For purposes of sections 60A.092 and 60A.093, "qualified United States financial institution" means an institution that:
(1) is organized or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state;
(2) is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies; and
(3) is a member of the Federal Deposit Insurance Corporation, or the National Credit Union Administration.
History:1991 c 325 art 1 s 11