HF 3170

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to credit unions; authorizing the 
  1.3             establishment of other locations under certain 
  1.4             conditions; amending Minnesota Statutes 1994, section 
  1.5             52.21.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 52.21, is 
  1.8   amended to read: 
  1.9      52.21 [CHANGE OF PLACE OF BUSINESS; CERTAIN OTHER 
  1.10  LOCATIONS.] 
  1.11     (a) A credit union may change its place of business within 
  1.12  this state only with the written consent of the commissioner of 
  1.13  commerce.  The commissioner of commerce shall consent, or give 
  1.14  notice to the credit union of failure to consent, within 60 days 
  1.15  of the date the request for a change of place of business is 
  1.16  submitted.  
  1.17     (b) If a credit union that has total assets of more than 
  1.18  $15,000,000 and whose membership is limited to residents within 
  1.19  a well-defined neighborhood, community, or rural district wishes 
  1.20  to establish other locations to operate and serve its 
  1.21  membership, it shall give 60-days' written prior notice to the 
  1.22  commissioner.  The notice must include evidence that the 
  1.23  proposed office location has been published in a form prescribed 
  1.24  by the commissioner for not less than a period of 21 days.