Annual Registration for Minnesota State Banks
By: JANE C. BALL
December 2008
Effective August 1, 2006, Minnesota state banks are governed by Minnesota Statutes, Chapter 302A. Consequently, beginning in calendar year 2007, Minnesota state banks must file an annual registration with the Minnesota Secretary of State in order to remain in good standing. Registrations may be filed online without a fee at https://online.sos.state.mn.us/abr/corp_annual_filing.asp at any time during each calendar year.
As a reminder, the Minnesota Secretary of State sends a postcard mid-year to each Minnesota state bank in good standing that has not already filed its annual registration for that year. The postcard is sent to the bank’s registered address on file with the Secretary of State. If the bank provides the Secretary of State with an email address, the Secretary of State will also email a reminder at the beginning of each year. However, if the registration is not filed during a calendar year, the bank will no longer be in good standing, and the Secretary of State will administratively dissolve the bank and send a certificate of administrative dissolution to the bank. In order to bring the bank back into good standing, an annual registration must be filed with an accompanying fee of $25.
Takeaway
Check the Secretary of State’s records online or call 651.296.2803 to confirm that your bank has filed its annual registrations for 2007 and 2008. If it has not, be sure to file before December 31.