Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                        CHAPTER 242--S.F.No. 996
           An act relating to financial institutions; authorizing 
          the approval of applications for bank charters and 
          detached facilities; establishing emergency procedures 
          to prevent loss of banking services in a community as 
          a result of a failing bank; amending Minnesota 
          Statutes 1982, section 45.05; proposing new law coded 
          in Minnesota Statutes, chapter 47. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 45.05, is 
amended to read: 
    45.05 [NOTICE AND HEARING, WHEN NOT GIVEN.] 
    The department of commerce may, at its discretion, dispense 
with the notice and hearing provided for by section 45.04 in 
cases where application is made for the incorporation of a new 
bank to take over the assets of one or more existing banks, or 
where the application contemplates the reorganization of a 
national bank into a state bank in the same locality;, or where 
the application is made for the incorporation of a new bank in 
the same locality coincidental with the closing of an existing 
bank by the commissioner or federal authorities provided,.  This 
act shall section does not increase the number of banks in the 
community affected.  
    Sec. 2.  [47.521] [CLOSED BANK LOCATION; AUTHORIZATION.] 
    Where the commissioner has determined that an existing 
state bank or national banking association is about to fail or 
has failed and it is in the public interest to prevent the loss 
of banking services in the community affected, the limitations 
on location and number of detached facilities in section 47.52 
do not apply to an application to establish a detached facility 
in the same locality.  In the event the commissioner has 
determined that it is necessary and in the public interest to 
act immediately on the application, the commissioner may waive 
the requirements of section 47.54. 
    Sec. 3.  [EFFECTIVE DATE.] 
    This act is effective the day after final enactment. 
    Approved June 1, 1983