Legislative Session number- 81

Bill Name: SF1330

E Regulating financial institution fees, charges, time periods and locations;
increasing the bank and credit union application filing fees, authorizing the
commissioner of commerce to waive the fee for location in certain low or
moderate income areas; imposing a lower bank application fee for organization in
connection with a reorganization or merger; reducing the time limits for
requests for hearing on applications and for comments on proposed acquisitions;
imposing certain filing fees for notices of proposed acquisition; increasing the
fee for commissioner approval of certificate, charter, articles of
incorporation, bylaws, powers or license changes; modifying the time limit for
notice of permanent closing of a financial institution; imposing a filing fee
for relocation applications; modifying the authority of lenders making
conventional loans to assess and collect late payment fees; updating the federal
preemption override provision and certain provisions relating to certain loans
or credit sales to federal law; regulating private mortgage insurance, providing
for a right to cancel and for return of unearned premiums; authorizing banks and
credit unions to operate part time locations at nursing homes and senior citizen
housing facilities, requiring safe and sound banking practices; increasing the
filing fee for institutions other than financial institutions in the business of
making consumer small loans; authorizing and providing for reverse stock splits,
providing for the rights of dissenting stockholders; clarifying certain
authorized activities of state banks; imposing lending limits on bank loans
secured by certain forward contracts for the sale of grain; reducing the time
limit for commissioner disallowance of the establishment of trust service
offices; increasing the fee for commissioner approval of consolidation or merger
agreements and the application filing and amended certificate fees for
industrial loan and thrifts; reducing the group membership requirement for
formation of credit unions; eliminating the reduced fee for part year
applications by safe deposit companies; increasing the application fee and
additional sum for regulated lenders and eliminating the reduced fee for part
year applications; exempting individuals licensed as property casualty or life
health insurance agents from residential mortgage originator licensing
requirements under certain conditions, clarifying surety bond requirements for
residential mortgage originator licensees engaging in servicing residential
mortgage loans and granting the commissioner certain enforcement authority;
increasing the application fee for insurance premium and the license fee for
motor vehicle sales finance companies; expanding the definition of government
entity for public funds deposit, investment and collateral purposes to include
federally recognized American Indian tribal government entities; requiring motor
vehicle retail installment contracts to contain charges to pay the balance of
existing purchase money motor vehicle liens exceeding the value of the trade in
amount; clarifying the authority of foreign trust associations to establish
offices in the state; increasing certain debt prorating service license fees and
imposing an authorization fee on accelerated mortgage payment providers;
authorizing motor vehicle lease agreements to include the outstanding balance
from a prior motor vehicle loan or lease; authorizing a bank with the principle
office in the city of Marine on St. Croix to establish and maintain a detached
facility in Chisago Lakes township with prior approval of the commissioner;
repealing the net worth requirement for residential mortgage originators or
servicers (ra, ja)