reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.923 - Bank holding companies, examination of, when — considered new business entity, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2003
362.923. Bank holding companies, examination of, when — considered new business entity, when. —
1. The director of the division of finance may enter into cooperative and reciprocal agreements with the federal reserve banks for periodic examination of bank holding companies on a joint or alternating basis, but, except in extraordinary situations, no such agreements may be concluded which would result in a bank holding company being examined more frequently than once every twelve months. The director may accept reports of examination and other exchanges of information from such agencies in lieu of conducting his own examinations and compiling his own reports, and may provide reports of examination and other information to such agencies.
2. A trust holding company or a company formed to be a trust holding company, as hereinafter described, is a new business entity under Missouri law and is not subject to federal reserve examination. The director of the division of finance shall contract with the parties that charter such entity to obtain safety and soundness authority as a condition for such entity's acquisition of a trust company. To simplify such process:
(1) A trust holding company or a company formed to be a trust holding company which seeks to acquire control of any nondepositary trust company shall file an application with the division of finance;
(2) The director shall determine if the proposed acquisition of a nondepositary trust company by a trust holding company is consistent with the interests of promoting and maintaining sound trust companies;
(3) The director may issue an order approving or disapproving the proposed acquisition of a nondepositary trust company by a trust holding company and may present, enforce, advocate, or defend the order in any judicial or administrative proceeding; and
(4) The director may examine and investigate any trust holding company as appropriate or necessary to carry out the director's duties. The director may enter into cooperative and reciprocal agreements with federal and state regulatory authorities appropriate to such functions and may share reports and information or pursue joint actions or concurrent jurisdiction with federal and state regulatory authorities.
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(L. 1986 H.B. 1195, A.L. 2003 H.B. 221 merged with S.B. 346)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.930 - Injunctive relief, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1999
362.930. Injunctive relief, when. —
Any court of competent jurisdiction may enjoin violations of subsection 1 of section 362.920. Any bank adversely affected by any such violation, any banking organization having statewide membership, and the director of finance shall have standing to sue in any such action.
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(L. 1974 H.B. 1798 § 1 subsec. 7, A.L. 1999 S.B. 386)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.935 - Director of finance to administer — rules and orders authorized.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2001
362.935. Director of finance to administer — rules and orders authorized. —
The director of finance shall administer and carry out the provisions of sections 362.910 to 362.940 and may issue such regulations and orders as may be necessary to discharge this duty and to prevent evasion of subsection 1 of section 362.920.
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(L. 1974 H.B. 1798 § 1 subsec. 8, A.L. 2001 H.B. 738 merged with S.B. 186)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.940 - Disclaimer as to implied repeal of other law.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 01 Jan 1975, see footnote
362.940. Disclaimer as to implied repeal of other law. —
Nothing contained in sections 362.910 to 362.940 shall be interpreted or construed as approving any act, action, or conduct which is or has been or may be in violation of any existing law, nor shall anything herein contained constitute a defense to any action, suit, or proceeding pending or hereafter instituted on account of any prohibited antitrust or monopolistic act, action, or conduct.
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(L. 1974 H.B. 1798 § 1 subsec. 9)
Effective 1-01-75
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.945 - Definitions — examinations, cooperative and reciprocal agreements to make examinations, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 15 May 1986, see footnote
362.945. Definitions — examinations, cooperative and reciprocal agreements to make examinations, when. —
1. As used in this section, unless the context clearly indicates otherwise, the following terms shall mean:
(1)
"Affiliate"
, shall have the meaning given the term by section 23A of the Federal Reserve Act (12 U.S.C. section 371c), as amended;
(2)
"Bank"
, any bank, trust company, or national banking association which accepts deposits and makes loans, and which has its principal banking house outside of the state of Missouri;
(3)
"Bank holding company"
, any company which has control, as determined by the provisions of subdivision (4) of section 362.910, over any bank or over any company that is a bank holding company;
(4)
"Engage in the banking business"
, a company shall be deemed to engage in the banking business if it accepts deposits and makes loans in Missouri.
2. In the event that any bank holding company or bank is permitted, by operation of federal or state law, to engage directly or through an affiliate in the banking business in this state, the director may enter into cooperative and reciprocal agreements with the Federal Reserve Bank or with the bank regulatory authorities of any state or states in which such bank holding company or bank is organized or based for the periodic examination of bank holding companies, banks, and affiliates affected, and may accept reports of examination and other exchanges of information from such authorities in lieu of conducting his own examinations and compiling his own reports, and may provide reports of examination and other information to such authorities. The director may enter into joint actions with other regulatory bodies having concurrent jurisdiction or may enter into such actions independently to carry out his responsibilities of assuring compliance with the laws of this state.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.950 - Affiliated entity of holding companies, transactions authorized — out-of-state transactions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1995
362.950. Affiliated entity of holding companies, transactions authorized — out-of-state transactions. —
1. Notwithstanding any other law to the contrary, any bank or trust company is authorized to conduct at the main banking house or any branch of such bank or trust company any one or more of the following transactions if so authorized by such affiliated entity:
(1) Receiving deposits from, or renewing deposits of, customers of such affiliated entity;
(2) Cashing or issuing checks, drafts or money orders for the account of customers of such affiliated entity;
(3) Closing and servicing loans and receiving loan payments and other payments due from customers of such affiliated entity.
2. Any bank or trust company intending to conduct or to authorize an affiliated entity to conduct any such transactions shall provide not less than thirty days' prior written notice thereof to the director of the division of finance.
3. For purposes of this section, the term
"affiliated entity"
means any bank or trust company of which at least eighty percent of the voting stock is owned or otherwise controlled, directly or indirectly, by a bank holding company, any individual or a group of individuals, or any other legal entity which also owns or otherwise controls, directly or indirectly, eighty percent of the voting stock of the bank or trust company conducting any such transactions.
4. Any bank or trust company may enter into an agreement with one or more out-of-state banks, trust companies, or both banks and trust companies, as a principal, agent, or both principal and agent, for the transactions authorized in this section. The provisions of this subsection are enacted to authorize state chartered banks and trust companies the same interstate agency authority that a national banking association is provided in Title I, Section 101, of the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328.
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(L. 1992 S.B. 688 § 4, A.L. 1995 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1010 - Citation of law.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1010. Citation of law. —
Sections 362.1010 to 362.1115 shall be known and may be cited as the "Missouri Family Trust Company Act".
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1020 - Inapplicability of certain sections, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1020. Inapplicability of certain sections, when. —
If a family trust company limits its activities to the activities authorized under sections 362.1010 to 362.1117, then section 361.160 and sections 362.010 to 362.950 shall not apply to the family trust company.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1035 - Capital account, minimum required — company's duty to maintain, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1035. Capital account, minimum required — company's duty to maintain, requirements. —
1. No family trust company shall be organized or operated with a capital account of less than two hundred fifty thousand dollars. The full amount of the initial capital account of a family trust company shall consist of one or more asset groups described under subsection 1 of section 362.1070, exclusive of all organization expenses.
2. A family trust company shall maintain:
(1) A physical office in this state where original or true copies, including electronic copies, of all material business records and accounts of the family trust company may be accessed and are readily available for examination by the secretary. A family trust company may also maintain one or more branch offices within or outside of this state;
(2) A registered agent who maintains an office in this state;
(3) All applicable state and local business licenses, charters, and permits; and
(4) A deposit account with a state-chartered or national financial institution that has a principal or branch office in this state.
3. In addition to the requirements of subsection 2 of this section, a foreign family trust company shall also:
(1) Be in good standing in the jurisdiction in which it is incorporated or organized; and
(2) Stay in compliance with the family trust company laws and regulations of such jurisdiction.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1037 - Management authority, exclusively vested.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2020, 2 histories
362.1037. Management authority, exclusively vested. —
Exclusive authority to manage a family trust company shall be vested in:
(1) If a corporation, a board of directors that consists of at least three directors; or
(2) If a limited liability company, a board of directors or managers that consists of at least three directors or managers.
­­At least one director or manager of the company shall be a resident of this state.
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(L. 2017 H.B. 292, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1040 - Organizational instruments, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2020, 2 histories
362.1040. Organizational instruments, requirements. —
1. One or more persons may subscribe to an organizational instrument in writing for the purpose of forming a family trust company, subject to the conditions prescribed by law.
2. The organizational instrument of a family trust company shall set forth all of the information required under chapter 347 or 351, as applicable, and the following:
(1) The name of the company, which shall distinguish the company from any other nonfamily trust company or family trust company formed or engaging in business in this state. If the word "trust" is included in the name, it shall be immediately preceded by the word "family" so as to distinguish the entity from a nonfamily trust company operating under this chapter. This subdivision shall not apply to a foreign family trust company using a fictitious name that is registered and maintained in this state pursuant to the requirements administered by the secretary and that distinguishes the foreign family trust company from a nonfamily trust company authorized to operate under this chapter;
(2) A statement that the purpose for which the company is formed is to engage in any and all activities permitted under sections 362.1010 to 362.1117; and
(3) A statement affirming that the family trust company shall not engage in trust company business with the general public.
3. The term "trust company" in the name adopted by a family trust company shall not be deemed to violate section 362.425.
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(L. 2017 H.B. 292, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1045 - Fidelity bonds, errors and omissions insurance policies, other insurance policies, company may procure and maintain.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1045. Fidelity bonds, errors and omissions insurance policies, other insurance policies, company may procure and maintain. —
1. A family trust company may procure and maintain fidelity bonds on all active officers, directors, managers, and members acting in a managerial capacity and on all employees of the company in order to indemnify the family trust company against loss resulting from dishonest, fraudulent, or criminal acts or omissions committed by any such person, whether acting alone or in combination with other persons and regardless of whether such person receives a salary or other compensation from the company.
2. A family trust company may also procure and maintain an errors and omissions insurance policy in which the family trust company is listed as the insured to cover the acts and omissions of officers, directors, managers, and members acting in a managerial capacity, regardless of whether any such person receives a salary or other compensation from the company.
3. A family trust company may also procure and maintain other insurance policies necessary or desirable in connection with the business of the company including, but not limited to, one or more casualty insurance policies.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1050 - Fiduciary books and records, how maintained — assets not subject to debts or obligations of the company.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1050. Fiduciary books and records, how maintained — assets not subject to debts or obligations of the company. —
1. A family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company and shall segregate all assets held in any fiduciary capacity from other assets of the company.
2. Assets received or held in a fiduciary capacity by a family trust company shall not be subject to the debts or obligations of the company.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1055 - Annual registration report, contents, filing fee.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1055. Annual registration report, contents, filing fee. —
1. A family trust company shall file an annual registration report with, and shall pay an annual filing fee of one thousand dollars to, the secretary.
2. The annual registration report filed by a family trust company that is not a foreign family trust company shall include:
(1) A statement by an authorized representative verifying that the family trust company is in compliance with the provisions of sections 362.1010 to 362.1117 and with applicable federal laws including, but not limited to, anti-money laundering and customer-identification rules or regulations;
(2) The name of the company's designated relative and the street address for its principal place of business; and
(3) Any other information reasonably and customarily required by the secretary of general business corporations in connection with filing their annual registration reports.
3. The annual registration report filed by a foreign family trust company shall include:
(1) A statement by an authorized representative verifying that the foreign family trust company is in compliance with the provisions of sections 362.1010 to 362.1117, with the family trust company laws and regulations of the jurisdiction in which it was incorporated or organized, and with applicable federal laws including, but not limited to, anti-money laundering and customer-identification rules or regulations;
(2) The current telephone number and street address of the foreign family trust company's principal place of business in the jurisdiction in which it was incorporated or organized;
(3) The current telephone number and street address of the foreign family trust company's principal place of operations;
(4) The current telephone number and address of the physical location of any other offices located in this state;
(5) The name and current street address in this state of the trust company's registered agent;
(6) Documentation, to the satisfaction of the secretary, showing that the foreign family trust company is in compliance with the family trust company laws and regulations of the jurisdiction in which it was incorporated or organized; and
(7) Any other information reasonably and customarily required by the secretary of general business corporations in connection with filing their annual registration reports.
4. An annual registration report shall be submitted on a form prescribed by the secretary and signed under penalty of perjury by an authorized representative.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1060 - Permissible acts — foreign companies, exercise of trust powers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1060. Permissible acts — foreign companies, exercise of trust powers. —
1. A family trust company may, but only for family members:
(1) Act as a sole or copersonal representative, executor, or administrator for a probate estate within or outside this state;
(2) Act as an attorney-in-fact or agent under a power of attorney;
(3) Except as provided under section 362.1065, act within or outside this state as a sole fiduciary or cofiduciary, including acting as a trustee, advisory agent, assignee, assignee for the benefit of creditors, authenticating agent, bailee, bond or indenture trustee, conservator, conversion agent, custodian, escrow agent, fiscal or paying agent, financial advisor, guardian, investment advisor or manager, managing agent, purchase agent, receiver, registrar, safekeeping or subscription agent, transfer agent for entities other than public companies, warrant agent, or other similar capacity generally performed by a corporate trustee. In so acting, the family trust company may possess, purchase, sell, invest, reinvest, safekeep, or otherwise manage or administer the real or personal property of family members;
(4) Exercise the powers of a corporation or limited liability company incorporated or organized under the laws of this state, or qualified to transact business as a foreign corporation or limited liability company under the laws of this state that are reasonably necessary to enable the trust company to fully exercise a power conferred under sections 362.1010 to 362.1117 in accordance with commonly accepted customs and usages;
(5) Delegate duties and powers, including investment and management functions under section 469.909, in accordance with the powers granted to a trustee under chapter 456 or other applicable law and retain agents, attorneys, accountants, investment advisors, or other individuals or entities to advise or assist the family trust company in the exercise of its powers and duties under sections 362.1010 to 362.1117 and chapter 456. Such exercise of power may include, but is not limited to, retaining a bank trust department or a public trust company other than another family trust company; and
(6) Perform all acts necessary to exercise the powers enumerated in this section or authorized under sections 362.1010 to 362.1117 and other applicable laws of this state.
2. A foreign family trust company in good standing in the jurisdiction in which it is incorporated or organized may exercise all the trust powers in this state that a Missouri family trust company may exercise.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1065 - Commercial banking, engagement in prohibited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1065. Commercial banking, engagement in prohibited. —
Notwithstanding any other provision of sections 362.1010 to 362.1117, no family trust company shall engage in commercial banking. However, a family trust company may establish accounts at financial institutions for its own purposes or on behalf of family members to whom it provides services under sections 362.1010 to 362.1117.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1075 - Fiduciary capacity — oath, affirmation, affidavit, or acknowledgment.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1075. Fiduciary capacity — oath, affirmation, affidavit, or acknowledgment. —
If a family trust company is required to make an oath, affirmation, affidavit, or acknowledgment regarding a fiduciary capacity in which the family trust company is acting or preparing to act, a director, officer, or if the company is a limited liability company, a manager or officer expressly authorized by the family trust company shall make and if required, subscribe to such oath, affirmation, affidavit, or acknowledgment on behalf of the company.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1080 - Advertising prohibited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1080. Advertising prohibited. —
No family trust company shall advertise its services to the public.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1085 - Examination and investigation of company, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1085. Examination and investigation of company, procedure. —
1. The secretary may designate an attorney-at-law or a certified public accountant to examine or investigate, or assist in the examination of, a family trust company.
2. The secretary or the secretary's designee may examine or investigate a family trust company at any time the secretary deems necessary to determine if the family trust company engaged in an act prohibited under section 362.1065 or 362.1080 and, if a family trust company engaged in such act, to determine whether any other applicable law was violated.
3. The secretary or the secretary's designee may examine the books and records of a foreign family trust company at any time the secretary deems necessary to determine if such foreign family trust company is in compliance with sections 362.1010 to 362.1117. In connection with an examination of the books and records of the trust company, the secretary or the secretary's designee may rely upon the most recent examination report, review, certification letters, or similar documentation issued by the agency supervising the foreign family trust company in the jurisdiction in which the foreign family trust company is incorporated or organized. The examination by the secretary or the secretary's designee of the books and records of a foreign family trust company shall be, to the extent practicable, limited to books and records of operations in this state.
4. For each examination or investigation of a family trust company under this section, the family trust company shall pay the costs of the examination or investigation. As used in this subsection, the term
"costs"
means the salary of and travel expenses incurred by any individual that are directly attributable to the examination or investigation of the family trust company. The mailing of payment for costs incurred shall be postmarked within thirty days after the receipt of a notice that states the costs are due. The secretary may levy a late payment of up to one hundred dollars per day for each day that a payment is overdue unless waived for good cause. However, if the late payment of costs is intentional, the secretary may levy an administrative fine of up to one thousand dollars per day for each day the payment is overdue.
5. The secretary may establish by rule the requirements and records necessary to demonstrate conformity with sections 362.1010 to 362.1117 by a family trust company.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1095 - Failure to submit annual registration report, fine — termination of registration, when — reinstatement, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1095. Failure to submit annual registration report, fine — termination of registration, when — reinstatement, when. —
If a family trust company fails to submit within the prescribed period its annual registration report or any other report required by sections 362.1010 to 362.1117 or rule, the secretary may impose a fine of up to one hundred dollars for each day that the annual registration report or other report is overdue. Failure to provide the annual registration report within sixty days after the end of the calendar year shall automatically result in termination of the registration of a family trust company. A family trust company may have its registration automatically reinstated by submitting to the secretary, on or before August thirty-first of the calendar year in which the annual registration report is due, the company's annual registration report, a five hundred dollar late fee, and the amount of any fine imposed by the secretary under this section. A family trust company that fails to renew or reinstate its registration shall wind up its affairs on or before November thirtieth of the calendar year in which such failure occurs.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1110 - Principal place of business — retention of records — in camera inspection, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1110. Principal place of business — retention of records — in camera inspection, when. —
1. A family trust company shall keep at its principal place of business or principal place of operations:
(1) Full and complete records of the names and residences of all its shareholders or members;
(2) The number of shares or membership units held by each, as applicable; and
(3) The ownership percentage of each shareholder or member.
­­The records are subject to inspection by all shareholders or members of the family trust company and the secretary or the secretary's authorized representative during the normal business hours of the family trust company. A current list of shareholders or members shall be made available to the secretary or the secretary's authorized representative for their inspection and, upon the request of the secretary, shall be submitted to the secretary.
2. The secretary shall retain for at least ten years:
(1) Examination reports;
(2) Investigatory records;
(3) The organizational instrument of a family trust company; and
(4) The annual registration reports filed by a family trust company.
3. A copy of any document on file with the secretary that is certified by the secretary as a true copy may be introduced in evidence as if it were the original. The secretary shall establish a schedule of fees for preparing true copies of documents.
4. Orders issued by courts or administrative law judges for the production of confidential records or information shall provide for inspection in camera by the court or the administrative law judge. If the court or administrative law judge determines that the documents requested are relevant or would likely lead to the discovery of admissible evidence, the documents shall be subject to further orders by the court or the administrative law judge to protect the confidentiality thereof. An order directing the release of information shall be immediately reviewable, and a petition by the secretary for review of the order shall automatically stay any further proceedings in a trial court or administrative hearing until the disposition of the petition by the reviewing court. If any other party files a petition for review, such filing shall stay proceedings only upon an order of the reviewing court.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1116 - Rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1116. Rulemaking authority. —
The secretary may issue forms and orders and, after notice and comment, may adopt and amend rules necessary or appropriate to carry out the provisions of sections 362.1010 to 362.1117 and may repeal rules and forms.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1117 - Hearing for aggrieved interested persons — judicial review for cease and desist orders and rules.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2017
362.1117. Hearing for aggrieved interested persons — judicial review for cease and desist orders and rules. —
1. Except as otherwise provided in sections 362.1010 to 362.1117, any interested person aggrieved by any order of the secretary or secretary's designee under any provision of sections 362.1010 to 362.1117 shall be entitled to a hearing before the secretary or the secretary's authorized representative in accordance with the provisions of chapter 536. A cease and desist order issued by the secretary or secretary's designee is subject to judicial review in accordance with the provisions of chapter 536 in the circuit court of Cole County.
2. A rule adopted under sections 362.1010 to 362.1117 is subject to judicial review in accordance with the provisions of chapter 536 in the circuit court of Cole County.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.1118 - Severability clause.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
Effective - 28 Aug 2017
362.1118. Severability clause. —
If any provision of sections 362.1010 to 362.1117 or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of sections 362.1010 to 362.1117 that can be given effect without the invalid provision or application, and to this end the provisions of sections 362.1010 to 362.1117 are severable.
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(L. 2017 H.B. 292)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.010 - Citation of law.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
Effective - 28 Aug 1963, 2 histories
364.010. Citation of law. —
This chapter may be cited as the "Missouri Financing Institution Licensing Law".
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(L. 1963 p. 463 § 1)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.020 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
Effective - 28 Aug 1963, 2 histories
364.020. Definitions. —
Unless otherwise clearly indicated by the context, when used in this chapter, the following terms mean:
(1)
"Director"
, the office of the director of the division of finance.
(2)
"Financing institution"
, a person engaged in the business of purchasing or otherwise acquiring retail time contracts or accounts under retail charge agreements from one or more sellers. The term includes but is not limited to a bank, trust company, loan and investment company, savings and loan association, licensed sales finance company as the same is defined in the Missouri motor vehicle time sales law (chapter 365) or registrant under sections 367.100 to 367.200, if so engaged; but does not include a distributor insofar as he takes assignments of retail installment purchase contracts covering goods which were distributed by him to the retailer thereof.
(3)
"Person"
, an individual, partnership, corporation, association, and any other group however organized. Words used herein shall have the same meaning as is ascribed to such words in the Missouri retail credit sales law (sections 408.250 to 408.370).
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(L. 1963 p. 463 § 2)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.030 - Financial institutions to obtain license, exceptions — application — fee.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
Effective - 28 Aug 2023, 4 histories
364.030. Financial institutions to obtain license, exceptions — application — fee. —
1. No person shall engage in the business of a financing institution in this state without a license therefor as provided in this chapter; except, however, that no bank, trust company, loan and investment company, licensed sales finance company, registrant under the provisions of sections 367.100 to 367.200, or person who makes only occasional purchases of retail time contracts or accounts under retail charge agreements and which purchases are not being made in the course of repeated or successive purchase of retail installment contracts from the same seller, shall be required to obtain a license under this chapter but shall comply with all the laws of this state applicable to the conduct and operation of a financing institution.
2. The application for the license shall be in writing, under oath and in the form prescribed by the director. The application shall contain the name of the applicant; date of incorporation, if incorporated; the address where the business is or is to be conducted and similar information as to any branch office of the applicant; the name and resident address of the owner or partners or, if a corporation or association, of the directors, trustees and principal officers, and other pertinent information as the director may require.
3. The license fee for each calendar year or part thereof shall be the sum of six hundred dollars for each place of business of the licensee in this state which shall be paid into the general revenue fund. The director may establish a biennial licensing arrangement but in no case shall the fees be payable for more than one year at a time.
4. Each license shall specify the location of the office or branch and must be conspicuously displayed therein. In case the location is changed, the director shall either endorse the change of location of the license or mail the licensee a certificate to that effect, without charge.
5. Upon the filing of an application, and the payment of the fee, the director shall issue a license to the applicant to engage in the business of a financing institution under and in accordance with the provisions of this chapter for a period which shall expire the last day of December next following the date of its issuance. The license shall not be transferable or assignable. No licensee shall transact any business provided for by this chapter under any other name.
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(L. 1963 p. 463 § 3, A.L. 1986 H.B. 1195, A.L. 2003 S.B. 346, A.L. 2015 H.B. 587 merged with S.B. 345, A.L. 2023 S.B. 13)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.040 - License denied or suspended, grounds — hearing and review.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
Effective - 28 Aug 1963, 2 histories
364.040. License denied or suspended, grounds — hearing and review. —
1. Renewal of a license originally granted under this chapter may be denied, or a license may be suspended or revoked by the director on the following grounds:
(1) Material misstatement of fact in any application for license under this chapter;
(2) Willful failure to comply with provisions of this chapter relating to retail time transactions;
(3) Defrauding any retail buyer to the buyer's damage;
(4) Fraudulent misrepresentation, circumvention or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to a buyer under the Missouri retail credit sales law (sections 408.250 to 408.370).
2. If a licensee is a firm, association or corporation, it shall be sufficient cause for the suspension or revocation of a license that any officer, director or trustee of a licensed firm, association or corporation, or any member of a licensed partnership, has so acted or failed to act as would be cause for suspending or revoking a license to the party as an individual. Each licensee shall be responsible for the acts of any or all of his employees while acting as his agent, if such licensee, after actual knowledge of the acts, retained the benefits, proceeds, profits or advantages accruing from the acts or otherwise ratified the acts.
3. No license shall be denied, suspended or revoked except after hearing thereon. The hearing and review thereof shall be conducted according to chapter 536.
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(L. 1963 p. 463 § 4)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.050 - Director may investigate — buyer may make complaint.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
Effective - 28 Aug 1963, 2 histories
364.050. Director may investigate — buyer may make complaint. —
1. The director, or his duly authorized representatives, shall have full power and authority at any time to make any investigation considered necessary of financing institutions and of other persons having personal knowledge of the matters under investigation and, to the extent necessary for this purpose, may compel the production of all relevant books, records, accounts and documents of financing institutions and other persons with respect to their retail time transactions.
2. Any buyer having reason to believe that his retail time transaction with respect to the Missouri retail credit sales law (sections 408.250 to 408.370) has been violated may file with the director a written complaint setting forth the details of the alleged violation, and the director, upon receipt of the complaint, may inspect the pertinent books, records, letters and contracts of the financing institution and of the seller involved relating to the specific written complaint.
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(L. 1963 p. 463 § 5)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.070 - Penalties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
Effective - 28 Aug 1963, 2 histories
364.070. Penalties. —
Any person who knowingly violates any provision of this chapter or of any law of this state relating to the business of a financing institution in this state without a license therefor except as provided in this chapter is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than five hundred dollars or by confinement in the county jail for not more than six months or both.
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(L. 1963 p. 463 § 7)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.100 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
• Effective - 28 Aug 1984, 2 histories
364.100. Definitions. —
As used in sections 364.100 to 364.160, the following terms shall mean:
(1)
"Director"
, the director of the division of finance of the state of Missouri;
(2)
"Person"
, an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company, or any other group of individuals, however organized;
(3)
"Premium finance agreement"
, an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest or discount and a service charge, as authorized and limited by sections 364.100 to 364.160;
(4)
"Premium finance company"
, a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies.
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(L. 1984 S.B. 636 § 1)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.105 - Registration required — fee — forms.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
• Effective - 28 Aug 2023, 3 histories
364.105. Registration required — fee — forms. —
1. No person shall engage in the business of a premium finance company in this state without first registering as a premium finance company with the director.
2. The annual registration fee shall be six hundred dollars payable to the director as of the first day of July of each year. The director may establish a biennial licensing arrangement but in no case shall the fees be payable for more than one year at a time.
3. Registration shall be made on forms prepared by the director and shall contain the following information:
(1) Name, business address and telephone number of the premium finance company;
(2) Name and business address of corporate officers and directors or principals or partners;
(3) A sworn statement by an appropriate officer, principal or partner of the premium finance company that:
(a) The premium finance company is financially capable to engage in the business of insurance premium financing; and
(b) If a corporation, that the corporation is authorized to transact business in this state;
(4) If any material change occurs in the information contained in the registration form, a revised statement shall be submitted to the director accompanied by an additional fee of three hundred dollars.
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(L. 1984 S.B. 686 § 2, A.L. 1986 H.B. 1195, A.L. 2003 S.B. 346, A.L. 2015 H.B. 587 merged with S.B. 345, A.L. 2023 S.B. 13)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.110 - Records to be maintained by company.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
• Effective - 28 Aug 1984, 2 histories
364.110. Records to be maintained by company. —
1. A premium finance company shall maintain records of its premium finance transactions.
2. A premium finance company shall preserve its records of premium finance transactions, including cards used in a card system, if any, for at least two years after making the final entry with respect to any premium finance agreement. The preservation of records in photographic, microfilm or microfiche form constitutes compliance with this section.
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(L. 1984 S.B. 686 § 3)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 364 - Retail Credit Financing Institutions › Section 364.115 - Premium finance agreement, requirements, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 364
• Effective - 28 Aug 1984
364.115. Premium finance agreement, requirements, contents. —
A premium finance agreement shall:
(1) Be dated and signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight point type;
(2) Contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or place of business of the insured, the name and place of business of the premium finance company to which payments are to be made, a brief description of the insurance contracts involved and the amount of the premium; and
(3) Set forth the following items, where applicable:
(a) The total amount of the premium;
(b) The amount of the down payment;
(c) The principal balance, meaning the difference between the amounts stated under paragraphs (a) and (b) of this subdivision;
(d) The amount of the interest or discount;
(e) The balance payable by the insured, meaning the sum of amounts stated under paragraphs (c) and (d) of this subdivision; and
(f) The number of installments required, the amount of each installment expressed in dollars, and the due date or period thereof.
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(L. 1984 S.B. 686 § 4)