Legislative Session number- 81

Bill Name: SF2870

E Relating to financial institutions; clarifying the authority of banks in the
metropolitan area to operate detached facilities or main banking facilities;
expanding the definition of financial institution to operating subsidiaries for
credit extension maximum rates regulation purposes; modifying the time limit for
notice to borrowers or purchasers of advances to perform loan or credit sale
contract covenants; requiring financial institutions and motor vehicle and
manufactured home sales finance companies to credit payments to consumer
accounts on the date of receipt, exception, requiring certain account
adjustments for failure to comply; expanding the authority of banking
institutions to use federal banking laws; modifying the definition of financial
institution under the Minnesota residential mortgage originator and servicer
licensing act and modifying certain licensing requirements, prohibiting the
conduct of business under more than one name or title; modifying the provision
requiring a certificate of exemption from the commissioner of commerce to
qualify as an exempt person, a real estate broker, an insurance agent or a
financial institution; specifying certain conditions for the acceptance of
irrevocable letters of credit in lieu of surety bonds; eliminating certain
license service fees; applying certain residential mortgage loan rate, fee and
charge limits on first and junior lien mortgages; authorizing nonprofit
charitable organizations exempt from federal income taxation and participating
as regional organizations under the challenge grant program serving Aitkin,
Cook, Lake, St. Louis, Carlton, Itasca and Koochiching counties to enter into
agreements with the commissioner of commerce to facilitate participation in the
federal small business administration guaranteed lender program (foundation loan
portfolio pilot project), specifying certain agreement requirements, requiring
the organizations to pay the supervision and examination costs of the
commissioner, requiring deposit of money received in an account in the special
revenue fund; authorizing and providing for a bank located and operating a main
bank in Cannon Falls to establish a detached facility in Vasa township with
approval of the commissioner; repealing the definition of net worth and certain
rules (mk, ja)