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Can you summarize MNST Chapter 46?
BANKING > GENERAL BANKING POWERS
Short Summary
These legal documents govern the regulation and supervision of state banks, savings banks, trust companies, savings associations, credit unions, industrial loan and thrift companies, and other financial institutions organized under the laws of Minnesota. The Department of Commerce is responsible for executing the laws relating to these financial institutions and conducting regular examinations to ensure compliance with applicable laws and rules. The commissioner of commerce has the authority to issue subpoenas, administer oaths, and investigate the methods of operation and conduct of these institutions. The documents also outline the process for filing bank applications, obtaining bank charters, and the mandatory insurance of accounts in banks and trust companies. The commissioner has the power to approve or deny bank applications based on hearings or other information submitted. The documents also provide definitions for various terms related to banking in Minnesota Statutes. Additionally, the documents govern the proposed acquisition of control of a banking institution and the appointment and responsibilities of employees in the Department of Commerce. The documents also address the conduct of examinations, removal of directors and officers, and the assignment and deposit of securities. The commissioner of commerce is authorized to enforce the provisions of these documents and may impose fees and assessments on financial institutions. The documents also specify the confidentiality of certain records and files maintained by the commissioner. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
State banks, savings banks, trust companies, savings associations, credit unions, industrial loan and thrift companies, and other financial institutions organized under the laws of Minnesota
What does it govern?
Regulation and supervision of state banks, savings banks, trust companies, savings associations, credit unions, industrial loan and thrift companies, and other financial institutions in Minnesota
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Minnesota