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Chapter 50

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Area 50.1485

Topics

  • Commerce division
  • Letters of credit
  • Mortgages
  • Automobiles
  • Private home
  • Savings banks

Present History

  • 1996 Subd. 1 Amended 1996 c 414 art 1 s 19
  • 1995 50.1485 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 because of the pledge of policies of life insurance coverage, the assignment of that is precisely recognized by the insurer;

(b) consumer 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 re re payment loans, nonamortizing loans, open-end revolving 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 produced by the cost cost savings bank by which: (1) the debtor is an individual except that a company; (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 fee is manufactured;

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

(d) guaranteed and quick unsecured loans for agricultural purposes. For the intended purpose of this paragraph, “agricultural function” means an objective associated with the manufacturing, harvest, event, advertising, transport, processing, or make of agricultural services and products. “Agricultural services and services and services and products” includes agricultural, horticultural, viticultural, and dairy food, livestock, wildlife, poultry, bees, and woodland items, and services and products raised or produced on farms, including processed or manufactured services and products;

( ag ag ag ag e) credit purchase agreements, this means a purchase of products, solutions, or a pursuit in land by which credit is given by way of a vendor whom frequently engages being a vendor in credit deals for the exact same type, additionally the debt is payable in installments or a finance cost is created;

(f) loans regarding the protection of deposit records;

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

(h) guaranteed or loans that are unsecured the objective of fix, enhancement, rehabilitation, or furnishing of property;

(i) loans for the intended purpose of funding or refinancing an ownership desire for certificates of stock, certificates of useful interest, or other proof of an ownership desire for, or perhaps a proprietary rent from, a company, limited liability business, trust, restricted obligation partnership, or partnership created for the true purpose of the cooperative ownership of real-estate, guaranteed because of the project or transfer of certificates or any other proof of ownership associated with the debtor;

(j) loans assured or insured, in entire or perhaps in component, by the usa or some of its instrumentalities;

(k) issuance of letters of credit or other arrangements that are similar and

(l) virtually any types of loan authorized by guidelines used by the commissioner.

Subd. 2. Loans and extensions of credit.

(a) a cost cost savings bank may expand credit and also make loans under part 47.59 from the exact same terms and susceptible to exactly the same conditions as connect with other loan providers under that chapter. An individual may come into a credit service or sale agreement on the market to a cost cost cost savings bank, and a cost cost cost cost savings bank may buy and enforce the agreement, underneath the stipulations established in part 47.59, subdivisions 1 and 4 to 14.

(b) a cost savings bank can 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 may, but do not need to, be manufactured under those parts in place of the authority established in this subdivision, and in case therefore, are at the mercy of those parts, rather than this subdivision. A cost cost savings bank may also charge a business any interest rate and any fees decided to by the company that will calculate and gather finance as well as other fees in virtually any manner decided to by that company. With the exception of extensions of credit the savings bank elects in order to make under area 334.01, subdivision 2, 334.011, or 334.012, chapter 334 will not connect with extensions of credit made pursuant for this area or perhaps the parts mentioned in this subdivision.

Subd. 3. Limit on total liabilities.

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

Subd. 4. Real-estate 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 obtain and rent or be involved in the acquisition and renting of individual home to clients, and may even incur extra responsibilities incidental https://speedyloan.net/payday-loans-mi to becoming an owner and lessor of this home towards the extent that is same and susceptible to the exact same conditions, as state banking institutions under area 48.152.