Minnesota SF 4164: City of Brooklyn Park youth and teen center renovation and expansion bond issuance and appropriation

Bill Text

1.1 A bill for an act​
1.2 relating to financial institutions; modifying various provisions governing​
1.3 nondepository financial institutions; amending Minnesota Statutes 2024, sections​
1.4 47.20, subdivision 1; 47.59, subdivision 1; 47.60, subdivision 1; 53.04, subdivision​
1.5 3a; 53B.74; 53C.09, subdivision 4; 56.002; 56.01; 56.05; 58.06, subdivision 2;​
1.6 58B.051; 332.52, subdivision 3; 332B.04, subdivision 1; repealing Minnesota​
1.7 Statutes 2024, sections 56.08; 332A.02, subdivision 2; 332A.04, subdivision 1;​
1.8 332B.02, subdivision 2.​
1.9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.10 Section 1. Minnesota Statutes 2024, section 47.20, subdivision 1, is amended to read:​
1.11 Subdivision 1.General authority.Pursuant to rules the commissioner of commerce​
1.12 finds to be necessary and proper, if any, banks, savings banks, and savings associations​
1.13 organized under the laws of this state or the United States, trust companies, trust companies​
1.14 acting as fiduciaries, and other banking institutions subject to the supervision of the​
1.15 commissioner of commerce, including residential mortgage originators and servicers under​
1.16 chapter 58, and mortgagees or lenders approved or certified by the secretary of housing and​
1.17 urban development or approved or certified by the administrator of veterans affairs, or​
1.18 approved or certified by the administrator of the Farmers Home Administration or any​
1.19 successor, or approved or certified by the Federal Home Loan Mortgage Corporation, or​
1.20 approved or certified by the Federal National Mortgage Association, are authorized:​
1.21 (1) to make loans and advances of credit and purchases of obligations representing loans​
1.22 and advances of credit which are insured or guaranteed by the secretary of housing and​
1.23 urban development pursuant to the National Housing Act, as amended, or the administrator​
1.24 of veterans affairs pursuant to the Servicemen's Readjustment Act of 1944, as amended, or​
1.25 the administrator of the Farmers Home Administration or any successor pursuant to the​
1​Section 1.​
26-06143 as introduced​01/14/26 REVISOR EB/AD​
SENATE​
STATE OF MINNESOTA​
S.F. No. 4164​NINETY-FOURTH SESSION​
(SENATE AUTHORS: KLEIN)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​6517​03/05/2026​
Referred to Commerce and Consumer Protection​
See HF4188​

2.1 Consolidated Farm and Rural Development Act, Public Law 87-128, as amended, and to​
2.2 obtain the insurance or guarantees;​
2.3 (2) to make loans secured by mortgages on real property and loans secured by a share​
2.4 or shares of stock or a membership certificate or certificates issued to a stockholder or​
2.5 member by a cooperative apartment corporation which the secretary of housing and urban​
2.6 development, the administrator of veterans affairs, or the administrator of the Farmers Home​
2.7 Administration or any successor has insured or guaranteed or made a commitment to insure​
2.8 or guarantee, and to obtain the insurance or guarantees;​
2.9 (3) to make, purchase, or participate in such loans and advances of credit; including​
2.10 reverse mortgage loans, notwithstanding anything in subdivision 4b, sections 47.58 and​
2.11 334.01, and chapter 56 to the contrary; as would be eligible for purchase, in whole or in​
2.12 part, by the Federal National Mortgage Association or the Federal Home Loan Mortgage​
2.13 Corporation, but without regard to any limitation placed upon the maximum principal amount​
2.14 of an eligible loan;​
2.15 (4) to make, purchase or participate in such loans and advances of credit secured by​
2.16 mortgages on real property which are authorized or allowed by the Office of Thrift​
2.17 Supervision or the Office of the Comptroller of the Currency, or any successor to these​
2.18 federal agencies.​
2.19 Sec. 2. Minnesota Statutes 2024, section 47.59, subdivision 1, is amended to read:​
2.20 Subdivision 1.Definitions.For purposes of this section, the following definitions shall​
2.21 apply.​
2.22 (a) "Actuarial method" has the meaning given the term in Code of Federal Regulations,​
2.23 title 12, part 226, and appendix J thereto.​
2.24 (b) "Annual percentage rate" has the meaning given the term in Code of Federal​
2.25 Regulations, title 12, part 226, but using the definition of "finance charge" used in this​
2.26 section.​
2.27 (c) "Borrower" means a debtor under a loan or a purchaser or debtor under a credit sale​
2.28 contract.​
2.29 (d) "Business purpose" means a purpose other than a personal, family, household, or​
2.30 agricultural purpose.​
2​Sec. 2.​
26-06143 as introduced​01/14/26 REVISOR EB/AD​

3.1 (e) "Cardholder" means a person to whom a credit card is issued or who has agreed with​
3.2 the financial institution to pay obligations arising from the issuance to or use of the card by​
3.3 another person.​
3.4 (f) "Consumer loan" means a loan made by a financial institution in which:​
3.5 (1) the debtor is a per