reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.100 - Division director — powers — qualifications — examiners and assistants.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.100. Division director — powers — qualifications — examiners and assistants. —
1. There is created within the state department of commerce and insurance, a director of the division of credit unions who shall have exclusive supervision of all credit unions operating under the laws of this state and may make necessary rules and regulations to carry out the provisions of this chapter.
2. The director of credit unions shall be appointed by the governor with the advice and consent of the senate to serve at his or her pleasure.
3. The director of credit unions shall maintain his or her office at Jefferson City, Missouri, and shall devote all of his or her time to the duties of his or her office.
4. No person shall be eligible to be appointed to the office unless he or she has had at least three years actual practical experience with credit union operation or unless he or she has served for the same period of time in the agency having charge of credit union operation in this or some other state of the United States, or in the national credit union administration.
5. The director may appoint a deputy director of credit unions and such examiners, assistant examiners and other employees and assistants as he or she shall deem necessary to properly discharge his or her duties as director.
6. The actual and necessary traveling and other divisional or office expenses of the director, the deputy director, and other assistants and employees shall be paid out of the state treasury as provided by law.
7. The examiners and any person appointed as deputy director shall possess the qualifications required for the director.
8. All persons appointed by the director as authorized herein shall perform the duties required of them by the director, and shall devote all of their time to their official duties.
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(RSMo 1939 § 5526, A.L. 1945 p. 689, A.L. 1945 p. 720, A. 1949 H.B. 2091, A.L. 1959 S.B. 127, A.L. 1967 p. 509, A.L. 1972 S.B. 502, A.L. 2011 S.B. 306)
Prior revision: 1929 § 5084
Revisor's Note: Section 620.010 created a division of credit unions in the department of economic development and transferred all powers and duties of the state supervisor of credit unions to the division of credit unions and the office of the state supervisor of credit unions was abolished. That language in section 620.010 was repealed in 2008.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.101 - Oath required, when — conflict of interest, when — administrative subpoena powers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.101. Oath required, when — conflict of interest, when — administrative subpoena powers. —
1. The director of the division of credit unions and all employees of the division of credit unions, which term shall, for purposes of this section, include special agents, shall, before entering upon the discharge of their duties, take an oath that they will not reveal the conditions or affairs of any credit union or any facts pertaining to the same that may come to their knowledge by virtue of their official positions, unless required by law to do so in the discharge of the duties of their offices or when testifying in any court proceeding. For purposes of this section,
"credit union"
shall mean any entity subject to chartering, licensing, or regulation by the division of credit unions.
2. Neither the director of the division of credit unions nor any employees of the division of credit unions who participate in the examination of any credit union, or who may be called upon to make any official decision or determination affecting the operation of any credit union, other than the members of the credit union commission, shall be an officer or director of any credit union the division of credit unions regulates, nor shall they receive, directly or indirectly, any payment or gratuity from any such organization, nor engage in the negotiation of loans for others with any state-chartered credit union, nor shall be indebted to any state-chartered credit union.
3. The director of the division of credit unions, in connection with any examination or investigation of any person, company, or event, shall have the authority to compel the production of documents, in whatever form they may exist, and shall have the authority to compel the attendance of and administer oaths to any person having knowledge of any issue involved with the examination or investigation. The director may seek judicial enforcement of an administrative subpoena by application to the appropriate court. An administrative subpoena shall be subject to the same defenses or subject to a protective order or conditions as provided and deemed appropriate by the court in accordance with the Missouri supreme court rules.
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(L. 2011 S.B. 306)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.110 - Reports — when — penalty for late, inaccurate or incomplete.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.110. Reports — when — penalty for late, inaccurate or incomplete. —
1. Each credit union shall make a report of its condition, verified by the president or the president's designee, as required by the federal credit union insurer and at such other times as the director of the division of credit unions may require.
2. Any credit union which neglects to make any report when due, or makes such report that is inaccurate or incomplete, shall forfeit to the state, payable to the director of revenue, twenty-five dollars for each day of the first seven days of such neglect and seventy-five dollars for each additional day thereafter, after the due date of such report or such subsequent due date established by the director in a notice to the credit union to correct an inaccurate or incomplete report unless such payments are excused in whole or in part by the director of the division of credit unions.
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(RSMo 1939 § 5526, A.L. 1945 p. 689, A.L. 1945 p. 720, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1979 S.B. 24, A.L. 1985 H.B. 469, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5084
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.120 - Annual examination or audit report, exception — subpoena power.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.120. Annual examination or audit report, exception — subpoena power. —
1. The director of the division of credit unions, in person or by his or her agents, shall examine each credit union annually and at other times as he or she shall direct, and at all times shall have free access to all books, papers, securities and other sources of information pertaining to the credit union; except that the division of credit unions shall examine qualifying credit unions, as determined by the director, at least once each eighteen calendar months.
2. The director of the division of credit unions and his or her agents may subpoena and examine witnesses under oath or affirmation, and documents pertaining to the business of the credit unions.
3. The director of the division of credit unions may accept, in lieu of making an annual examination of a credit union, an audit report of the condition of the credit union made by an auditor approved by the director of the division of credit unions for the purpose of making such credit union audits, the cost of which audit shall be borne by the credit union.
4. The director of the division of credit unions may accept, in lieu of conducting an annual examination of a credit union, a final examination report of the credit union made by the federal credit union insurer.
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(RSMo 1939 § 5526, A.L. 1945 p. 689, A.L. 1945 p. 720, A. 1949 H.B. 2091, A.L. 1955 p. 259, A.L. 1959 S.B. 127, A.L. 1972 S.B. 502, A.L. 2002 H.B. 1921, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5084
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.121 - Examination report to be sent to credit unions for corrections and suggestions before final — file to be maintained.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1994
370.121. Examination report to be sent to credit unions for corrections and suggestions before final — file to be maintained. —
The director shall send a copy of the proposed final examination report to the examined credit union within at least thirty days before the final adoption of the examination report. Such credit union shall be asked to comment and suggest corrections to the proposed final examination report. Such comments and suggestions shall be considered by the director. The director shall maintain on file all comments and suggested corrections received from a credit union for a proposed final examination report.
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(L. 1994 H.B. 1312)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.130 - Penalty for noncompliance.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.130. Penalty for noncompliance. —
1. If any credit union neglects for thirty days to make the required reports or to pay the required charges, including charges for delay in filing reports, the director shall notify such credit union of his or her intention to revoke its certificate of approval.
2. If such neglect or failure continues for an additional fifteen days, the director may revoke the certificate of approval of such credit union.
3. Whenever the director revokes the certificate of approval of any credit union, he or she shall file notice of such revocation with the secretary of state.
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(RSMo 1939 § 5526, A.L. 1945 p. 689, A.L. 1945 p. 720, A. 1949 H.B. 2091, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5084
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.151 - Reorganization — approval — procedure, failure — liquidation.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.151. Reorganization — approval — procedure, failure — liquidation. —
1. The director may call a special meeting of the members to consider and act upon a plan of reorganization; but he or she may at his or her option require the president or secretary to do so. Notice of the meeting shall be mailed or delivered to each member, or posted in a conspicuous place frequented by the members, at least seven days before the meeting.
2. If the plan of reorganization is approved by a two-thirds majority of the votes cast at the meeting, it shall become effective upon the date, terms and conditions specified therein, and the director shall, upon, or as of, the date, return the possession, assets and conduct of the business of the credit union to its directors and officers.
3. If a reorganization plan, when submitted to the members as herein provided, is not approved by the required majority, the director may issue a notice of involuntary liquidation and appoint a liquidating agent to liquidate the credit union.
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(L. 1967 p. 509, A.L. 1985 H.B. 469, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.154 - Powers of receiver.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1967
370.154. Powers of receiver. —
1. The director or other suitable person, while acting as temporary or permanent receiver of a credit union, may compromise and settle, under such general or specific authority as may be granted by order of the court, any and all debts owing by or claims against the credit union, and any indebtedness owing to or claims held by the credit union.
2. The courts may determine the value at which any accounts or shares of the credit union pledged to it as collateral with loans may be applied in reduction of the loans.
3. The director, while in charge of a credit union, may receive and receipt for any property of or money owing to the credit union, and
*
release and satisfy any lien securing the payment of any money so owing.
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(L. 1967 p. 509)
*Word "to" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.156 - Withdrawal applications voided, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1967
370.156. Withdrawal applications voided, when. —
When the director takes charge of a credit union, all notices or applications of members for withdrawal of shares theretofore filed shall thereafter be of no force and effect; and any distribution to members of capital shall be pro rata to the participation value of their shares.
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(L. 1967 p. 509)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.158 - Court may approve or modify reorganization or merger plan.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1967
370.158. Court may approve or modify reorganization or merger plan. —
1. The director may submit to the court for approval, modification or disapproval any proposed reorganization or merger of the credit union with another credit union.
2. The court may submit the proposed reorganization or merger to the members for approval or disapproval; but the action of the members thereupon shall be only advisory to and not binding upon the court. The court may direct and cause the director to do any and all things necessary to finally complete any sale of assets, reorganization or merger.
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(L. 1967 p. 509)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.160 - Fiscal year.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1979
370.160. Fiscal year. —
The credit union fiscal year shall end at the close of business on the thirty-first day of December.
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(RSMo 1939 § 5527, A.L. 1945 p. 689, A.L. 1979 S.B. 24)
Prior revision: 1929 § 5085
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.161 - Notice of intention to remove, contents, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.161. Notice of intention to remove, contents, procedure. —
A notice of intention to remove a director, officer, or other person from office or to prohibit his or her participation in the conduct of the affairs of a credit union shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a hearing will be held thereon. Unless such director, officer, or other person shall appear at the hearing in person, or by a duly authorized representative, he or she shall be deemed to have consented to the issuance of an order of such removal or prohibition. In the event of such consent or if upon the record made at any such hearing the director shall find that any of the grounds specified in such notice have been established, the director may issue such orders of suspension or removal from office, or prohibition from participation in the conduct of the affairs of the credit union, as he or she may deem appropriate. Any such order shall become effective at the expiration of thirty days after service upon such credit union and the director, officer, or other person concerned (except in the case of an order issued upon consent, which shall become effective at the time specified therein). Such order shall remain effective and enforceable except to such extent as it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
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(L. 2011 S.B. 306)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.162 - Appeal to circuit court, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.162. Appeal to circuit court, when. —
Within ten days after any director, officer, or other person has been suspended from office, prohibited from participation in the conduct of the affairs of a credit union, or both, under subsection 3 of section 370.157, such director, officer, or other person may apply to the circuit court of the county in which the credit union is located or the circuit court of Cole County for a stay of such suspension or prohibition pending the completion of the administrative proceedings under the notice served upon such director, officer, or other person under subsection 1 or 2 of section 370.157, and such court shall have jurisdiction to stay such suspension or prohibition.
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(L. 2011 S.B. 306)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.163 - Suspension of director or officer permitted, when, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.163. Suspension of director or officer permitted, when, procedure. —
Whenever a director or officer of a credit union, or other person participating in the conduct of the affairs of such credit union, is charged in any information or complaint authorized by a prosecuting attorney or a United States attorney, or in any indictment, with the commission of or participation in a crime involving dishonesty or breach of trust which is punishable by imprisonment for a term exceeding one year under state or federal law, the director may, if continued service or participation by the individual may pose a threat to the interests of the credit union's members or may threaten to impair the confidence in the credit union, by written notice served upon such director, officer, or other person, suspend him or her from office or prohibit him or her from further participation in any manner in the conduct of the affairs of the credit union. A copy of such notice shall also be served upon the credit union. Such suspension or prohibition shall remain in effect until such information, indictment or complaint is finally disposed of or until terminated by the director. In the event that a judgment of conviction with respect to such crime is entered against such director, officer, or other person, and at such time as such judgment is not subject to further appellate review, the director may, if continued service or participation by the individual may pose a threat to the interests of the credit union's members or may threaten to impair public confidence in the credit union, initiate action to remove such officer as described in subsection 1 of section 370.157.
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(L. 2011 S.B. 306)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.164 - Suspension, effect on board of directors, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.164. Suspension, effect on board of directors, procedure. —
If at any time because of the suspension of one or more directors under sections 370.157 or 370.161 to 370.165 there shall be on the board of directors of a credit union less than a quorum of directors not so suspended, all powers or functions vested in or exercisable by such board shall vest in and be exercisable by the director or directors on the board not so suspended, until such time as there shall be a quorum of the board of directors. In the event all of the directors of a corporation are suspended under sections 370.157 or 370.161 to 370.165, the director shall appoint persons to serve temporarily as directors in their place and stead pending the termination of such suspensions, or until such time as those who have been suspended cease to be directors of the credit union and their respective successors take office.
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(L. 2011 S.B. 306)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.165 - Effective date of notice of suspension.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.165. Effective date of notice of suspension. —
A notice of suspension or order of removal issued under this chapter shall become effective immediately but any director, officer, or other person concerned may, within thirty days of service of any notice of suspension or order of removal, request, in writing, an opportunity to appear before the director to show that the continued service to or participation in the conduct of the affairs of the credit union by such individual does not, or is not likely to, pose a threat to the interests of the credit union's depositors or threaten to impair public confidence in the credit union.
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(L. 2011 S.B. 306)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.170 - Meetings and special meetings, voting — proxies, when — action at meeting.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.170. Meetings and special meetings, voting — proxies, when — action at meeting. —
1. Special meetings of the members may be held by order of the board of directors, or the supervisory committee, and shall be held on request of ten percent of the members.
2. At all meetings a member shall have but one vote.
3. No member may vote by proxy, but a society, association, copartnership, or corporation, having membership in a credit union, may be represented by one person, previously authorized by such society, association, copartnership or corporation to transact business with the credit union. The bylaws of a credit union, when approved by the membership, may provide for mail or electronic ballots for the election of officers.
4. By majority vote of those present at any meeting, the members may decide on any matter of interest to the credit union, amend the bylaws relating to qualifications for membership, the election or appointment of the supervisory committee, determine the requirements for a credit committee and if such committee should be elected or appointed, and overrule the directors on any matter concerning guidelines for future plans and objectives, provided the notice of the meeting has stated any such matter to be considered upon a written request of any member, except that the members cannot cause the credit union to breach or abrogate any legally binding obligation or contract previously executed by the board.
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(RSMo 1939 § 5527, A.L. 1945 p. 689, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 1984 H.B. 962, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5085
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.180 - Board of directors, committees — election — terms — oath.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1984
370.180. Board of directors, committees — election — terms — oath. —
1. At the annual meeting the members shall elect a board of directors and, if the bylaws so provide, a credit committee and a supervisory committee. If the bylaws so provide, a supervisory committee may be appointed by the board of directors, one of whom may be a director other than a compensated officer of the board.
2. A credit committee shall be appointed by the board of directors, unless the bylaws provide for the election of such committee or, in the alternative, do not provide for such committee and provide for the appointment by the board of a credit manager.
3. All members of the board and committees and all officers shall be sworn, and shall hold their several offices for such terms as may be provided in the bylaws.
4. The oath shall be subscribed by the individual taking it and certified by the officer before whom it is taken and shall immediately be transmitted to the director and filed and preserved in his office.
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(RSMo 1939 § 5528, A.L. 1984 H.B. 962)
Prior revision: 1929 § 5086
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.190 - Directors to elect officers — duties established by board or bylaws.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.190. Directors to elect officers — duties established by board or bylaws. —
1. At its first meeting following the annual membership meeting, the board of directors shall elect from their own number a chair of the board of directors, a vice chair, a secretary and a treasurer; and further shall designate such administrative officers as the bylaws may provide. If the bylaws so provide, the offices of secretary and treasurer may be held by the same person.
2. The duties of the officers shall be prescribed by the board of directors unless otherwise specified in the bylaws.
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(RSMo 1939 § 5529, A.L. 1982 H.B. 1099, A.L. 1994 H.B. 1312, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5087
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.200 - Duties of board — telephone or electronic participation at meetings.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.200. Duties of board — telephone or electronic participation at meetings. —
1. The board of directors shall have the general management of the affairs, funds, and records of the corporation, and unless they shall be specifically reserved to the members or delegated to the president or operating manager, it shall be the special duty of the directors:
(1) To act upon applications for membership in the credit union;
(2) To determine, from time to time, rates of interest which shall be charged on loans;
(3) To fix the maximum number of shares which may be held by and the maximum amount, both secured and unsecured, which may be loaned to any one member, such limitations to apply alike to all members; and
(4) To have charge of the investment of funds of the credit union, other than loans to members, and to perform such other duties as the members may, from time to time, authorize.
2. Additionally, the board shall have the duty to:
(1) Authorize the employment and compensation of the chief executive officer;
(2) Approve an annual operating budget for the credit union;
(3) Declare dividends on regular shares;
(4) Accept and act upon resignations and determine and fill vacancies on the board of directors, credit committee, and, if the bylaws so provide, the supervisory committee until the election or appointment of qualified successors;
(5) Amend the bylaws except for those provisions in other sections of this chapter specifically reserved for membership action; and
(6) Consider an appeal of a person denied membership by the credit union.
3. Unless specifically prohibited by the bylaws, directors may participate in and act at any meeting of the board through the use of a telephone or other electronic means. Participation in the meeting in this manner shall constitute attendance.
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(RSMo 1939 § 5529, A.L. 1969 H.B. 117, A.L. 1972 S.B. 502, A.L. 1984 H.B. 962, A.L. 1988 H.B. 1097, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5087
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.210 - Compensation not allowed for board of directors — approval of other salaries required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1982
370.210. Compensation not allowed for board of directors — approval of other salaries required. —
1. No member of the board of directors or of the credit or supervisory committees shall receive any compensation for his services as a member of the board or committee.
2. No salary shall be paid any officer or other employee of a credit union except such as may have been duly approved by the board of directors.
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(RSMo 1939 § 5529, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099)
Prior revision: 1929 § 5087
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.220 - Duties of credit committee — credit manager authorized, delegation of loan authority — appeal from decision — extension of credit, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.220. Duties of credit committee — credit manager authorized, delegation of loan authority — appeal from decision — extension of credit, when. —
1. The credit committee or, if authorized, credit manager shall follow the bylaws, policies, and procedures established by the board of directors regarding loans and advances.
2. The applicant shall state the purpose for which the loan is desired and the security, if any, offered.
3. Security must be taken for any loan in excess of the limit set by written policy of the board of directors. Endorsement of a note or assignment of shares in any credit union shall be deemed security within the meaning of this section.
4. No loan shall be made unless it has received the majority approval of the members of the committee present when the loan was considered, which number shall constitute at least a majority of the committee. However, in the case of any credit union having total assets in excess of one hundred thousand dollars, the board of directors may appoint a credit manager. The credit manager may be delegated authority to act on all or some applications for loans, reporting monthly thereon to the credit committee or board of directors, as the case may be.
5. An applicant for a loan may appeal to the directors from the decision of the credit committee or credit manager, if it is so provided in the bylaws, and in the way and manner therein provided.
6. The credit committee or, when authorized, a credit manager may approve in advance, upon its or his or her own motion or upon application by a member, an extension of credit, and loans may be granted to such members within the limits of such extensions of credit. When an extension of credit has been approved, applications for loans need no further consideration as long as the aggregate obligation does not exceed the limits of such extension of credit. The credit committee or, when authorized, the credit manager shall, at least once a year, review, or cause to be reviewed, all extensions of credit and any extension of credit shall expire if the member becomes more than ninety days delinquent in his or her obligation to the credit union.
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(RSMo 1939 § 5530, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1951 p. 287, A.L. 1955 p. 259, A.L. 1965 p. 568, A.L. 1969 H.B. 117, A.L. 1977 H.B. 48, A.L. 1978 S.B. 746, A.L. 1982 H.B. 1099, A.L. 1984 H.B. 962, A.L. 1986 H.B. 1193, A.L. 1994 H.B. 1312, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5088
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.230 - Powers and duties of supervisory committee.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 3 histories
370.230. Powers and duties of supervisory committee. —
1. The supervisory committee shall make, or cause to be made, an examination of the affairs of the credit union, at least annually, including its books and accounts, and shall make, or cause to be made, a verification of members' share and loan accounts in the same manner and with the same frequency as required by federal law for federal credit unions, and shall review the acts of the board of directors, credit committee and officers, any or all of whom the supervisory committee may suspend at any time by a majority vote.
2. Within seven days after such suspension, the supervisory committee shall cause notice to be given the members of a special meeting to take action on such suspension, the call for the meeting to indicate clearly its purpose.
3. By a majority vote the committee may call a meeting of the members to consider any violation of this chapter or of the bylaws, or any practice of the credit union which, in the opinion of said committee, is unsafe and unauthorized.
4. During the fiscal year, the supervisory committee shall make or cause to be made a thorough audit of the receipts, disbursements, income, assets, and liabilities of the credit union, and shall make a full report on such audit to the directors. In the event that a credit union has over one million dollars in assets, an independent audit shall be required in lieu of the audit by the supervisory committee, and a report on such audit shall be read at the annual meeting and shall be filed and preserved with the records of the credit union.
5. If the credit union bylaws so provide, the supervisory committee shall elect a chair from their own number.
6. The supervisory committee shall fill vacancies in their own number until the next annual meeting or, if the bylaws so provide, vacancies may be filled by appointment by the board of directors.
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(RSMo 1939 § 5531, A.L. 1955 p. 259, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 1984 H.B. 962, A.L. 1986 H.B. 1193, A.L. 1988 H.B. 1097, A.L. 2016 H.B. 1721 merged with S.B. 932, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5089
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.235 - Employees handling funds of credit union to give surety bond.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.235. Employees handling funds of credit union to give surety bond. —
As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment of money or other personal property owned by a credit union or in its custody or control as collateral or otherwise, shall give a bond with some surety company, licensed to do business in this state, as surety thereon in such reasonably adequate sum as the director shall require and approve. The term
"reasonably adequate"
as used herein, requires the director to have reasonable regard for the protection of the accounts and assets of the credit union. In lieu of individual bonds, the director may accept a schedule or blanket bond which covers all of the officers and employees of any credit union whose duties include the receipt, payment or custody of money or other personal property on behalf of the credit union. All bonds shall be in the form prescribed by the director.
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(L. 1959 S.B. 127, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.240 - Capital of credit unions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1945
370.240. Capital of credit unions. —
The capital of a credit union shall consist of the outstanding share balances of the several members thereof.
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(RSMo 1939 § 5532, A.L. 1945 p. 689)
Prior revision: 1929 § 5090
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.250 - Lien on shares, share certificates, deposits, share draft and checking accounts — effect.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1994
370.250. Lien on shares, share certificates, deposits, share draft and checking accounts — effect. —
1. A credit union shall have a lien on all shares, share certificates, deposits, deposit certificates, share draft and checking accounts of any member and on the dividends payable thereon, whether jointly or individually held, for, and to the extent of any obligation of the member to the credit union, including, but not limited to, any loan made to the member, any obligation of the member to the credit union as a comaker, cosigner, guarantor or endorser, or any fee, charge, dues or fine, of any kind payable by the member to the credit union.
2. Any lien created pursuant to subsection 1 of this section shall be:
(1) A right of the credit union separate from and in addition to any lien, pledge, security interest or right of set-off the credit union may have created with the member by agreement or otherwise;
(2) Deemed a perfected lien for all shares on deposit at the credit union and the credit union may allow the member to withdraw shares without waiving its lien on any remaining shares.
3. Any share on which a credit union has a lien shall not be subject to garnishment, or other legal process by a creditor.
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(RSMo 1939 § 5532, A.L. 1945 p. 689, A.L. 1994 H.B. 1312)
Prior revision: 1929 § 5090
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.260 - Cancellation of shares — member to keep credit union informed of current address.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.260. Cancellation of shares — member to keep credit union informed of current address. —
1. A credit union may, upon the resignation or expulsion of a member, cancel the shares of such member and apply the withdrawal value of such shares toward the liquidation of the member's indebtedness.
2. Each member shall keep the credit union informed about his or her current address. In the event a member fails to do this, a quarterly charge may be made to the member's share account.
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(RSMo 1939 § 5532, A.L. 1945 p. 689, A.L. 1972 S.B. 502, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5090
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.275 - Trust accounts, requirements — beneficiaries' rights — payment a discharge of liability, when — death of trust account owner, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.275. Trust accounts, requirements — beneficiaries' rights — payment a discharge of liability, when — death of trust account owner, procedure. —
Shares, share certificates, deposits and deposit certificates may be held in the name of a member in trust for a beneficiary, in the name of a nonmember in trust for a beneficiary who is a member or in the name of a trustee of a trust of which a member is grantor, trustee or beneficiary. Beneficiaries may be a minor or minors. No beneficiary, trustee or grantor of a trust, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office. Payment of part or all of such a trust account to the party in whose name the account is held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of such payment. In the event of death of the party in whose name a trust account is held, and if the credit union has been given no other written notice of the existence or terms of any trust, account funds and any dividends or interest thereon shall be paid to the beneficiary.
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(L. 1984 H.B. 962, A.L. 1994 H.B. 1312, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.283 - Minors may hold or release shares — subject to lien.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2013
370.283. Minors may hold or release shares — subject to lien. —
1. When shares are issued in the name of any minor, the same shall be held for the exclusive right and benefit of the minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together with dividends thereon, to the person in whose name the shares shall have been issued, and the receipt or acquittance of the minor shall be a valid and sufficient release and discharge to the credit union for the share or any part thereof. To the shares issued in joint tenancy in the name of any minor, all provisions of section 370.287 shall apply.
2. The credit union may require that the minor's parent, guardian, or other person responsible for the minor be a joint owner of the minor's account.
3. Shares on deposit held in the name of a minor are subject to the credit union's lien under section 370.250 and any consensual lien on pledge of shares, which may not be avoided due to the minor's status. The credit union may pay funds to a conservator appointed under section 475.045 and thereby discharge its liability to the minor for the shares. Accounts opened under the Missouri transfers
*
to minors law, sections 404.005 to 404.094, shall be governed by that law.
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(L. 1959 S.B. 127 § 370.282, A.L. 2013 H.B. 478)
*Word "Transfer" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.285 - Retirement accounts and pension funds, authority to serve as trustee.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1984
370.285. Retirement accounts and pension funds, authority to serve as trustee. —
1. A credit union may act as trustee or custodian of individual retirement accounts authorized by federal or state law, pension funds of self-employed individuals or of a company or organization sponsoring the credit union, or other similar retirement or pension plans.
2. A credit union may act as trustee or custodian under pension and profit sharing plans.
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(L. 1984 H.B. 962)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.288 - Refusal to make payment from account, when, requirements — immunity from liability, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020
370.288. Refusal to make payment from account, when, requirements — immunity from liability, when. —
1. A credit union may refuse to make a payment from an account to a depositor, a shareholder, any trust or payable-on-death account beneficiary, or any other person claiming an interest in the account if the credit union:
(1) Is uncertain under the agreement governing the account of who is entitled to receive the payment; or
(2) Has actual knowledge of a dispute between any depositors, shareholders, beneficiaries with present vested rights in the account, or other persons concerning ownership of the moneys in the account, the proposed withdrawal, or any previous withdrawals from the account.
2. If a credit union refuses to make a payment under subsection 1 of this section, the credit union:
(1) Shall notify, in writing, all depositors, shareholders, beneficiaries with present vested rights in the account, and other persons claiming an interest in the account of the basis for the credit union's refusal; and
(2) May refuse to make the payment until all interested parties consent in writing to the requested payment or a court with proper jurisdiction orders the credit union to make the payment.
3. The credit union shall not be liable for damages as a result of an action taken under this section.
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(L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.290 - Power to borrow money from any source.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1951
370.290. Power to borrow money from any source. —
A credit union shall have the power to borrow from any source, but the total of such borrowing shall at no time exceed fifty percent of the capital, surplus and reserve fund of the borrowing credit union.
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(RSMo 1939 § 5535, A.L. 1951 p. 288)
Prior revision: 1929 § 5093
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.300 - Loans, interest rate — charges — refunds to members.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 01 Mar 2011, 2 histories, see footnote
370.300. Loans, interest rate — charges — refunds to members. —
1. A credit union may lend to its members at reasonable rates of interest, which shall not exceed the maximum rate in similar classes allowed all other lenders under the laws of this state; however, a minimum interest charge not exceeding one dollar per month shall be allowable in all cases.
2. A credit union may charge a borrower expenses of making a loan including title examinations on real estate as defined in section 442.010, used as security for a loan, credit investigations, credit life insurance, and filing and recording fees by governmental agencies.
3. The board may at the close of a dividend period allocate a portion of receipts from interest on loans for the purpose of making an interest refund to members. The refund when made shall be made in proportion to the interest paid by members during the dividend period. The board may deny a refund to a member whose loans have been delinquent during the period. The board may limit the refund to interest from specific classes of loans and make the interest refund to members whose loans are included in such classes.
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(RSMo 1939 § 5534, A.L. 1941 p. 331, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 2010 S.B. 630)
Prior revision: 1929 § 5092
Effective 3-01-11
CROSS REFERENCE:
Uniform interest rates required, Const. Art. III § 44
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.310 - Limitations on loans — loans to directors and committee members, report required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.310. Limitations on loans — loans to directors and committee members, report required. —
1. A credit union may lend to its members, as herein provided, for such purposes and upon such security as the bylaws provide and the credit committee or credit manager shall approve, provided that no secured or unsecured loan shall be made in excess of two thousand dollars, except that if ten percent of the assets of the credit union exceeds two thousand dollars then the maximum amount of a loan by the credit union shall be ten percent of its assets, and unsecured loans to any one member shall not exceed the limitations found in current written policies of the board of directors.
2. All loans to directors, credit and supervisory committee members of the credit union shall comply with all the requirements in this chapter and the credit union bylaws with respect to loans to other members and may not be on terms more favorable than those of loans extended to other member-borrowers and such loans shall also be reported at the next regularly scheduled meeting of the board of directors; and further, all such loans shall be reported to the director of the division of credit unions annually.
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(RSMo 1939 § 5536, A.L. 1945 p. 689, A.L. 1951 p. 287, A.L. 1965 p. 568, A.L. 1969 H.B. 117, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 1986 H.B. 1193, A.L. 1988 H.B. 1097, A.L. 1991 H.B. 180, A.L. 1994 H.B. 1312, A.L. 2011 S.B. 306, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5094
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.320 - Reserve fund required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.320. Reserve fund required. —
All credit unions shall establish and maintain reserves sufficient to qualify for and maintain federal share insurance and meet any requirements concerning minimum reserves established by the director of the credit unions by regulation.
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(RSMo 1939 § 5537, A.L. 1945 p. 689, A.L. 1967 p. 509, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 1984 H.B. 962, A.L. 2011 S.B. 306)
Prior revision: 1929 § 5095