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MN SF3589

Bill

Official Source

Status

Passed

5/18/2020

Primary Sponsor

Rich Draheim

Click for details

Origin

Senate

91st Legislature 2019-2020

AI Summary

  • Modifies Minnesota Statutes 2018, section 48.61, subdivision 3 regarding authorized investments for banks and trust companies
  • Banks or trust companies may invest up to ten percent of their capital and surplus in shares of stock in banks or bank holding companies
  • Stock must be owned exclusively by bank holding companies or banks
  • At least 51 percent of voting stock must be owned or controlled by bank holding companies or banks authorized to do business in Minnesota
  • Referred to Senate Commerce and Consumer Protection Finance and Policy Committee on February 24, 2020

Legislative Description

Banks and trust companies authorized investment modification

Last Action

Secretary of State, Filed

5/18/2020

Committee Referrals

Commerce and Consumer Protection Finance and Policy2/24/2020

Full Bill Text

No bill text available