46.046 DEFINITIONS.
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46.046 DEFINITIONS.
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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.
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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.
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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.
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Subd. 3. Department.
"Department" means the Department of Commerce of the state of Minnesota.
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Subd. 4. Commissioner.
"Commissioner" means the commissioner of commerce.
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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.