1.1                          A bill for an act 
  1.2             relating to financial institutions; clarifying the 
  1.3             status of industrial loan and thrift companies that 
  1.4             accept deposits; amending Minnesota Statutes 2002, 
  1.5             section 53.01. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2002, section 53.01, is 
  1.8   amended to read: 
  1.9      53.01 [ORGANIZATION.] 
  1.10     It is lawful for three or more persons, who desire to form 
  1.11  a corporation for the purpose of carrying on primarily the 
  1.12  business of loaning money to persons within the conditions set 
  1.13  forth in this chapter, to organize, under this chapter, an 
  1.14  industrial loan and thrift company, by filing with the secretary 
  1.15  of state articles of incorporation, and upon paying the fees 
  1.16  prescribed by chapter 302A and upon compliance with the 
  1.17  procedure provided for the organization and government of 
  1.18  ordinary corporations under the laws of this state, and upon 
  1.19  compliance with the additional requirements of this chapter 
  1.20  prior to receiving authorization to do business.  If an 
  1.21  industrial loan and thrift company is owned or controlled by a 
  1.22  company, as defined in United States Code, chapter 12, section 
  1.23  1467a(a)(1)(C), the industrial loan and thrift company is not 
  1.24  authorized, or eligible to apply for authorization, to accept 
  1.25  deposits under this chapter, unless the company that owns or 
  2.1   controls the industrial loan and thrift company would qualify to 
  2.2   own a federal savings association under United States Code, 
  2.3   title 12, section 1467a(c)(9).