AI-assisted research summary: This provision defines several terms used in Minnesota banking law, including “bank,” “banking institution,” “department,” “commissioner,” and “special purpose bank.”
§ Subdivision 1.Words, terms, and phrases. Unless the language or context clearly indicates that a different meaning is intended, the word defined in subdivision 2, for the purposes of sections 46.041 to 46.044, shall be given the meaning subjoined to it; and the word defined in subdivision 3, for the purposes of chapters 46 to 83, shall be given the meaning subjoined to it. § Subd. 2.Bank. The word "bank" means any savings bank or bank of discount or deposit or trust company organized under the laws of this state. § Subd. 2a.Banking institution. "Banking institution" means a bank, trust company, bank and trust company, savings bank, or industrial loan and thrift operating under section 53.04, subdivision 5, that is organized under the laws of this state, or a holding company which owns or otherwise controls the banking institution. § Subd. 3.Department. "Department" means the Department of Commerce of the state of Minnesota. § Subd. 4.Commissioner. "Commissioner" means the commissioner of commerce. § Subd. 5.Special purpose bank. "Special purpose bank" means a bank as defined in subdivision 2 that: (1) engages only in credit card operations as authorized in section 47.59; (2) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; (3) does not accept savings or time deposits of less than $100,000; (4) maintains only one office that accepts deposits; and (5) does not engage in the business of making commercial loans.