Minnesota Session Laws - 2004, Regular Session

                            CHAPTER 253-S.F.No. 2265 
                  An act relating to financial institutions; clarifying 
                  the status of industrial loan and thrift companies 
                  that accept deposits; amending Minnesota Statutes 
                  2002, section 53.01. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 2002, section 53.01, is 
        amended to read: 
           53.01 [ORGANIZATION.] 
           It is lawful for three or more persons, who desire to form 
        a corporation for the purpose of carrying on primarily the 
        business of loaning money to persons within the conditions set 
        forth in this chapter, to organize, under this chapter, an 
        industrial loan and thrift company, by filing with the secretary 
        of state articles of incorporation, and upon paying the fees 
        prescribed by chapter 302A and upon compliance with the 
        procedure provided for the organization and government of 
        ordinary corporations under the laws of this state, and upon 
        compliance with the additional requirements of this chapter 
        prior to receiving authorization to do business.  If an 
        industrial loan and thrift company is owned or controlled by a 
        company, as defined in United States Code, chapter 12, section 
        1467a(a)(1)(C), the industrial loan and thrift company is not 
        authorized, or eligible to apply for authorization, to accept 
        deposits under this chapter, unless the company that owns or 
        controls the industrial loan and thrift company would qualify to 
        own a federal savings association under United States Code, 
        title 12, section 1467a(c)(9). 
           Presented to the governor May 18, 2004 
           Signed by the governor May 25, 2004, 9:59 a.m.