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Minnesota Administrative Rules

1656.0090 REVIEW OF LOAN AND COLLATERAL.

Subpart 1.

Inspection.

At any time during the term of a stock loan, the RFA or the state legislative auditor may inspect the books, records, documents, and accounting practices of the lender relative to the loan to determine compliance with the terms and conditions of the loan and the participation agreement. Inspections must be during the lender's normal business hours. The lender must allow the RFA to copy any documents relating to the stock loan and the RFA participation.

Subp. 2.

Collateral.

The lender and the RFA may physically inspect the collateral securing the stock loan upon notice to the borrower. Inspections must be conducted at a reasonable time.

Statutory Authority:

MS s 41B.07

History:

19 SR 883

Published Electronically:

October 26, 2005

700 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155 ♦ Phone: (651) 296-2868 ♦ TTY: 1-800-627-3529 ♦ Fax: (651) 296-0569