Minnesota Session Laws - 1993, Regular Session

  
    Laws of Minnesota 1993 

                         CHAPTER 52-S.F.No. 394 
           An act relating to financial institutions; permitting 
          contracts between financial institutions to accept 
          deposits and honor withdrawals; proposing coding for 
          new law in Minnesota Statutes, chapter 47. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [47.78] [CONTRACTS TO ACCEPT AND RECEIVE 
DEPOSITS-HONOR AND PAY WITHDRAWALS.] 
    (a) Notwithstanding any other law to the contrary, a 
financial institution, the "customer institution," may contract 
with another financial institution, the "service institution," 
to grant the service institution the authority to render 
services to the customer institution's depositors, borrowers or 
other customers, provided notice of the proposed contract is 
given to the commissioner and the commissioner does not object 
to the contract within 30 days of the notice. 
    (b) For purposes of this section:  "Financial institution" 
means a national banking association, federal savings and loan 
association, or federal credit union having its main office in 
this state, or a bank, savings bank, savings and loan 
association or credit union established and operating under the 
laws of this state; and "services" means accepting and receiving 
deposits, honoring and paying withdrawals, issuing money orders, 
cashiers' checks, and travelers' checks or similar instruments, 
cashing checks or drafts, receiving loan payments, receiving or 
delivering cash and instruments and securities, disbursing loan 
proceeds by machine, and any other transactions authorized by 
section 47.63. 
    (c) A contract entered into pursuant to this section may 
include authority to conduct transactions at or through any 
principal office, branch, or detached facility of either 
financial institution which is a party to the contract, and the 
service institution is not considered a branch of the customer 
institution for purposes of section 48.34. 
    Presented to the governor April 23, 1993 
    Signed by the governor April 26, 1993, 3:05 p.m.