Subdivision 1. Application. For purposes of this chapter, the terms defined in this section have the meanings given.
Subd. 2. Board. "Board" means the board of directors of a credit union.
Subd. 3. Commissioner. "Commissioner" means the commissioner of the Department of Commerce.
Subd. 4. Credit union. "Credit union" means a cooperative, not-for-profit financial institution formed and operating under this chapter.
Subd. 5. Community. "Community" means an identifiable local neighborhood, community, rural district, or other geographically well-defined area in which individuals have common interests or interact. "Well-defined" means the proposed area has specific geographic boundaries, including a school district, city, township, county, or clearly identifiable neighborhood, but does not include the state as a whole.
Subd. 6. Director. "Director" means a member of the board.
Subd. 7. Federal credit union. "Federal credit union" means a credit union organized and operating under the laws of the United States.
Subd. 8. Insolvent. "Insolvent" means the condition that results when the cash value of assets realizable in a reasonable period of time is less than the liabilities that must be met within that time.
Subd. 9. Member. "Member" means a person whose application for membership has been approved as meeting the membership criteria of the credit union, who has paid any required entrance or membership fee, and who has paid for one or more shares.
Subd. 10. Organization. "Organization" means any corporation, association, partnership, limited liability company, cooperative, trust, or other legal entity.
Subd. 11. Out-of-state credit union. "Out-of-state credit union" means a credit union organized under the laws of another state or United States territory or possession.
Subd. 12. Small group. "Small group" means a group that has less than 500 potential members that has made a written request to a credit union for credit union services.
Subd. 13. Unsafe or unsound practice. "Unsafe or unsound practice" means any action or lack of action that is contrary to generally accepted standards of prudent operation and that poses an abnormal risk of loss to the credit union or its members.
2002 c 339 s 1
Structure Minnesota Statutes
Section 52.02 — Resolutions, Amendment Of Bylaws And Certificate Of Organization, Approval.
Section 52.03 — "credit Union," Unlawful Use.
Section 52.06 — Supervision; Reports; Audits; Fees.
Section 52.062 — Credit Unions; Suspension Of Operation.
Section 52.064 — Receivership.
Section 52.07 — Fiscal Year; Meetings; Voting.
Section 52.08 — Annual Meeting.
Section 52.09 — Directors; Powers And Duties.
Section 52.10 — Credit Committee; Credit Manager; Powers.
Section 52.11 — Supervisory Committee; Duties.
Section 52.12 — Capital; Entrance Fees; Credit Union To Have Lien.
Section 52.13 — Deposits In Name Of Minor.
Section 52.131 — Multiparty Accounts.
Section 52.137 — Individual Retirement Accounts.
Section 52.14 — Interest On Loans.
Section 52.141 — Loan Expenses.
Section 52.15 — Borrowing; Limitation.
Section 52.16 — Lending; Conditions.
Section 52.165 — Graduated Payment Home Loan.
Section 52.19 — Expulsion Or Withdrawal Of Members.
Section 52.191 — Inactive Accounts.
Section 52.20 — Voluntary Dissolution.
Section 52.201 — Reorganizing Federal Credit Union Into State Credit Union.
Section 52.202 — Directors May Execute Certificates.
Section 52.203 — Merger Or Consolidation.
Section 52.21 — Change Of Place Of Business.
Section 52.211 — Student Education Programs.