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Minnesota Statutes Banking (Ch. 46-59) § 58.05. Exemptions from license

Current as of January 01, 2025 | Updated by Findlaw Staff

Subdivision 1. Exempt person. (a) An exempt person, as defined bysection 58.04, subdivision 1, paragraph (c), and subdivision 2, paragraph (b), is exempt from the licensing requirements of this chapter, but is subject to all other provisions of this chapter.

(b) Paragraph (a) does not apply to an institution covered undersection 58.04, subdivision 4, even if the institution is otherwise an exempt person.

Subd. 2. Repealed byLaws 2000, c. 427, § 21, par. (a), eff. April 21, 2000.

Subd. 3. Certificate of exemption. (a) The following persons must obtain a certificate of exemption from the commissioner to qualify as an exempt person undersection 58.04, subdivision 1, paragraph (c):

(1) a bona fide nonprofit organization undersection 58.04, subdivision 1, paragraph (c), clause (6); or

(2) a person exempted by order of the commissioner undersection 58.04, subdivision 1, paragraph (c), clause (7).

(b) The following persons must obtain a certificate of exemption from the commissioner to qualify as an exempt person undersection 58.04, subdivision 2, paragraph (b):

(1) a bona fide nonprofit organization undersection 58.04, subdivision 2, paragraph (b), clause (8); or

(2) a person exempted by order of the commissioner undersection 58.04, subdivision 2, paragraph (b), clause (9).

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Cite this article: FindLaw.com - Minnesota Statutes Banking (Ch. 46-59) § 58.05. Exemptions from license - last updated January 01, 2025 | https://codes.findlaw.com/mn/banking-ch-46-59/mn-st-sect-58-05/

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