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Chapter 50

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Part 50.1485


  • Commerce division
  • Letters of credit
  • Mortgages
  • Cars
  • Private property
  • Savings banks

Current History

  • 1996 Subd. 1 Amended 1996 c 414 art 1 s 19
  • 1995 50.1485 Brand brand brand New 1995 c 171 s 49

Subdivision 1. Generally Speaking.

A savings bank may make, purchase, or invest in in addition to other investments authorized by law

(a) loans secured by the pledge of policies of life insurance policies, the project of which will be precisely acquiesced by the insurer;

(b) customer loans, which might be unsecured or guaranteed by individual or property that is real. Customer loans consist of, but they are not restricted to, closed-end installment loans, solitary re re payment loans, nonamortizing loans, open-end revolving personal credit line loans, charge card loans and extensions of credit, and overdraft security loans. For the true purpose of this paragraph, “consumer loan” means that loan created by the cost cost savings bank by which: (1) the debtor is someone apart from a business; (2) your debt is incurred mainly for individual, family members, or home function; and (3) your debt is payable in installments or perhaps a finance cost is manufactured;

(c) secured and short term loans to businesses and normal individuals for company or commercial purposes. For the true purpose of this paragraph, “organization” means a firm, federal federal federal government or government subdivision, or agency, trust, property, partnership, restricted obligation partnership, restricted liability business, jv, cooperative, or relationship. “company or commercial function” means an intention except that personal, family members, home, or purpose that is agricultural

(d) secured and loans that are unsecured agricultural purposes. For the intended purpose of this paragraph, “agricultural function” means an intention concerning the manufacturing, harvest, event, advertising, transport, processing, or make of agricultural items. “Agricultural services and services and products” includes agricultural, horticultural, viticultural, and dairy food, livestock, wildlife, chicken, bees, and woodland services and products, and services and products raised or produced on farms, including processed or manufactured items;

( ag ag ag e) credit purchase agreements, this means a purchase of products, solutions, or a pursuit in land by which credit is awarded by way of a vendor whom frequently engages as a vendor in credit deals regarding the kind that is same therefore the financial obligation is payable in installments or even a finance fee is manufactured;

(f) loans regarding the safety of deposit records;

(g) property loans, at the mercy of the conditions relevant to cost cost cost savings associations under area 51A. 38 and Minnesota Statutes 1994, area 51A. 385. “Real property loans” such as a loan or any other obligation guaranteed by an initial lien on property in charge or perhaps in a leasehold extending or renewable immediately for a time period of at the very least 10 years beyond the date planned when it comes to last major payment regarding the loan or responsibility, or perhaps a deal away from which an initial lien or claim is made up against the property, like the purchase of this real-estate in cost with a cost cost savings bank additionally the concurrent or instant purchase from it on installment agreement;

(h) guaranteed or short term loans for the goal of fix, enhancement, rehabilitation, or furnishing of property;

(i) loans for the intended purpose of funding or refinancing an ownership curiosity about certificates of stock, certificates of useful interest, or other proof of an ownership desire for, or a lease that is proprietary, an organization, restricted liability business, trust, restricted obligation partnership, or partnership created for the intended purpose of the cooperative ownership of real-estate, secured because of the project or transfer of certificates or any other proof ownership regarding the debtor;

(j) loans assured or insured, in entire or perhaps in component, because of the united states of america or any one of its instrumentalities;

(k) issuance of letters of credit or other comparable plans; and

(l) any kind of form of loan authorized by guidelines used by the commissioner.

Subd. 2. Loans and extensions of credit.

(a) a cost cost cost savings bank may expand credit while making loans under part 47.59 from the terms that are same at the mercy of the exact same conditions as connect with other loan providers under that chapter. An individual may come right into a credit purchase or solution contract on the market to cost cost savings bank, and a cost cost savings bank may buy and enforce the agreement, beneath the stipulations established in area 47.59, subdivisions 1 and 4 to 14.

(b) a savings bank will make or buy extensions of credit authorized by parts 47.20, subdivision 1, 3, or 4a; 47.204; 47.21; 47.60; 48.153 to 48.155; 48.185; 48.195; 53C. 01 to 53C. 14; 59A. 15; 334.01; 334.011; 334.012, and just about every other relevant legislation. The extensions of credit or acquisitions of extensions of credit might, but do not need to, be produced under those parts instead of the authority established in this subdivision, of course therefore, are at the mercy of those parts, and never this subdivision. A cost cost savings bank may charge an organization also any interest rate and any fees decided to because of the company and can even determine and gather finance along with other fees in almost any manner decided to by that company. The savings bank elects to make under section 334.01, subdivision 2, 334.011, or 334.012, chapter 334 does not apply to extensions of credit made pursuant to this section or the sections mentioned in this subdivision except for extensions of credit.

Subd. 3. Limit on total liabilities.

The sum total liabilities up to cost savings bank, as major, guarantor, or endorser of a person, including the liabilities of a firm that the specific owns or settings a big part desire for, a partnership, restricted obligation partnership, restricted liability business, or association that is unincorporated plus in instance of the company, of most subsidiaries from it when the organization has or controls a big part interest, shall never ever surpass the restriction given to state banking institutions under area 48.24.

Subd. 4. Property loans.

The ownership of the real estate security or any part of it becomes vested in a person other than the party or parties originally executing the security instruments, and provided there is not an agreement in writing to the contrary, a savings bank may, without notice to the other party or parties, deal with the successor or successors in interest with reference to the mortgage and the debt secured in the same manner as with the party or parties, and may forbear to sue or may extend time for payment of or otherwise modify the terms of the debt secured, without discharging or in any way affecting the original liability of the party or parties upon the debt secured in the case of any investment made by a savings bank in a loan secured by a mortgage on real property, including a real estate loan, in the event.

Subd. 5. Leases of individual home.

A cost savings bank may get and lease or take part in the purchase and renting of individual home to clients, and could incur extra responsibilities incidental to becoming an owner and lessor regarding the home into the exact same degree, and susceptible to the exact same conditions, as state banking institutions under part 48.152.