2007 Minnesota Statutes

51A.44 REPORTS AND EXAMINATIONS.
    Subdivision 1. Annual report. On or before the last day of April in each year, every
association shall make an annual written report to the commissioner, upon a form to be prescribed
and furnished by the commissioner, of its affairs and operations, which shall include a complete
statement of its financial condition, including a statement of income and expense since its last
previous similar report, for the 12 months ending on the 31st day of December of the previous
year. Every such report shall be verified by the president and treasurer.
    Subd. 2. Other reports. Every association also shall make such other reports as the
commissioner may from time to time require, which shall be in such form and filed on such
date as the commissioner may prescribe and shall, if required, be verified in the same manner
as the annual report.
    Subd. 3.[Repealed, 1984 c 576 s 27]
    Subd. 4. Commissioner may accept examinations made by certain federal agencies. In
lieu of such examination, the commissioner may accept any examination made by a federal home
loan bank, the federal home loan bank board, or by the Federal Savings and Loan Insurance
Corporation. One copy of any examination, signed and certified by the agencies making such
examination, shall be filed promptly with the commissioner.
    Subd. 5. Extra or additional examinations; reports. Whenever, in the judgment of the
commissioner, the condition of any association renders it necessary or expedient to make an extra
examination of audit or to devote any extraordinary attention to its affairs, the commissioner shall
cause the same to be done. A full and complete copy of the report of all examinations and audits
shall be furnished to the association examined. Such report of examination or audit shall be
presented by the president to the board of directors at its next regular or special meeting.
    Subd. 6. Commissioner authorized to have appraisals made at expense of association.
The commissioner is authorized in connection with any examination or audit of any association
to cause to be made appraisal so real estate held by the association or securing the association's
assets when specific facts or information with respect to real estate held, secured loans or lending,
or when in the commissioner's opinion the association's policies, practices, operating results and
trends give evidence that an association's appraisals may be excessive, that lending or investment
may be of a marginal nature, that appraisal policies and practices may not conform with generally
accepted and established professional standards, or that real estate held by the association or
assets secured by real estate are overvalued. In lieu of causing such appraisals to be made, the
commissioner may accept any appraisal caused to be made by a federal home loan bank, the
Federal Home Loan Bank Board, or by the Federal Savings and Loan Insurance Corporation or
other insuring agency of an insured association. Unless otherwise ordered by the commissioner,
appraisal of real estate in connection with any examination or audit pursuant to this section shall
be made by a professional appraiser or appraisers selected by the commissioner, and the cost of
such appraisal promptly shall be paid by such association directly to such appraiser or appraisers
upon receipt by the association of a statement of such cost bearing the written approval of the
commissioner. A copy of the report of each appraisal caused to be made by the commissioner
pursuant to this subdivision shall be furnished to the association within a reasonable time, not to
exceed 60 days, following the completion of such appraisals, and may in the case of an insured
association be furnished to the insuring agency.
History: 1969 c 490 s 44; 1986 c 444; 1988 c 666 s 68; 1996 c 414 art 1 s 44; 1997 c
157 s 67; 1998 c 260 s 1