Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature
Office of the Revisor of Statutes

Office of the Revisor of Statutes


     116J.8762 Commissioner; duties. 


    Subdivision 1.    Duties.  The commissioner must: 


    (1) market the capital access program to businesses and 
 other persons in the state in cooperation with financial 
 institutions and statewide associations representing financial 
 institutions; 


    (2) establish a reservation or allocation system so that 
 lenders may reserve an allocation of funds in the account before 
 or after the lender enters into a loan agreement or contract 
 with a borrower; and 


    (3) develop the program, in cooperation with financial 
 institutions and statewide associations representing financial 
 institutions, so that the degree of flexibility for the 
 commissioner and the participating lenders is maximized and the 
 state oversight of individual loans is minimized, and the fiscal 
 integrity of the program is maintained. 


    Subd. 2.    Interests of commissioner.  Except upon the 
 exercise of the commissioner's right of subrogation under 
 section 116J.8767, the commissioner has no legal or equitable 
 interest in any collateral, security, or other right of recovery 
 in connection with any loan enrolled in the program, and the 
 commissioner's consent is not necessary for any amendment to the 
 lender's loan documents. 


    HIST: 1989 c 335 art 1 s 148

Official Publication of the State of Minnesota
Revisor of Statutes