60A.091 DEFINITION; QUALIFIED UNITED STATES FINANCIAL INSTITUTION.
For purposes of sections
, "qualified United States financial institution"
means an institution that:
(1) is organized or, in the case of a United States office of a foreign banking organization,
licensed, under the laws of the United States or any state;
(2) is regulated, supervised, and examined by federal or state authorities having regulatory
authority over banks and trust companies; and
(3) is a member of the Federal Deposit Insurance Corporation, or the National Credit Union
History: 1991 c 325 art 1 s 11