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Can you summarize MNST 47.096?
FINANCIAL CORPORATIONS > TIME DEPOSITS; NOTICE OF AUTOMATIC RENEWAL.
Short Summary
This legal document governs time deposits, including savings certificates and certificates of deposit, that are automatically renewable by their own terms if not redeemed at a specified redemption date. It requires financial corporations receiving such deposits to provide written notice to the owner or holder of the deposit at least 30 days prior to the redemption date. The notice should be sent to the last known address of the owner or holder and should state the date of automatic renewal, as well as any penalty diminution of interest or other consequences resulting from failure to redeem prior to automatic renewal. Financial corporations have the option to comply with the provisions of the federal Truth in Savings Act and regulations instead. This document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Financial corporations receiving deposits
What does it govern?
Time deposits and automatic renewal
What are exemptions?
Financial corporations may comply with the requirements of the federal Truth in Savings Act and regulations
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota