In addition to other investments authorized by law, a savings bank organized and operated pursuant to this chapter, may make loans upon the security of manufactured homes, and any equipment installed or to be installed therein, in an amount not exceeding $30,000 repayable in installments, and the installment payments shall not exceed 15 years and 32 days from the date of the loan, notwithstanding that such loan is required to be repaid in installments or that the loan is secured by mortgage, pledge, or other collateral. Section 50.1485, subdivision 2, applies to all manufactured home loans made pursuant to the authority granted by this section. The authority granted by this section shall not extend to loans which finance the acquisition of inventory by a manufactured home dealer. A savings bank may purchase or invest in notes, bonds and retail installment sales contracts secured by or constituting first liens upon manufactured homes.
1973 c 426 s 2; 1977 c 5 s 2; 1981 c 365 s 9; 1995 c 171 s 48
Structure Minnesota Statutes
Section 50.001 — Application For Certificate Of Authority; Procedure.
Section 50.01 — Expediency Ascertained.
Section 50.04 — Bonds Of Trustees Or Directors.
Section 50.05 — Bonds Of Officers And Employees.
Section 50.11 — Securities Held For Safekeeping; Safe Deposit Boxes; Limitation Of Liability.
Section 50.14 — Authorized Securities.
Section 50.145 — Authorized Investments; General Authority.
Section 50.146 — Authorized Investments; Corporations.
Section 50.1465 — Authorized Investments; Service Corporations.
Section 50.147 — Authorized Investments; Student Loans.
Section 50.148 — Authorized Investments; Manufactured Home Loans.
Section 50.1485 — Lending Authority.
Section 50.155 — Purchase Of Certain Mortgage Loans.
Section 50.17 — Deposit Accounts.
Section 50.171 — Treasury Tax And Loan Accounts Of The United States.
Section 50.175 — Negotiable Order Of Withdrawal Account.
Section 50.18 — Method Of Determining Surplus.
Section 50.19 — Reports To The Commissioner.
Section 50.20 — Report To Show Liabilities.
Section 50.212 — Savings Bank Regulation.
Section 50.24 — Existing Banks Conformed; Exceptions.
Section 50.245 — Branches; Acquisitions.
Section 50.25 — Banks Organized Under The Laws Of Minnesota; Capital Stock; Amendment Of Articles.