Minnesota Session Laws - 1994, Regular Session

                            CHAPTER 484-H.F.No. 1914 
                  An act relating to financial institutions; reciprocal 
                  interstate banking; reciprocal interstate savings and 
                  loan acquisitions and branching; removing the 
                  geographical limitation contained in the definition of 
                  reciprocating state; amending Minnesota Statutes 1992, 
                  sections 48.92, subdivision 7; 51A.58. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1992, section 48.92, 
        subdivision 7, is amended to read: 
           Subd. 7.  [RECIPROCATING STATE.] "Reciprocating state" is: 
           (1) a state that authorizes the acquisition, directly or 
        indirectly, or control of, banks in that state by a bank or bank 
        holding company located in this state under conditions 
        substantially similar to those imposed by the laws of Minnesota 
        as determined by the commissioner; and 
           (2) limited to the states of Iowa, North Dakota, South 
        Dakota, Wisconsin, Colorado, Idaho, Illinois, Indiana, Kansas, 
        Michigan, Missouri, Montana, Nebraska, Ohio, Washington, and 
        Wyoming. 
           Sec. 2.  Minnesota Statutes 1992, section 51A.58, is 
        amended to read: 
           51A.58 [INTERSTATE BRANCHING.] 
           An association, whether or not the subsidiary of a savings 
        and loan holding company, may, by acquisition, merger, purchase 
        and assumption of some or all of the assets and liabilities, or 
        consolidation, establish or operate branch offices in any 
        reciprocating state, and a savings and loan association 
        chartered in any reciprocating state may establish or operate 
        branch offices in this state by acquisition, merger, purchase, 
        and assumption of some or all of the assets or liabilities or 
        consolidation.  A savings and loan holding company with its 
        headquarters in this state may acquire by direct or indirect 
        ownership or control the voting shares of a savings and loan 
        holding company, savings and loan association, or savings bank 
        located in any reciprocating state, and a savings and loan 
        holding company with its headquarters in a reciprocating state, 
        may acquire by direct or indirect ownership or control the 
        voting shares of a savings and loan holding company, a savings 
        and loan association, or savings bank located in this state, and 
        may acquire and merge with a savings and loan holding company 
        with its headquarters in this state.  For the purposes of this 
        section, "reciprocating state" is:  (1) a state that authorizes 
        the establishment of branch offices in that state by an 
        association located in this state, and the acquisition of 
        savings and loan associations and savings banks located in that 
        state by a savings and loan holding company with its 
        headquarters in this state, under conditions no more restrictive 
        than those imposed by the laws of Minnesota as determined by the 
        commissioner of commerce; and (2) limited to the states 
        specifically enumerated as reciprocating states in section 
        48.92, subdivision 7. 
           The commissioner of commerce shall adopt rules to provide 
        that procedural requirements equivalent to those contained in 
        sections 48.90 to 48.991 apply to reciprocal interstate 
        branching and acquisitions by savings and loan associations. 
           Sec. 3.  [EFFECTIVE DATE.] 
           Sections 1 and 2 are effective the day following final 
        enactment. 
           Presented to the governor April 20, 1994 
           Signed by the governor April 21, 1994, 11:55 a.m.