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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
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 because of the pledge of policies of life insurance coverage, the project of which will be correctly acquiesced by the insurer;
(b) customer loans, which might be unsecured or guaranteed by individual or genuine home. Customer loans consist of, but are not restricted to, closed-end installment loans, solitary re re re payment loans, nonamortizing loans, open-end revolving personal credit line loans, bank card loans and extensions of credit, and overdraft security loans. For the intended purpose of this paragraph, “consumer loan” means that loan produced by the cost cost cost savings bank by which: (1) the debtor is an individual apart from a company; (2) your debt is incurred mainly for individual, household, or home function; and (3) your debt is payable in installments or even a finance cost is created;
(c) secured and quick unsecured loans to businesses and normal people for company or purposes that are commercial. For the intended purpose of this paragraph, “organization” means a business, federal federal federal government or subdivision that is governmental or agency, trust, property, partnership, limited liability partnership, restricted liability business, partnership, cooperative, or relationship. “company or commercial function” means an intention aside from personal, household, home, or purpose that is agricultural
(d) guaranteed and loans that are unsecured agricultural purposes. For the true purpose of this paragraph, “agricultural function” means an intention concerning the production, harvest, event, advertising, transport, processing, or make of agricultural items. “Agricultural services and services and products” includes agricultural, horticultural, viticultural, and milk products, livestock, wildlife, chicken, bees, and woodland items, and items raised or produced on farms, including processed or manufactured products;
( ag ag e) credit purchase agreements, this means a purchase of products, solutions, or a pastime in land by which credit is issued by a vendor whom frequently engages as being a vendor in credit deals associated with the kind that is same as well as the debt is payable in installments or even a finance cost is created;
(f) loans from the protection of deposit records;
(g) property loans, susceptible to the conditions applicable to cost savings associations under part 51A. 38 and Minnesota Statutes 1994, part 51A. 385. “Real estate loans” such as a loan or other responsibility guaranteed by a primary lien on property in charge or in a leasehold extending or renewable immediately for a time period of at the very least a decade beyond the date planned for the last major payment regarding the loan or responsibility, or a deal away from which a primary lien or claim is established contrary to the real-estate, such as the purchase of this real-estate in fee by cost cost savings bank in addition to concurrent or instant purchase from it on installment agreement;
(h) guaranteed or quick unsecured urgent link loans for the objective of fix, enhancement, rehabilitation, or furnishing of real-estate;
(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 curiosity about, or a proprietary rent from, a company, restricted liability company, trust, restricted obligation partnership, or partnership created for the true purpose of the cooperative ownership of real-estate, guaranteed by the project or transfer of certificates or other proof of ownership associated with debtor;
(j) loans fully guaranteed or insured, in entire or in part, because of the united states of america or any one of its instrumentalities;
(k) issuance of letters of credit or any other comparable plans; and
(l) just about any types of loan authorized by guidelines used because of the commissioner.
Subd. 2. Loans and extensions of credit.
(a) a cost savings bank may expand credit and work out 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 right into a credit purchase or solution agreement on the market to cost cost savings bank, and a cost cost savings bank may buy and enforce the agreement, underneath the conditions and terms established in part 47.59, subdivisions 1 and 4 to 14.
(b) a cost cost 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 law that is applicable. The extensions of credit or acquisitions of extensions of credit might, but will not need to, be manufactured under those sections instead of the authority established in this subdivision, and when therefore, are susceptible to those parts, and never this subdivision. A cost savings bank may charge an organization also any interest and any fees decided to because of the company and might determine and gather finance as well as other costs in almost any manner consented 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 full total liabilities to a cost cost savings bank, as major, guarantor, or endorser of a person, including the liabilities of the business that your specific owns or settings a big part curiosity about, a partnership, restricted obligation partnership, limited liability business, or unincorporated relationship, as well as in instance of the business, of most subsidiaries of it when the organization has or controls a big part interest, shall never ever go beyond the restriction given to state banking institutions under area 48.24.
Subd. 4. Real-estate loans.
When it comes to any investment produced by a cost savings bank in financing guaranteed by a home loan on genuine home, including a proper property loan, if your ownership regarding the real-estate safety or any section of it becomes vested in someone aside from the celebration or events initially performing the safety instruments, and offered there isn’t an agreement in composing into the contrary, a cost savings bank may, with no warning to another celebration or parties, cope with the successor or successors in interest with regards to the home loan together with financial obligation guaranteed in the same manner much like the party or events, and could forbear to sue or may expand time for repayment of or otherwise modify the terms associated with financial obligation guaranteed, without discharging or in in any manner impacting the first obligation associated with the celebration or events upon your debt guaranteed.
Subd. 5. Leases of individual home.
A cost cost savings bank may get and rent or take part in the purchase and renting of individual home to clients, and can even incur extra obligations incidental to becoming an owner and lessor of this home to your extent that is same and susceptible to the exact same conditions, as state banking institutions under area 48.152.
