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Can you summarize MNST 48.221?
BANKS > RESERVES.
Short Summary
This legal document governs the requirement for state banks and trust companies to maintain reserves in the form of liquid assets. The reserves must be at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. The acceptable forms of reserves include cash, cash items in process of collection, short term obligations of or demand balances with other insured financial institutions in the United States and its territories, or short term, direct obligations of or guaranteed by the United States government. The commissioner has the authority to prescribe the required amount of reserves for individual state banks or trust companies based on examination findings or other reports. The enforcement of reserves for an individual state bank or trust company is done in accordance with specific sections mentioned in the document. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
State banks and trust companies
What does it govern?
Reserves
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Minnesota