Minnesota Session Laws - 1984, Regular Session

  

                         Laws of Minnesota 1984 

                        CHAPTER 500-H.F.No. 1771
           An act relating to financial institutions; credit 
          unions; providing for reciprocity between Minnesota 
          credit unions and credit unions from states that have 
          enacted similar laws; amending Minnesota Statutes 
          1982, section 52.03. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 52.03, is 
amended to read: 
    52.03 ["CREDIT UNION," UNLAWFUL USE.] 
    Subdivision 1.  [PENALTY.] Except as provided in 
subdivision 2, it shall be a misdemeanor for any person, 
association, copartnership, or corporation, except corporations 
organized in accordance with the provisions of this chapter, to 
use the words "credit union" in their name or title.  
    Subd. 2.  [RECIPROCITY.] With the approval of the 
commissioner, a credit union chartered in another state shall be 
permitted to do business in Minnesota if Minnesota credit unions 
are permitted to do business in that state, and if:  
    (a) the credit union is organized under laws similar to 
Minnesota laws applicable to credit unions;  
    (b) the credit union is financially solvent;  
    (c) the credit union needs to conduct business in this 
state to adequately serve its members in this state;  
    (d) the credit union satisfies the mandatory share and 
deposit insurance requirements in section 52.24;  
    (e) the credit union designates and maintains an agent for 
the service of process in this state; and 
    (f) the credit union complies with the provisions of 
chapter 52.  
    Subd. 3.  [CEASE AND DESIST.] If subsequent to approval it 
is determined that a reciprocating state credit union is not in 
compliance with the criteria of subdivision 2, the commissioner 
may by order require such reciprocating state credit union to 
discontinue its Minnesota operations by a date certain.  The 
order would be subject to the procedures applicable to cease and 
desist proceedings pursuant to sections 46.23 to 46.33 and any 
rules promulgated thereunder.  
    Sec. 2.  [EFFECTIVE DATE.] 
    Section 1 is effective the day following final enactment. 
    Approved April 25, 1984