2016 Minnesota Statutes
Chapters 46 - 59 — BANKING
Chapter 53B — MONEY TRANSMITTERS
Section 53B.17 — SOLVENCY REQUIRED.
If the commissioner determines that a licensee is insolvent, that its capital is impaired, or that its condition is such as to render the continuance of its business hazardous to the public or to those having funds in its custody, the commissioner may apply to the district court for the county in which the main office is located, or for Ramsey County if the licensee does not have a main office in Minnesota, for appointment of a receiver to receive the assets of the licensee for the purpose of liquidating or rehabilitating its business and for such other relief as the interest of the public may require. The reasonable and necessary expenses of the receivership have priority over all other claims on the bond required by this chapter.
History: 2001 c 148 s 18
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