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Chapter 50

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Part 50.1485

Topics

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

Current History

• 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 which can be correctly acquiesced by the insurer;

(b) customer loans, that might be unsecured or secured by individual or genuine home. Customer loans consist of, but they are not restricted to, closed-end installment loans, solitary 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 apart from a business; (2) your debt is incurred mainly for individual, household, or home function; and speedyloan.net/payday-loans-md/ (3) your debt is payable in installments or even a finance cost is manufactured;

(c) secured and quick unsecured loans to companies and normal people for company or purposes that are commercial. For the intended purpose of this paragraph, “organization” means a company, federal federal federal government or subdivision that is governmental 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 purpose that is agricultural

(d) guaranteed and loans that are unsecured agricultural purposes. For the intended purpose of this paragraph, “agricultural function” means an intention regarding the manufacturing, 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 services and products, and services and products raised or produced on farms, including processed or manufactured services and products;

( ag e) credit purchase agreements, which means that a purchase of products, services, or a pursuit in land for which credit is awarded by way of a vendor whom frequently engages as a vendor in credit deals associated with exact same type, together with financial obligation is payable in installments or even a finance fee is manufactured;

(f) loans in the protection of deposit records;

(g) property loans, susceptible to the conditions relevant to cost cost savings associations under part 51A. 38 and Minnesota Statutes 1994, area 51A. 385. “Real property loans” such as that loan or other responsibility guaranteed by a primary lien on property in cost 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 associated with loan or responsibility, or perhaps a deal away from which an initial lien or claim is established resistant to the real-estate, like the purchase associated with real-estate in cost with a cost cost savings bank while the concurrent or instant purchase from it on installment agreement;

(h) secured or quick unsecured loans for 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 a lease that is proprietary, an organization, restricted liability business, trust, limited obligation partnership, or partnership created for the purpose of the cooperative ownership of real-estate, guaranteed because of the project or transfer of certificates or 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 some of its instrumentalities;

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

(l) some other kind of loan authorized by guidelines used because of the commissioner.

Subd. 2. Loans and extensions of credit.

(a) a cost cost savings bank may expand credit and then make loans under part 47.59 regarding the terms that are same susceptible to the exact same conditions as connect with other loan providers under that chapter. Someone 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 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 do not need to, be produced under those parts in place of the authority established in this subdivision, and in case therefore, are susceptible to those parts, rather than this subdivision. A cost cost cost cost savings bank may additionally charge a business any interest rate and any fees decided to because of the company that can determine and gather finance as well as other fees in just about any manner consented to by that company. Aside from extensions of credit the cost savings bank elects to produce under part 334.01, subdivision 2, 334.011, or 334.012, chapter 334 will not affect extensions of credit made pursuant for this part or the parts mentioned in this subdivision.

Subd. 3. Limit on total liabilities.

The sum total liabilities up to a cost cost cost savings bank, as major, guarantor, or endorser of someone, including the liabilities of the firm that the specific owns or settings a big part curiosity about, a partnership, restricted obligation partnership, restricted liability business, or unincorporated relationship, plus in instance of the organization, of most subsidiaries from it when the firm 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.

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 get and rent or take part in the purchase and renting of individual home to clients, and might incur extra responsibilities incidental to becoming an owner and lessor associated with home to your extent that is same and susceptible to the exact same conditions, as state banking institutions under area 48.152.