53.09 OVERSIGHT AND ADMINISTRATION.
Subdivision 1. General examinations.
The commissioner shall make examinations for
the purposes set forth in section
46.04, subdivision 1
, at least once every 18 calendar months,
of each authorized place of business of every industrial loan and thrift company with the right
to issue thrift certificates for investment organized or operating under this chapter to satisfy
the commissioner that the corporation is in a solvent condition and is complying with the
requirements of this chapter and operating according to sound business principles. In order to
enforce actions in this connection, the commissioner is hereby vested with the same authority
as in the examination and regulation of state banks. The corporation so examined shall pay to
the commissioner such fees as may be required under section
. The commissioner may
maintain an action for the recovery of such costs in any court of competent jurisdiction.
Subd. 2. Annual report.
(1) Each industrial loan and thrift company shall annually on
or before the first day of March file a report with the commissioner stating in detail, under
appropriate heads, its assets and liabilities at the close of business on the last day of the preceding
calendar year. This report shall be made under oath in the form prescribed by the commissioner.
(2) Each industrial loan and thrift company which holds authority to accept accounts
pursuant to section
53.04, subdivision 5
, shall in place of the requirement in clause (1) submit
the reports required of state banks pursuant to section
(3) Within 30 days following a change in controlling ownership of the capital stock of an
industrial loan and thrift company, it shall file a written report with the commissioner stating in
detail the nature of such change in ownership.
Subd. 2a. Compliance examinations.
For the purpose of discovering violations of this
chapter or securing information lawfully required by the commissioner under this chapter, the
commissioner may, at any time, either personally or by a person or persons duly designated,
investigate the loans and business, and examine the books, accounts, records, and files used in the
business, of every licensee and of every person engaged in the business whether or not the person
acts or claims to act as principal or agent, or under the authority of this chapter. For the purposes
of this subdivision, the commissioner and duly designated representatives have free access to
the offices and places of business, books, accounts, papers, records, files, safes, and vaults of all
these persons. The commissioner and all persons duly designated may require the attendance of
and examine, under oath, all persons whose testimony the commissioner may require relative to
the loans or business or to the subject matter of an examination, investigation, or hearing. Upon
written agreement with the company, the commissioner may conduct examinations applying
the procedures for purposes of subdivision 1, and section
46.04, subdivision 1
, to facilitate the
qualifications of the company to participate in the United States Small Business Administration
loan guarantee or similar programs.
Each licensee shall pay to the commissioner the amount required under section
the commissioner may maintain an action for the recovery of the costs in a court of competent
Subd. 3. Penalties.
The penalties for violation of this chapter, or for any wrongdoing in
connection therewith, shall be the same as those applied to state banks under the laws of this state.
In addition to being subject to the penalties in section
, a company in violation of section
, clause (2), may cure this violation in the manner provided in section
Subd. 4. Interpretive opinions.
The commissioner may honor requests from interested
parties for interpretive opinions in connection with the administration of this chapter. No
provision of this chapter or of any other chapter to which this chapter refers which imposes
any penalty shall apply to any act done or not done in conformity with any written interpretive
opinion of the commissioner, notwithstanding that such written interpretive opinion may, after
such act or omission, be amended or rescinded or be determined by judicial or other authority to
be invalid for any reason.
History: (7774-33) 1933 c 246 s 9; 1943 c 67 s 4; 1947 c 20 s 6; 1965 c 475 s 2; 1980 c
503 s 2; 1983 c 289 s 114 subd 1; 1984 c 576 s 23; 1984 c 655 art 1 s 92; 1986 c 444; 1987 c
349 art 1 s 34; 1989 c 166 s 24; 1992 c 587 art 1 s 21; 1993 c 257 s 35; 1995 c 202 art 1 s
16-18; 1996 c 414 art 1 s 25; 1997 c 157 s 46