2005 Minnesota Statutes - 47.21 — Inapplicable laws; authorized investments.

     47.21 Inapplicable laws; authorized investments. 


    Subdivision 1.    Limits relating to loans.  No other 
 law in this state, except as stated in section 58.137, 
 prescribing the nature, amount or form of security or requiring 
 security upon which loans or advances of credit may be made, or 
 prescribing or limiting interest rates upon loans or advances of 
 credit, or prescribing or limiting the period for which loans or 
 advances of credit may be made, shall be deemed to apply to 
 loans, advances of credit or purchases made pursuant to section 
 47.20, subdivisions 1, 3 and 4a. 


    Subd. 2.    Investments.  (a) The institutions described 
 in section 47.20, subdivision 1, may invest in notes or bonds 
 secured by mortgages, trust deeds, or security interests insured 
 or guaranteed as described in section 47.20, subdivision 1, 
 clause (2), and in securities issued by national mortgage 
 associations. 


    (b) The notes, bonds, and other securities described in 
 paragraph (a) may be used wherever security is required by 
 statute or rule for the deposit of public funds or other funds; 
 or wherever deposits are required by statute or rule to be made 
 with any public official or public department; or wherever an 
 investment of capital or surplus, or a reserve or other fund, is 
 required by statute or rule to be maintained consisting of 
 designated securities. 


    HIST: (7658-4) 1935 c 49 s 2; 1937 c 88 s 2; 1976 c 300 s 3; 
 1981 c 351 s 13; 2002 c 342 s 3