SF 1866

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/06/2024 04:11pm

KEY: ~~stricken~~ = removed, old language.

underscored = added, new language.

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Engrossments
Introduction		Posted on 02/16/2023

Current Version - as introduced

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A bill for an act
relating to financial institutions; modifying provisions governing emergency
closures; eliminating certain examination requirements; amending Minnesota
Statutes 2022, section 47.0153, subdivision 1; repealing Minnesota Statutes 2022,
section 48.10; Minnesota Rules, parts 2675.2610, subparts 1, 3, 4; 2675.2620,
subparts 1, 2, 3, 4, 5; 2675.2630, subpart 3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 47.0153, subdivision 1, is amended to read:

Subdivision 1.

Emergency closings.

When the officers of a financial institution are of
the opinion that an emergency exists, or is impending, which affects, or may affect, a
financial institution's offices, they shall have the authority, in the reasonable exercise of
their discretion, to determine not to open any of its offices on any business day or, if having
opened, to close an office during the continuation of the emergency, even if the commissioner
does not issue a proclamation of emergency. The office closed shall remain closed until the
time that the officers determine the emergency has ended, and for the further time reasonably
necessary to reopen. No financial institution office shall remain closed for more than 48
consecutive hoursnew text begin in a Monday through Friday periodnew text end , excluding other legal holidays,
without the prior approval of the commissioner.

Sec. 2. new text begin REPEALER.
new text end

new text begin (a) new text end new text begin Minnesota Statutes 2022, section 48.10, new text end new text begin is repealed.
new text end

new text begin (b) new text end new text begin Minnesota Rules, parts 2675.2610, subparts 1, 3, and 4; 2675.2620, subparts 1, 2, 3,
4, and 5; and 2675.2630, subpart 3, new text end new text begin are repealed.
new text end

APPENDIX

Repealed Minnesota Statutes: 23-02990

No active language found for: 48.10

Repealed Minnesota Rule: 23-02990