1.1                          A bill for an act 
  1.2             relating to financial institutions; clarifying the 
  1.3             status of industrial loan and thrift companies that 
  1.4             accept deposits; amending Minnesota Statutes 2002, 
  1.5             section 53.01. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2002, section 53.01, is 
  1.8   amended to read: 
  1.9      53.01 [ORGANIZATION.] 
  1.10     It is lawful for three or more persons, who desire to form 
  1.11  a corporation for the purpose of carrying on primarily the 
  1.12  business of loaning money to persons within the conditions set 
  1.13  forth in this chapter, to organize, under this chapter, an 
  1.14  industrial loan and thrift company, by filing with the secretary 
  1.15  of state articles of incorporation, and upon paying the fees 
  1.16  prescribed by chapter 302A and upon compliance with the 
  1.17  procedure provided for the organization and government of 
  1.18  ordinary corporations under the laws of this state, and upon 
  1.19  compliance with the additional requirements of this chapter 
  1.20  prior to receiving authorization to do business.  An industrial 
  1.21  loan and thrift company is not authorized, or eligible to apply 
  1.22  for authorization, to accept deposits under this chapter, unless 
  1.23  its owner would qualify to own a federal savings association 
  1.24  under United States Code, title 12, section 1467a(c)(9).