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Can you summarize MNAC 2660.0030?
RECIPROCAL INTERSTATE BRANCHING > ACQUISITION PROCEDURE.
Short Summary
This legal document outlines the acquisition procedure for associations in reciprocating states to establish or operate branch offices in Minnesota. It allows associations to acquire, merge, purchase, and assume assets or liabilities, consolidate, and acquire voting shares of savings and loan holding companies, savings associations, or savings banks located in Minnesota. The document specifies the requirements for filing an application, including the necessary attachments such as resolutions, examination reports, acquisition agreements, financial statements, and other relevant information. The commissioner is responsible for reviewing the application and may disapprove it within a specified period if certain conditions are not met. The document also provides provisions for hearings, disapproval, appeals, and judicial review. Overall, the document aims to regulate the acquisition process and ensure compliance with applicable laws and regulations.
Whom does it apply to?
Associations in reciprocating states, savings and loan holding companies, savings associations, savings banks located in Minnesota
What does it govern?
Acquisition procedure for establishing or operating branch offices in Minnesota by associations in reciprocating states
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota