Subdivision 1. Application. Except as otherwise provided in this section, this section applies to loans made and contracts purchased by federal and state associations, and "association" as used in this section applies to federal and state associations.
Subd. 2. Finance charge for credit sales made by a third party. A person may enter into a credit sale contract for sale to an association and an association may purchase and enforce a contract evidencing the sale, if the annual percentage rate provided for in the contract does not exceed that permitted in section 47.59 or, in the case of contracts governed by sections 53C.01 to 53C.14, the rates permitted by those sections.
Subd. 3. Finance charge for loans. An association may make loans and extend credit at the rates and on the terms provided for in section 47.59.
Subd. 4. Additional authority. Extensions of credit, and purchases of extensions of credit, authorized by sections 47.20, subdivision 1, 3, or 4a; 47.204; 47.21; 47.58; 47.60; 47.69; 48.153; 48.185; 48.195; 53C.01 to 53C.14; 59A.01 to 59A.15; 334.01; 334.011; and 334.012 may, but need not, be made according to those sections in lieu of the authority set forth in subdivisions 1 to 3, and if so, are subject to those sections, and not this section, except this subdivision. An association may also charge an organization a rate of interest and any charges agreed to by the organization and may calculate and collect finance and other charges in any manner agreed to by that organization. Except for extensions of credit the association elects to make under section 334.01, 334.011, or 334.012, chapter 334 does not apply to extensions of credit made according to this section or the sections mentioned in this subdivision.
Subd. 5. Additional charges. In addition to the finance charges permitted by this section, an association, or a person described in subdivision 2, to the extent not otherwise prohibited by law, may contract for and receive the additional charges that may be included in the amount financed provided for in section 47.59.
1995 c 202 art 3 s 8; 1996 c 414 art 1 44; 1997 c 157 s 67; 1998 c 260 s 1; 2005 c 19 s 1
Structure Minnesota Statutes
Chapter 51A — Savings Associations
Section 51A.03 — Incorporation.
Section 51A.04 — Organization Of Mutual Associations.
Section 51A.041 — Organization Of Capital Stock Associations.
Section 51A.05 — Name; Office.
Section 51A.065 — Mutual And Capital Stock Conversions.
Section 51A.07 — Power To Reorganize, Merge, Or Consolidate.
Section 51A.09 — Meetings Of Members Of Mutual Associations.
Section 51A.10 — Membership Charges Prohibited.
Section 51A.11 — Access To Books And Records; Communication With Members Or Stockholders.
Section 51A.12 — Financial Statement; Mutual Associations.
Section 51A.13 — Directors Of Mutual Associations.
Section 51A.131 — Directors Of Capital Stock Associations.
Section 51A.14 — Indemnity Bonds.
Section 51A.15 — Transactions Of Officers And Directors.
Section 51A.16 — Depositories.
Section 51A.17 — Indemnification Of Officers, Directors And Employees.
Section 51A.20 — Reserve Accounts; Surplus And Undivided Profits.
Section 51A.21 — Powers Of Association.
Section 51A.22 — Savings Liability.
Section 51A.23 — Savings Account.
Section 51A.24 — Contracts For School Savings Programs.
Section 51A.251 — Married Persons And Minors.
Section 51A.261 — Deposits In Name Of Minor.
Section 51A.262 — Multiparty Accounts.
Section 51A.27 — Pledge To Association Of Savings Accounts In Joint Tenancy.
Section 51A.29 — Accounts Of Incompetents.
Section 51A.30 — Accounts Of Deceased Nonresidents.
Section 51A.31 — Savings Accounts As Legal Investments.
Section 51A.35 — Investment In Securities.
Section 51A.37 — Investment In Loans.
Section 51A.386 — Terms And Conditions Of Loans, Contracts, And Extensions Of Credit.
Section 51A.40 — Dealing With Successors In Interest.
Section 51A.41 — Right To Act To Avoid Loss.
Section 51A.42 — Savings Associations.
Section 51A.43 — Supervisory Power Of Commissioner.
Section 51A.44 — Reports And Examinations.
Section 51A.45 — Enforcement And Conservatorship.
Section 51A.46 — Receivership.
Section 51A.47 — Correction Of Wrongdoings By Unimpaired Institution.
Section 51A.48 — Right To Declaratory Judgment.
Section 51A.50 — Federal Associations.
Section 51A.53 — Powers Of Federal Associations; Approval.
Section 51A.54 — Insolvent Associations Liquidated.
Section 51A.56 — Act Controlling.