MN SF2185

Allows industrial loan and thrift companies to organize as limited liability companies under chapter 322B, in addition to traditional corporation structure under chapter 302A.

Updates definitions to include limited liability company terminology such as "membership interests" and "board of governors" alongside existing corporate references.

Modifies capital requirements to apply to both common stock shares and membership interests in limited liability companies organized under the chapter.

Restricts companies owned or controlled by certain entities (as defined in U.S. Code title 12, section 1467a(a)(1)(C)) from accepting deposits unless the controlling entity qualifies to own a federal savings association.

Updates dividend and distribution provisions to apply to both stockholders and members of limited liability companies, with same approval requirements from the commissioner.