HF 3522

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to financial institutions; providing for an 
  1.3             equitable adjustment of certain department of commerce 
  1.4             assessments; regulating the lending authority of 
  1.5             credit unions; appropriating money; amending Minnesota 
  1.6             Statutes 1998, section 46.131, subdivision 3; 
  1.7             repealing Minnesota Rules, part 2675.6141, subpart 1. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 1998, section 46.131, 
  1.10  subdivision 3, is amended to read: 
  1.11     Subd. 3.  (a) A proportionate share of all annual office 
  1.12  expenses of the commissioner of commerce and the portion of the 
  1.13  general support costs of the department of commerce and of the 
  1.14  cost of services provided by the attorney general that is 
  1.15  attributable to the commissioner of commerce, as well as all 
  1.16  actual expenses of the examiners in the field, excepting 
  1.17  salaries, shall be allocated to each industry affected, and 
  1.18  referred to in subdivision 4, as assessments and on the basis of 
  1.19  the total time devoted to each. 
  1.20     (b) The allocation under paragraph (a) must be reduced by 
  1.21  50 percent for any industry referenced in subdivision 2 that is 
  1.22  not provided with alternating state and federal examinations, 
  1.23  where federal examinations are available for that industry.  
  1.24  This adjusted allocation does not affect the assessment upon any 
  1.25  other industry and does not affect the obligation of any 
  1.26  financial institution to pay the salary costs of the 
  2.1   commissioner's examinations under subdivision 8, but affects 
  2.2   only the use of "time devoted to each" industry to allocate the 
  2.3   overhead and expenses among industries under this subdivision.  
  2.4   This paragraph no longer applies if the commissioner enters into 
  2.5   a cooperative agreement with a federal regulator, under which 
  2.6   the commissioner's examinations of the financial institutions in 
  2.7   the industry would alternate with examinations by the federal 
  2.8   regulator. 
  2.9      Sec. 2.  [APPROPRIATION.] 
  2.10     $....... is appropriated from the general fund to the 
  2.11  commissioner of commerce to offset reduced assessments under 
  2.12  section 1. 
  2.13     Sec. 3.  [REPEALER.] 
  2.14     Minnesota Rules, part 2675.6141, subpart 1, is repealed. 
  2.15     Sec. 4.  [EFFECTIVE DATE.] 
  2.16     Sections 1 and 2 are effective July 1, 2000.  Section 3 is 
  2.17  effective the day following final enactment.