided profits. These financial … 51A.21 Powers of Association This law lists the general corporate powers of a savings association. These include the power to make loans, accept … 51A.22 Savings Liability This law governs the savings liability of a savings association, which is the total amount the association owes to its … 51A.23 Savings Account This law sets the rules for savings accounts at savings associations. It covers how accounts are opened, how deposits … 51A.24 Contracts for School Savings Programs This law allows savings associations to enter into contracts with school districts to operate school savings programs. … 51A.25 This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions. 51A.251 Married Persons and Minors This law allows married persons and minors to hold savings accounts at a savings association. It addresses the legal … 51A.26 This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions. 51A.261 Deposits in Name of Minor This law sets specific rules for savings accounts held in the name of a minor at a savings association. It addresses how … 51A.262 Multiparty Accounts This law sets the rules for savings accounts that are held in multiple names, payable on death, or held in trust for … 51A.27 Pledge to Association of Savings Accounts in Joint Tenancy This law says that a joint savings account holder can pledge or use all or part of the account as collateral for a loan … 51A.28 Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries This law allows savings associations to open accounts in the name of fiduciaries such as administrators, executors, … 51A.29 Accounts of Incompetents This law covers what happens when a savings account holder is found legally incompetent by a court. After incompetency … 51A.30 Accounts of Deceased Nonresidents This law allows savings associations to pay account funds to out-of-state executors or administrators of deceased … 51A.31 Savings Accounts as Legal Investments This law says that savings accounts at savings associations are legal investments for fiduciaries, insurance companies, … 51A.32 Earnings This law sets the rules for how savings associations pay interest or dividends on savings accounts. Mutual associations … 51A.33 Withdrawal This law sets out the rules for withdrawing money from savings association accounts. A member can request a withdrawal … 51A.34 Redemption This law gives savings associations the right to buy back (redeem) savings accounts by giving 30 days' certified mail … 51A.35 Investment in Securities This law describes what types of securities savings associations can invest in. They can invest without limit in U.S. … 51A.36 This section was part of Minnesota's Savings Association Act but has been repealed. It was removed from the statutes in … 51A.361 Reserves This law requires savings associations to keep enough liquid assets, like cash and short-term investments, to cover … 51A.37 Investment in Loans This law lists the types of loans savings associations can make. They can make savings account loans, real estate loans … 51A.38 Loan Plans This law sets the rules for how real estate loans must be structured. Every real estate loan requires a property … 51A.385 This section was part of Minnesota's Savings Association Act but has been repealed. It was removed from the statutes in … 51A.386 Terms and Conditions of Loans, Contracts, and Extensions of Credit This law sets the interest rate rules for loans and credit extended by savings associations. Associations can charge … 51A.39 This section was part of Minnesota's Savings Association Act but has been repealed. It was removed from the statutes in … 51A.40 Dealing With Successors in Interest This law protects savings associations when a mortgaged property changes hands. If the borrower sells or transfers the … 51A.41 Right to Act to Avoid Loss This law protects savings associations from claims that they violated the law by taking actions needed to avoid losing … 51A.42 Savings Associations This law places Minnesota savings associations under the supervision of the Department of Commerce. The commissioner can … 51A.43 Supervisory Power of Commissioner This law gives the commissioner of commerce general supervisory authority over all savings associations, their service … 51A.44 Reports and Examinations This law requires savings associations to file annual reports with the commissioner by April 30 each year. The report … 51A.45 Enforcement and Conservatorship This law gives the commissioner power to order savings associations to stop illegal practices. If the association does … 51A.46 Receivership This law allows the commissioner to appoint a receiver to take over and liquidate a savings association that is in … 51A.47 Correction of Wrongdoings by Unimpaired Institution This law says that the commissioner cannot appoint a conservator or receiver, or seize property, for an association that … 51A.48 Right to Declaratory Judgment This law allows either the commissioner or a savings association to go to court for a declaratory judgment to resolve … 51A.49 This section was part of Minnesota's Savings Association Act but has been repealed. It was removed from the statutes in … 51A.50 Federal Associations This law lists which sections of the Minnesota Savings Association Act also apply to federal savings associations … 51A.51 Fees This law sets the fees that savings associations must pay to the state for various regulatory activities. These include … 51A.52 Directors, Employees, Members, and Stockholders of Association May Acknowledge Instruments to Which it is a Party This law says that a person who is a director, employee, member, or stockholder of a savings association is not … 51A.53 Powers of Federal Associations; Approval This law allows Minnesota-chartered savings associations to exercise any power that a federal savings association is … 51A.54 Insolvent Associations Liquidated This law says that if a savings association becomes insolvent, it must be liquidated using the same procedures that … 51A.55 Conformity This law brought all existing home financing and thrift organizations under the Savings Association Act when it took … 51A.56 Act Controlling This law says that the Savings Association Act controls whenever it conflicts with any other Minnesota law affecting … 51A.57 Separability This law says that if any part of the Savings Association Act is found invalid by a court, the rest of the Act continues … 51A.58 Interstate Branching This law allows Minnesota savings associations to open branch offices in other states if those states allow Minnesota …