Minnesota Commerce Department issues guidance to industrial loan and thrift companies

State Issues Minnesota Covid-19

On March 17, the Minnesota Commerce Department issued a letter to Minnesota industrial loan and thrift companies related to issues and questions arising from the Covid-19 outbreak. The letter notes that companies that choose to close a branch such that it is not open for business or examination purposes must notify the Department. The notice must include certain information, such as when the company expects to reopen the branch. The letter also provides that if a branch is opening and closing loans, employees can work from home to perform tasks, but may not close loans from an unlicensed location.