Chapter 52 — Organization

52.001 Definitions Defines key terms used in the Minnesota credit union chapter, including credit union, board, commissioner, member, and … 52.01 Organization Establishes the authority and jurisdiction for organizing and operating credit unions in Minnesota under the supervision … 52.02 Resolutions, Amendment of Bylaws and Certificate of Organization, Approval Sets requirements for organizing a new credit union, including the number of charter members, the application process, … 52.03 'credit Union,' Unlawful Use Establishes the powers of Minnesota credit unions, including accepting deposits, making loans, issuing share drafts, and … 52.04 Powers Establishes membership eligibility requirements for credit unions, including common bond requirements. 52.05 Membership Establishes the governance structure of credit unions, including the board of directors, supervisory committee, and … 52.06 Supervision; Reports; Audits; Fees Addresses share accounts, deposit insurance, dividends, and member savings at credit unions. 52.061 This section has been repealed. 52.062 Credit Unions; Suspension of Operation Lets the commissioner of commerce suspend a credit union's operations for unsafe or unsound practices, for impaired … 52.063 Proceedings Following Suspension, Continuation of Suspension, or Consent Cease and Desist Order; Appointment of National Credit Union Administration Board as Receiver Sets what happens after a credit union is suspended or signs a consent cease and desist order: the board has 60 days to … 52.064 Receivership Gives a receiver possession and control of a credit union's books, assets, and records, and allows the receiver, the … 52.065 Climate Risk Disclosure Survey Requires a credit union with more than $1,000,000,000 in assets to submit a completed climate risk disclosure survey to … 52.07 Fiscal Year; Meetings; Voting Establishes lending powers and limitations for credit unions, including interest rate caps and loan terms. 52.08 Annual Meeting Addresses credit union investment powers, specifying the types of investments credit unions may hold. 52.09 Directors; Powers and Duties Establishes reserve requirements for credit unions to maintain financial soundness. 52.10 Credit Committee; Credit Manager; Powers Addresses the merger, conversion, and dissolution of credit unions, including procedures for voluntary and involuntary … 52.11 Supervisory Committee; Duties Grants examination and enforcement authority to the commissioner over credit unions. 52.12 Capital; Entrance Fees; Credit Union to Have Lien Establishes bonding and insurance requirements for credit union officers and employees. 52.13 Deposits in Name of Minor Addresses the powers and duties of the commissioner of commerce regarding credit union regulation. 52.131 Multiparty Accounts Directs that when a credit union deposit is held by two or more people jointly, is payable on death to another person, … 52.135 This section has been repealed. 52.136 This section has been repealed. 52.137 Individual Retirement Accounts Lets a credit union accept deposits to establish an individual retirement account for the spouse of a blood or adoptive … 52.14 Interest on Loans Establishes reporting requirements for credit unions to the Department of Commerce. 52.141 Loan Expenses Allows a credit union to require a borrowing member to pay all reasonable expenses of making, closing, disbursing, … 52.15 Borrowing; Limitation Addresses the operation of credit union branches and service facilities. 52.16 Lending; Conditions Establishes provisions for credit union service organizations (CUSOs) that provide services to credit unions. 52.165 Graduated Payment Home Loan Authorizes credit unions to make and purchase graduated payment home loans, on which the early periodic payments are … 52.17 Reserve Fund Addresses the applicability of other laws to credit unions, including federal preemption issues. 52.18 Dividends Establishes provisions for emergency powers and procedures during financial crises affecting credit unions. 52.19 Expulsion or Withdrawal of Members Addresses the conversion of credit unions to or from other financial institution charters. 52.191 Inactive Accounts Allows a credit union board to transfer a member's share or deposit balance to the operating reserve fund when the … 52.20 Voluntary Dissolution Sets the process for voluntarily liquidating a credit union: a two-thirds vote of the members present and entitled to … 52.201 Reorganizing Federal Credit Union Into State Credit Union Authorizes credit unions to offer ancillary services and products to members. 52.202 Directors May Execute Certificates Lets a state credit union that has taken the steps to dissolve convert into a federal credit union instead, without … 52.203 Merger or Consolidation Establishes provisions for corporate credit unions that serve other credit unions. 52.21 Change of Place of Business Addresses the transition and applicability of amendments to the credit union chapter. 52.211 Student Education Programs Allows a credit union to establish part-time deposit-taking locations at elementary and secondary schools, provided the … 52.212 Senior Citizen Locations Allows a credit union to operate part-time locations in nursing homes and senior citizen housing facilities, in addition … 52.22 This section has been repealed. 52.23 This section has been repealed. 52.24 Mandatory Share and Deposit Insurance Requires every credit union supervised by the commissioner of commerce to keep member share and deposit accounts insured …