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- 1996 Subd. 1 Amended 1996 c 414 art 1 s 19
- 1995 50.1485 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 that are by the pledge of policies of life insurance policies, the project of that will be correctly acquiesced by the insurer;
(b) customer loans, that 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 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 savings bank for which: (1) the debtor is someone apart from a business; (2) your debt is incurred primarily for individual, household, or home function; and (3) your debt is payable in installments or a finance fee is created;
(c) secured and short term loans to businesses and normal people for company or purposes that are commercial. For the true purpose of this paragraph, “organization” means an organization, 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 aside from personal, family members, home, or agricultural function;
(d) guaranteed and loans that are unsecured agricultural purposes. For the true purpose of this paragraph, “agricultural function” means an objective concerning 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, chicken, bees, and woodland items, and items raised or produced on farms, including processed or manufactured items;
( ag ag e) credit purchase agreements, this means a purchase of goods, solutions, or a pursuit in land by which credit is issued by a vendor whom frequently engages being a vendor in credit deals associated with exact same type, as well as the financial obligation is payable in installments or a finance fee is created;
(f) loans regarding the protection of deposit reports;
(g) property loans, susceptible to 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 that loan or any other responsibility guaranteed by a primary lien on real-estate in charge or perhaps in a leasehold extending or renewable immediately for a time period of at the very least a decade beyond the date planned when it comes to last major payment associated with the loan or responsibility, or even a deal away from which a primary lien or claim is done up against the property, like the purchase associated with the property in cost by cost cost savings bank plus the concurrent or instant purchase of it on installment agreement;
(h) guaranteed or loans that are unsecured the goal of fix, enhancement, rehabilitation, or furnishing of property;
(i) loans for the true purpose of financing or refinancing an ownership curiosity about certificates of stock, certificates of useful interest, or any other proof of an ownership desire for, or perhaps a lease that is proprietary, an organization, restricted liability business, trust, restricted obligation partnership, or partnership created for the true purpose of the cooperative ownership of property, guaranteed because of the project or transfer of certificates or any other proof ownership associated with the debtor;
(j) loans fully guaranteed or insured, in entire or in component, by 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 kind of loan authorized by guidelines used by the commissioner.
Subd. 2. Loans and extensions of credit.
(a) a cost cost cost cost savings bank may expand credit and also make loans under part 47.59 from the exact same terms and susceptible to the exact same conditions as connect with other loan providers under that chapter. An individual may come right into a credit sale or solution agreement on the market up to cost savings bank, and a cost 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 cost cost savings bank will make or buy extensions of credit authorized by sections 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 will not need to, be produced under those parts instead of the authority established in this subdivision, if therefore, are at the mercy of those parts, rather than this subdivision. A cost cost savings bank may additionally charge a business any interest rate and any fees decided to by the company and will determine and collect finance along with other fees in almost any manner consented to by that company. With the exception of extensions of credit the cost savings bank elects in order to make under area 334.01, subdivision 2, 334.011, or 334.012, chapter 334 doesn’t connect with extensions of credit made pursuant to the part or even the parts mentioned in this subdivision.
Subd. 3. Limit on total liabilities.
The full total liabilities to cost cost savings bank, as major, guarantor, or endorser of a person, including the liabilities of a organization that your specific owns or settings a big part fascination with, a partnership, restricted obligation partnership, restricted liability business, or unincorporated association, as well as in situation of a firm, of most subsidiaries from it where the organization has or controls a big part interest, shall never ever meet or exceed the limitation given to state banking institutions under part 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 cost cost savings bank may obtain and rent or take part in the purchase and renting of individual home to clients, and may even incur extra responsibilities incidental 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 part 48.152.