50.147 AUTHORIZED INVESTMENTS; STUDENT LOANS.
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/mn/chapter-50/50-147A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
50.147 AUTHORIZED INVESTMENTS; STUDENT LOANS.
In addition to other investments authorized by law, a savings bank organized under the laws of this state may make student loans. Such loans may be secured or unsecured, and the lender may require a comaker or guaranty under a governmental student loan guarantee plan, or both. The borrower shall certify to the lender that the proceeds of the loan are to be used by a student solely for the payment of expenses of college, university or vocational education.