1.1                          A bill for an act 
  1.2             relating to financial institutions; banks and trust 
  1.3             companies; eliminating the requirement that banks and 
  1.4             trust companies publish their financial statements 
  1.5             annually in a qualified newspaper; amending Minnesota 
  1.6             Statutes 1994, section 48.48, subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1994, section 48.48, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [SUBMISSION AND PUBLICATION.] At least four 
  1.11  times in each year, and at any other time when so requested by 
  1.12  the commissioner, every bank or trust company shall, within 30 
  1.13  days of the date of notice, make and transmit to the 
  1.14  commissioner, in a form the commissioner prescribes, a report, 
  1.15  verified by its president or vice-president and by its cashier 
  1.16  or treasurer, and attested by at least two of its directors, 
  1.17  stating in detail, under appropriate heads, as required by the 
  1.18  commissioner, its assets and liabilities at the close of 
  1.19  business on the day specified in the request.  The commissioner 
  1.20  may accept a report made to a federal authority having 
  1.21  supervision of banks or trust companies in fulfilling this 
  1.22  requirement.  ~~This statement shall be published once at the~~ 
  1.23  ~~expense of the bank or trust company in a qualified newspaper in~~ 
  1.24  ~~the municipality or town in which the bank or trust company is~~ 
  1.25  ~~located, and if there is no such newspaper, then in a qualified~~ 
  1.26  ~~newspaper likely to give notice in the municipality or town in~~ 
  2.1   ~~which the bank or trust company is located.  Proof of~~ 
  2.2   ~~publication shall be filed with the commissioner immediately~~ 
  2.3   ~~after publication of the report, but no later than 60 days~~ 
  2.4   ~~following the date of the notice.~~ 
  2.5      Sec. 2.  [EFFECTIVE DATE.] 
  2.6      Section 1 is effective the day following final enactment.