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Can you summarize MNST Chapter 47?
BANKING > FINANCIAL CORPORATIONS
Short Summary
The legal documents reviewed cover a wide range of topics related to banking and financial corporations in Minnesota. They provide definitions for key terms used in the context of banking and financial activities. The documents specify regulations for closing financial institutions on certain days, including holidays and emergency situations. They also outline the powers and procedures for emergency closings and the authority of officers in financial institutions. The distribution of credit insurance income is addressed, ensuring that the benefits are shared with all stockholders or members of the financial institution. The use of certain words related to banking is regulated to prevent misleading or unauthorized use. The documents also govern time deposits, acquisition and holding of real estate by financial corporations, relocation or disposal of place of business, filing and certification requirements for corporations, bylaws of financial corporations, and the use of facsimile signatures on negotiable instruments for the disbursement of public funds. Additionally, the documents cover the establishment and operation of electronic financial terminals, including requirements for authorization, relocation, and use by financial institutions. They also address the establishment and use of transmission facilities, privacy of customer information, and antitrust regulations. Overall, these documents provide the legal framework for banking and financial activities in Minnesota, ensuring compliance and protecting the rights and interests of financial institutions and their stakeholders.
Whom does it apply to?
Banks, trust companies, savings banks, savings associations, financial institutions, officers of financial institutions, and other individuals or entities involved in banking and financial activities in Minnesota
What does it govern?
Banking and financial corporations 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