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Can you summarize MNST 47.20?
FINANCIAL CORPORATIONS > LENDING AUTHORITY OF FINANCIAL INSTITUTIONS.
Short Summary
This legal document governs the lending authority of financial institutions in Minnesota. It applies to banks, savings banks, savings associations, trust companies, and mortgagees or lenders approved or certified by various government agencies. The document authorizes these institutions to make loans and advances of credit, purchase obligations representing loans and advances of credit, and obtain insurance or guarantees for such loans. It also allows them to make loans secured by mortgages on real property or shares of stock in cooperative apartment corporations. The document further defines various terms related to conventional loans and cooperative apartment loans. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
Banks, savings banks, savings associations, trust companies, mortgagees or lenders approved or certified by various government agencies
What does it govern?
Lending authority of financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota