1. Except as otherwise provided in subsections 2 and 3, a licensee shall not have at any time deposits in an aggregate sum in excess of 10 times the aggregate amount of its stockholders equity. 2. A licensee insured by the Federal Deposit Insurance Corporation shall comply with the limits imposed by that insurer, if any. 3. If a licensee has operated under this chapter for 1 year or more and during its most recent fiscal year has been profitable, the Commissioner may increase the ratio of deposits to stockholders equity prescribed in subsection 1 to not more than the greatest net worth to savings ratio permitted for any savings and loan association or savings bank operating in this state. The Commissioner shall give his or her approval or denial of the application for an increased ratio to the licensee in writing with supporting reasons within 30 days after the date of the application submitted by the licensee unless the Commissioner gives notice within the original 30-day period that he or she is extending the period for decision for a period not to exceed an additional 30 days. The Commissioner may, for reasonable cause, decrease the ratio authorized under this subsection at any time, but not below the ratio prescribed in subsection 1. 4. A licensee may not have total borrowings, exclusive of deposits, which exceed the larger of: (a) Five times its stockholders equity; or (b) The face amount of total deposits at the time a borrowing is made. 5. A licensee may borrow money from a Federal Home Loan Bank. Money borrowed pursuant to this subsection shall not be deemed borrowed money for the purposes of the limitations prescribed in subsection 4. A licensee may pledge any of its assets as collateral security for money borrowed pursuant to this subsection.
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