MN HF823

Creates a 10-member working group to review and provide recommendations regarding merger of financial institutions and related tax status designations.

Defines "financial institution" to include national and federal banking associations, Minnesota-chartered banks and credit unions, and nonprofit lending organizations.

Working group membership includes three members selected by the commissioner of commerce (including the commissioner or designee, an attorney specializing in financial institution acquisition law, and a certified public accountant), plus representatives from the Independent Community Bankers of Minnesota, Minnesota Bankers Association, Minnesota Credit Union Network, and four members from the legislature.

Working group must develop recommendations on acquisition of non-tax-exempt financial institutions by tax-exempt financial institutions, reviewing the history of such acquisitions, state tax and revenue implications, current state law status, and advantages and disadvantages to Minnesota.

Working group must submit findings and recommendations to legislative committees with jurisdiction over commerce by January 15, 2022, with the working group itself expiring on that same date.