Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
48A.14 STATE TRUST INSTITUTIONS; REPRESENTATIVE TRUST OFFICES.
Subdivision 1. Authority. (a) A state trust institution may establish or acquire and maintain
representative trust offices anywhere in this state. A state trust institution may establish or acquire
and maintain the office by filing a written notice with the commissioner setting forth the name of
the state trust institution and the location of the proposed additional office, together with a copy of
the resolution adopted by the board authorizing the additional office, and a filing fee of $250.
(b) The state trust institution may begin business at the additional office on the 31st day after
the date the commissioner receives the notice, unless the commissioner specifies an earlier or
later date.
Subd. 2. Review by commissioner. The 30-day period of review may be extended by the
commissioner on a determination that the written notice raises issues that require additional
information or additional time for analysis. If the period of review is extended, the state trust
institution may establish the additional office only on prior written approval by the commissioner.
Subd. 3. Disapproval. The commissioner may deny approval of the additional office if the
commissioner finds that the state trust institution lacks sufficient financial resources to undertake
the proposed expansion without adversely affecting its safety or soundness or that the proposed
office would be contrary to the public interest.
History: 1998 c 331 s 27
Subdivision 1. Authority. (a) A state trust institution may establish or acquire and maintain
representative trust offices anywhere in this state. A state trust institution may establish or acquire
and maintain the office by filing a written notice with the commissioner setting forth the name of
the state trust institution and the location of the proposed additional office, together with a copy of
the resolution adopted by the board authorizing the additional office, and a filing fee of $250.
(b) The state trust institution may begin business at the additional office on the 31st day after
the date the commissioner receives the notice, unless the commissioner specifies an earlier or
later date.
Subd. 2. Review by commissioner. The 30-day period of review may be extended by the
commissioner on a determination that the written notice raises issues that require additional
information or additional time for analysis. If the period of review is extended, the state trust
institution may establish the additional office only on prior written approval by the commissioner.
Subd. 3. Disapproval. The commissioner may deny approval of the additional office if the
commissioner finds that the state trust institution lacks sufficient financial resources to undertake
the proposed expansion without adversely affecting its safety or soundness or that the proposed
office would be contrary to the public interest.
History: 1998 c 331 s 27
Official Publication of the State of Minnesota
Revisor of Statutes