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Chapter 50
- Dining Table of parts
- Complete Chapter Text
- Variation List
Part 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 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 correctly recognized by the insurer;
(b) consumer loans, which might be unsecured or guaranteed by individual or genuine home. Customer loans consist of, but they are not restricted to, closed-end installment loans, solitary re payment loans, nonamortizing loans, open-end revolving credit line loans, charge card loans and extensions of credit, and overdraft security loans. For the intended purpose of this paragraph, “consumer loan” means that loan created by the cost cost cost savings bank by which: (1) the debtor is an individual apart from a company; (2) your debt is incurred www.speedyloan.net/payday-loans-ma/ mainly for individual, family members, or home function; and (3) your debt is payable in installments or perhaps a finance cost is created;
(c) secured and short term loans to companies and normal individuals for company or commercial purposes. For the true purpose of this paragraph, “organization” means a organization, 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 apart from personal, family members, 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 objective regarding the production, harvest, event, advertising, transport, processing, or make of agricultural services and products. “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 items;
( ag ag ag ag e) credit sale agreements, which means that 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 transactions associated with the exact same sort, while the financial obligation is payable in installments or a finance fee is manufactured;
(f) loans from the protection of deposit records;
(g) property loans, susceptible to the conditions relevant to cost cost savings associations under area 51A. 38 and Minnesota Statutes 1994, area 51A. 385. “Real property loans” such as that loan or other responsibility guaranteed by an initial lien on property in charge or in a leasehold extending or renewable immediately for a time period of at the least a decade beyond the date planned when it comes to final major payment of this loan or responsibility, or a deal away from which a primary lien or claim is established up against the real-estate, like the purchase associated with real-estate in cost by a cost cost cost savings bank therefore the concurrent or instant purchase from it on installment agreement;
(h) guaranteed or quick unsecured loans for the objective of fix, enhancement, rehabilitation, or furnishing of property;
(i) loans for the true purpose of funding or refinancing an ownership fascination with certificates of stock, certificates of beneficial interest, or any other proof of an ownership desire for, or perhaps a proprietary rent from, an organization, restricted liability business, trust, restricted obligation partnership, or partnership created for the intended purpose of the cooperative ownership of real-estate, guaranteed by the project or transfer of certificates or any other evidence of ownership of this debtor;
(j) loans fully guaranteed or insured, in whole or in component, because of the united states of america or some of its instrumentalities;
(k) issuance of letters of credit or any other arrangements that are similar and
(l) any kind of style of loan authorized by guidelines used because of the commissioner.
Subd. 2. Loans and extensions of credit.
(a) a savings bank may extend credit and also make loans under area 47.59 in the terms that are same susceptible to the exact same conditions as connect with other loan providers under that chapter. An individual may come into a credit service or sale agreement obtainable to cost savings bank, and a cost cost savings bank may buy and enforce the agreement, underneath the conditions and terms established in area 47.59, subdivisions 1 and 4 to 14.
(b) a cost cost cost savings bank could 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 may, but do not need to, be manufactured under those sections in place 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 additionally charge a business any interest rate and any fees decided to because of the company and can even determine and gather finance as well as other fees 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 sum total liabilities to a cost cost savings bank, as major, guarantor, or endorser of a person, including the liabilities of a business that your 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 organization, of most subsidiaries from it when the organization owns or controls a big part interest, shall never ever go beyond the limitation given to state banking institutions under part 48.24.
Subd. 4. Property loans.
When it comes to any investment created by a cost savings bank in that loan guaranteed by home financing on genuine home, including an actual property loan, in case the ownership for the property protection or any section of it becomes vested in an individual aside from the celebration or events initially performing the protection instruments, and offered there isn’t an understanding written down to your contrary, a cost savings bank may, without warning to another celebration or parties, deal with the successor or successors in interest with regards to the home loan plus the financial obligation guaranteed in much the same much like the celebration or events, and may also forbear to sue or may expand time for repayment of or otherwise modify the terms for the financial obligation guaranteed, without discharging or in in any manner impacting the first obligation associated with celebration or events upon your debt guaranteed.
Subd. 5. Leases of individual home.
A cost savings bank may obtain and rent or take part in the purchase and renting of individual home to customers, and will incur extra responsibilities incidental to becoming an owner and lessor associated with home towards the exact same degree, and susceptible to the exact same conditions, as state banking institutions under part 48.152.