reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.359 - Foreign association doing business in state must comply with regulation by division of finance.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 06 Jul 1994, see footnote
369.359. Foreign association doing business in state must comply with regulation by division of finance. —
No foreign association or foreign holding company shall transact the business of a savings association within this state, or maintain an office in this state for the purpose of transacting such business, or acquire any proprietary interest in or control of or merge, or enter into any merger agreement, with any association except in accordance with such rules and regulations as the director of the division of finance shall promulgate providing for the licensing, admission, qualifications and operating requirements of foreign associations. No foreign savings association shall be considered to be doing business in this state by reason of engaging in the activities set forth in section 362.423.
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(L. 1971 S.B. 3 § 71, A.L. 1986 S.B. 730, A.L. 1994 H.B. 1165)
Effective 7-06-94
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.361 - Foreign associations adjoining states and principal business outside state, requirements to do business — principal business, how determined — control, defined.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1986
369.361. Foreign associations adjoining states and principal business outside state, requirements to do business — principal business, how determined — control, defined. —
1. Notwithstanding any law to the contrary, foreign associations which conduct their principal operations in a state adjoining Missouri, and which are not controlled by a foreign holding company incorporated in or which conducts its principal operations in a state not adjoining Missouri, may acquire control of associations in Missouri or may merge with or acquire control of associations conducting their principal operations in Missouri, if the adjoining state permits associations which conduct their principal operations in Missouri to acquire control of savings and loan associations in such adjoining state, under conditions which are substantially the same as those imposed by that state on savings and loan associations conducting their principal operations in that state except, any savings and loan association or savings and loan holding company having its principal office in this state, may merge with or acquire control of, or be merged with or be acquired by, a savings and loan association or a savings and loan holding company having its principal office in any other state if the savings and loan association or savings and loan holding company having its principal office in this state is conducting business as a savings and loan association or savings and loan holding company in that state; and any savings and loan association or savings and loan holding company which has its principal office outside of this state may continue to conduct business in this state if they were conducting such business on August 13, 1986.
2. As used in this section, the state in which a savings and loan association conducts its principal business shall be the state in which the total deposits are the largest, and the term
"control"
shall mean control in any manner of the election of a majority of the directors of a savings and loan association.
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(L. 1986 S.B. 730)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.364 - Federal associations may have same powers as state associations.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 30 Apr 1982, see footnote
369.364. Federal associations may have same powers as state associations. —
Unless federal laws or regulations provide otherwise, federal savings associations with principal offices located within this state and the members, stockholders, and deposit account owners thereof shall possess all of the rights, powers, privileges, benefits, immunities and exemptions that are now provided or that may be hereafter provided by the laws of this state for associations organized under the laws of this state and for the members, stockholders, and account owners thereof and all such laws shall apply to such associations and the members and stockholders thereof. This provision is additional and supplemental to any provision which by specific reference is applicable to federal savings associations and the members and stockholders thereof.
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(L. 1971 S.B. 3 § 72, A.L. 1982 S.B. 464)
Effective 4-30-82
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.367 - Other provisions of law, applicable, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 06 Jul 1994, 2 histories, see footnote
369.367. Other provisions of law, applicable, when. —
When not in direct conflict with or superseded by specific provisions of this chapter, or other provisions applicable to savings and loan associations, the provisions of chapter 351 shall extend to associations organized or operated under this chapter.
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(L. 1982 S.B. 464, A.L. 1994 H.B. 1165)
Effective 7-06-94
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.369 - Penalty for false statement or certificate.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1971
369.369. Penalty for false statement or certificate. —
If any statement or certificate which is required by sections 369.010 to 369.369 is false, any person who with knowledge of such falsity willfully swears to such statement or certificate is guilty of perjury, and upon conviction thereof shall be punished as provided by law.
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(L. 1971 S.B. 3 § 73)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.371 - Costs of reproducing records — costs of appearing in court or deposition — limitation of liability.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
Effective - 28 Aug 2000
369.371. Costs of reproducing records — costs of appearing in court or deposition — limitation of liability. —
1. Any person requesting association records by subpoena in a civil court case shall reimburse the association fifteen dollars plus a fee of thirty-five cents per page for researching the records and copying or reproduction of such records.
2. If the requesting party provides the association a written affidavit, signed by all parties to whom the records pertain, granting permission to release the records at least fourteen days prior to the date scheduled for a records' deposition, then the association may mail the records to the requesting party with a business records' affidavit in lieu of an association officer appearing at a deposition. If an association officer must appear in court or at a records' deposition in response to a subpoena, the requesting party shall be responsible for the association's reasonable expenses incurred for appearing in court or at a deposition.
3. A court may assess as costs against any party the expenses incurred and paid to an association for records produced or appearances in the civil action.
4. An association shall have no liability to an account holder for disclosing records in reliance on an affidavit to it in accordance with this section.
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(L. 2000 S.B. 896)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.670 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.670. Definitions. —
For purposes of this chapter, the following terms mean:
(1)
"Association"
, shall also include a savings bank chartered or converted pursuant to the provisions of sections 369.670 to 369.714;
(2)
"Director"
, shall refer to the director of the division of finance unless the context indicates otherwise.
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(L. 1997 H.B. 257 § 369.400)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.675 - Savings bank, establishment — articles of agreement, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.675. Savings bank, establishment — articles of agreement, requirements. —
1. When authorized by the director, any five or more persons who associate themselves by written articles of agreement, as provided by law, for the purpose of establishing a savings bank, may be incorporated under any name or title designating such business. Such persons may act on behalf of a holding company.
2. The articles of agreement shall set forth:
(1) The name of the proposed savings bank, which shall not be confusingly similar to the name of any other existing depository institution;
(2) The address at which such savings bank is to be located;
(3) The amount to be paid in for its capital stock;
(4) The duration of its existence which shall be perpetual;
(5) The purposes of the proposed savings bank;
(6) The number of directors which shall be not more than fifteen nor less than five, all of whom shall satisfy the qualifications in section 369.109;
(7) The names of the incorporators, who shall be its directors until the first annual meeting; and
(8) Any other provisions, not inconsistent with law, which the incorporators may choose to insert.
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(L. 1997 H.B. 257 § 369.405)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.678 - Articles of agreement, requirements, filing, director's duties — recording of articles, where.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 2019, 2 histories
369.678. Articles of agreement, requirements, filing, director's duties — recording of articles, where. —
The articles of agreement shall be signed and acknowledged by the parties to the articles of agreement, and shall be filed with the director. If the director finds the articles to be improperly drawn, the director shall immediately return the articles to the parties indicating the corrections to be made. If the director finds the articles to be in proper form, the director shall approve the submittal.
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(L. 1997 H.B. 257 § 369.410, A.L. 2019 S.B. 179)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.684 - Examination required, expenses.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.684. Examination required, expenses. —
1. When any savings bank has filed with the director proper copies of its articles of agreement, paid the incorporation and other fees in full, and provided the cash, as required by law, the director, before the savings bank completes its incorporation, shall cause an examination to be made to determine whether:
(1) The requisite capital of the savings bank has been subscribed in good faith and paid in actual cash and is ready for use in the transaction of its business;
(2) The character, responsibility and general fitness of the persons named in the articles of agreement and any holding company on whose behalf they are acting are such as to command confidence and warrant belief that the business of the proposed institution will be conducted honestly and efficiently in accordance with the intent and purpose of this chapter; and
(3) The convenience and needs of the community to be served justify and warrant the opening of the savings bank in the community, and if the probable volume of business in such community is sufficient to ensure and maintain the solvency of the new savings bank and the solvency of the then existing depository institutions in the community.
2. The persons named in the articles of agreement shall be liable for all expenses incurred in making the examination, including the wages and other necessary expenses of each examiner making the examination; except that, if the charter is granted, such incurred expenses may be assumed by the savings bank so chartered.
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(L. 1997 H.B. 257 § 369.415)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.689 - Certificate of organization, recorded.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.689. Certificate of organization, recorded. —
1. If the director finds that all the provisions of the law have been complied with, the director shall grant a certificate setting forth that such savings bank has been duly organized and the amount of its capital subscribed and paid up in full. The certificate shall designate the address and location at which the savings bank is authorized to conduct its business.
2. Such certificate shall be recorded in the office of the recorder of deeds of the county or city in which the savings bank shall be located, and the recorded certificate or certified copies of the certificate shall be accepted in all courts of this state as evidence of its incorporation.
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(L. 1997 H.B. 257 § 369.420)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.695 - Powers of savings bank — taxed, how.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.695. Powers of savings bank — taxed, how. —
1. The powers of a savings bank shall be limited to those of a bank or trust company pursuant to chapter 362. Where such powers may be exercised only upon obtaining the approval of the director, the procedures and standards in chapter 362 shall be used in determining whether a savings bank shall be permitted to exercise such powers and the savings bank shall be treated for such purposes as if it were a bank. Any appeal from a decision on such an application shall be handled as if it were an appeal by a bank pursuant to chapter 362.
2. Except where expressly stated otherwise in sections 369.670 to 369.714, a savings bank shall be subject to the provisions of this chapter pertaining to the organization, operation, examination, assessment, reorganization, conversion, merger and liquidation of associations to the same extent as if it were an association. Sections 369.019, 369.024 and 369.034 shall not apply to the incorporation of a savings bank.
3. For purposes of sections 148.610 to 148.710, a savings bank shall be taxed as if it were a savings and loan association.
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(L. 1997 H.B. 257 § 369.425)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.699 - Limits on investment.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.699. Limits on investment. —
1. A savings bank may not invest more than forty percent of its total assets in commercial loans. A commercial loan is a loan for business, commercial, corporate or agricultural purposes.
2. A savings bank shall maintain at least fifteen percent of its assets in assets and investments taken from the following categories:
(1) First and second lien residential mortgage loans or foreclosed residential mortgage loans;
(2) Home improvement loans;
(3) Interim residential construction loans; and
(4) Mortgage-backed securities.
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(L. 1997 H.B. 257 § 369.430)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.703 - Merger — conversion — trust powers — director's powers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.703. Merger — conversion — trust powers — director's powers. —
1. A savings bank may merge with or convert its charter to that of a bank pursuant to the provisions of section 369.087, to the same extent as if it were an association.
2. A savings bank may exercise trust powers upon filing an application for trust powers and receiving the approval of the director pursuant to chapter 362.
3. The director's powers in sections 361.260 to 361.269 and the procedures described in such sections shall apply to any savings bank and any director, officer, agent, employee or other person participating in the conduct of its affairs to the same extent such powers
*
and procedures apply to a bank and to any director, officer, agent, employee or other person participating in the conduct of such bank's affairs.
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(L. 1997 H.B. 257 § 369.435)
*Words "and powers" appear in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.705 - Definitions — savings banks merger with nonbank subsidiaries or nonbank affiliates — procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 2021
369.705. Definitions — savings banks merger with nonbank subsidiaries or nonbank affiliates — procedure. —
1. As used in this section, the following terms mean:
(1)
"Nonbank affiliate"
, any nonbank business entity of which a bank holding company or bank savings and loan holding company holds control, as defined under section 362.910;
(2)
"Nonbank business entity"
, an entity that is not a bank, trust company, savings and loan association, or savings bank;
(3)
"Nonbank subsidiary"
, any nonbank business entity of which a savings and loan association or savings bank holds control, as defined in section 362.910.
2. Upon approval by the director of finance, a savings and loan institution or savings bank chartered under this chapter may merge with one or more of its nonbank subsidiaries or nonbank affiliates pursuant to an agreement of merger, provided that the savings and loan institution or savings bank is the surviving institution.
3. The agreement of merger shall be submitted to the director of finance, and the director shall act upon the agreement of merger within thirty days of the submission. In determining whether to approve or deny the merger, the director shall consider the purpose of the transaction, its impact on the safety and soundness of the savings and loan institution or savings bank, and any effect on the savings and loan institution or savings bank customers. The director of finance may deny the merger if the merger would have a negative effect in any such respect.
4. The decision of the director of finance may be appealed in the same manner as decisions by the director under section 362.040 may be appealed. Should the state banking and savings and loan board decision result in the approval of the agreement of merger, the board may impose such conditions and terms upon the merger as the board deems appropriate.
5. Should the agreement of merger be approved, the director of finance shall provide a certification for the effective date of the merger to the savings and loan institution or savings bank that the savings and loan institution or savings bank may present to the secretary of state or other applicable state business office to demonstrate the completion of the merger.
6. A merger authorized under this section shall not enable a savings and loan institution or savings bank to exercise any right, power, privilege, or benefit that the savings and loan institution or savings bank could not lawfully exercise immediately prior to such merger.
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(L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 369 - Savings and Loan Associations › Section 369.708 - Law to apply.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369
• Effective - 28 Aug 1997
369.708. Law to apply. —
A savings bank shall follow the provisions of chapter 361 and chapter 362 as if it were a bank organized pursuant to those chapters for the following:
(1) To apply for and to operate branch offices;
(2) To purchase real estate or organize subsidiary corporations;
(3) To amend its articles of association and bylaws; and
(4) To call and hold meetings of the members or shareholders and directors and to conduct such meetings.
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(L. 1997 H.B. 257 § 369.440)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.005 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2007
370.005. Definitions. —
As used in sections 370.005 to 370.400, the following terms mean:
(1)
"Credit union"
, a not-for-profit corporation organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, providing for the mutual benefit and general welfare of its members with the earnings, savings, benefits, and services being distributed to its members, for financial and financially related services, and for an opportunity for its members to improve their economic and social conditions;
(2)
"Director"
, the director of the division of credit unions.
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(L. 1977 H.B. 48, A.L. 1978 S.B. 746, A.L. 2007 S.B. 591)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.006 - Division of credit unions created — transfer — salary of director.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2008
370.006. Division of credit unions created — transfer — salary of director. —
There is hereby created a "Division of Credit Unions", to be headed by a director appointed by the governor with the advice and consent of the senate. The division of credit unions with all of its powers, duties, and functions is assigned by type III transfer under the authority of the Omnibus State Reorganization Act of 1974 and executive order 06-04 to the department of commerce and insurance. All of the general provisions, definitions, and powers enumerated in section 1 of the Omnibus State Reorganization Act of 1974 and executive order 06-04 shall apply to this department and its divisions, agencies, and personnel. The salary of the director of the division of credit unions shall be set by the director of the department within the limits of the appropriations therefor. Wherever the laws, rules, or regulations of this state make reference to the "division of credit unions of the department of economic development" or to the "division of credit unions", such references shall be deemed to refer to the division of credit unions of the department of commerce and insurance.
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(L. 2008 S.B. 788)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.010 - Credit union, how organized.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.010. Credit union, how organized. —
Any seven persons, residents of the state of Missouri, may apply to the director of the division of credit unions, for permission to organize a credit union by signing and acknowledging a certificate of organization and entering into articles of agreement, in which they shall bind themselves to comply with its requirements and with all the laws, rules and regulations applicable to credit unions.
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(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5079
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.020 - Certificate of organization, contents — membership shares, minimum, maximum par value.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.020. Certificate of organization, contents — membership shares, minimum, maximum par value. —
The certificate of organization shall state:
(1) The name of the proposed credit union and the city, town, or village in which its business office is located;
(2) The names and addresses of the subscribers to the certificate, and the number of shares subscribed by each;
(3) A statement that organization as a credit union is desired under this particular law;
(4) The par value of the regular shares, which shall not exceed one hundred dollars;
(5) The par value of membership shares, if any, which shall not be less than twenty-five nor more than one hundred dollars.
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(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, 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 § 5079
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.030 - Bylaws, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.030. Bylaws, contents. —
At the time of filing the certificate with the director of the division of credit unions, the organizers shall submit the bylaws with acknowledgment of their adoption by the organizers which shall provide:
(1) For the annual meeting, which shall take place no later than one hundred eighty days following the close of the fiscal year, the manner of notification of meetings and the conduct of the same, the number of members constituting a quorum and regulations as to voting;
(2) The number of directors, which shall not be less than five, all of whom must be members, their powers and duties, together with the duties of officers elected by the board of directors;
(3) The qualifications for membership;
(4) The number of members of the credit committee and of the supervisory committee, if elected or appointed, which shall not be less than three each, their terms of office, together with their respective powers and duties;
(5) The conditions under which shares may be issued, transferred and withdrawn, loans made and repaid, and the funds otherwise invested; and
(6) The charges, if any, which shall be made for failure to meet obligations punctually, whether or not the credit union shall have the power to borrow, the method of receipting for money, the manner of accumulating a reserve fund and determining a dividend.
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(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1984 H.B. 962, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5079
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.040 - Approval by director, certificate, provisional issuance, fee, examination.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 11 Jun 1985, see footnote
370.040. Approval by director, certificate, provisional issuance, fee, examination. —
1. The director may approve the certificate of organization, if it is in conformity with this chapter and the bylaws, if satisfied that the proposed field of operation is favorable to the success of such credit union and that the standing of the proposed organizers is such as to give assurance that its affairs will be properly administered.
2. He shall thereupon issue to the proposed organizers a certificate of approval in triplicate, annexed respectively to the triplicates of the certificate of organization and of the bylaws. He shall retain one copy, send the second copy to the credit union, and the third copy, together with attachments, shall be filed with secretary of state.
3. Thereupon the organizers shall become and be created a corporation under the name used in the certificate of organization.
4. At the time of the issuance of the certificate, an organization fee of five dollars shall be paid to the director of revenue.
5. A certificate of organization so issued shall be provisional, and an examination will be conducted of the credit union after six months, at division expense, and after one year of operation, to determine that the credit union is a viable entity meeting minimum standards as set by the director. If it is found that the credit union has not made satisfactory progress in meeting minimum standards, the director may revoke the charter, dissolve the credit union, or merge it with another credit union as provided in this chapter.
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(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1975 H.B. 227, A.L. 1985 H.B. 469)
Prior revision: 1929 § 5079
Effective 6-11-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.050 - Change of business location — notice — approval required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1959
370.050. Change of business location — notice — approval required. —
If a credit union changes its place of business within a county, it shall notify the director promptly of the change of address. A credit union may change its place of business from one county to another within this state only with written consent of the director.
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(RSMo 1939 § 5541, A.L. 1945 p. 720, A.L. 1959 S.B. 127)
Prior revision: 1929 § 5099
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.060 - Amendments to bylaws, effective when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1972
370.060. Amendments to bylaws, effective when. —
No amendment to the bylaws shall become operative until approved by the director of the division of credit unions and until a certified copy has been filed as original bylaws are filed.
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(RSMo 1939 § 5522, A.L. 1945 p. 718, A.L. 1972 S.B. 502)
Prior revision: 1929 § 5080
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.061 - Credit union commission, created, members, term, compensation — credit union representative defined.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2002
370.061. Credit union commission, created, members, term, compensation — credit union representative defined. —
1. There is created in the division of credit unions a "Credit Union Commission" which shall have such powers and duties as are now or hereafter conferred upon it by law.
2. The commission shall consist of seven members who shall be appointed by the governor with the advice and consent of the senate. All members shall be residents of this state, and one of them shall be a member of the Missouri Bar in good standing. Four other members of the commission shall be credit union representatives. As used in this section, the term
"credit union representative"
shall mean a member of the commission who has at least five years' experience in this state as an officer, director or member of a supervisory committee of one or more credit unions and two members shall be lay members who are not involved in the administration of a financial institution. Not more than four members of the commission shall be members of the same political party.
3. Effective March 25, 2005, the first three commissioners appointed, two of whom shall be credit union representatives, shall have a term expiring January 1, 2007. The next two commissioners appointed, one of whom shall be a credit union representative, shall have a term expiring January 1, 2009. The final two commissioners appointed, one of whom shall be a credit union representative, and all subsequent commissioners shall serve a six-year term. Members shall serve until their successors are duly appointed and have qualified. Each member of the credit union commission shall serve for the remainder of the term for which the member was appointed to the commission. The commission shall select its own chairman and secretary. Vacancies in the commission shall be filled for the unexpired term in the same manner as in the case of an original appointment.
4. The members of the commission shall receive as compensation the sum of one hundred dollars per day while discharging their duties, and they shall be reimbursed for their actual and necessary expenses incurred in the performance of their duties.
5. A majority of the members of the commission shall constitute a quorum and the decision of a majority of a quorum shall be the decision of the commission. The commission shall meet upon call of its chairman, or of the director of the division of credit unions, or of any three members of the commission, and may meet at any place in this state.
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(L. 1998 H.B. 1323, A.L. 2002 H.B. 1921)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.062 - Duties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1998
370.062. Duties. —
The credit union commission shall:
(1) Approve or disapprove each regulation proposed by the director of the division of credit unions;
(2) Hear and determine any appeal from an order or decision by the director of the division of credit unions pertaining to the chartering, relocation, branching or membership of credit unions; and
(3) Consult with and advise the director on matters pertaining to the organization, operation, and supervision of credit unions.
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(L. 1998 H.B. 1323)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.071 - Additional powers of a credit union — membership fee allowed, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.071. Additional powers of a credit union — membership fee allowed, when. —
A credit union may have the following additional powers:
(1) To contract for group insurance plans, approved by the state of Missouri, on behalf of members electing to participate in such insurance programs and to charge a fee for providing such services;
(2) To exercise such additional powers, with the approval of the director, as federally chartered credit unions may be authorized under federal statutes; however, this section shall not apply to field of membership provisions within this chapter;
(3) To hold membership in central credit unions whose field of membership includes credit unions, and to invest funds in shares of corporations to aid the liquidity of credit unions;
(4) To act as the fiscal or transfer agent of the United States, of any state, municipality, or political subdivision and in such capacity to receive and disburse money, to transfer, register and countersign certificates of stock, bonds and other evidences of indebtedness;
(5) Notwithstanding any other law to the contrary, a credit union may charge initial and/or recurring membership fees, provided such fees have been approved by a majority of the membership in attendance at any regular or special meeting or by a mail or electronic ballot as provided in the credit union bylaws, after notice of the purpose thereof shall have been mailed or delivered to each member, at least seven days and no longer than sixty days prior to the date of such meeting. Such membership fees shall not be construed as reserve income but shall be used at the sole discretion of the board of directors for the benefit of the credit union.
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(L. 1977 H.B. 48, A.L. 1978 S.B. 746, A.L. 1986 H.B. 1193, A.L. 1991 H.B. 180, A.L. 2007 S.B. 591, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.072 - Safe deposit boxes, to have same rights, powers and duties as bank and trust companies.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1994
370.072. Safe deposit boxes, to have same rights, powers and duties as bank and trust companies. —
All credit unions regulated by this chapter shall have the same rights, powers and duties relating to safe deposit boxes as provided to banks and trust companies in chapter 362.
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(L. 1994 H.B. 1312)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.073 - Fee or service charge authorized, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2015, 3 histories
370.073. Fee or service charge authorized, when. —
1. A credit union may impose fees or service charges on deposit accounts or similar accounts; however, such fees or service charges are subject to such conditions or requirements that may be fixed by regulations pursuant to this chapter by the director of credit union supervision and the credit union commission. Notwithstanding any law to the contrary, no such condition or requirement shall be more restrictive than the fees or service charges on deposit accounts or similar accounts permitted any federally chartered depository institution and no contractual fee charged for overdrawing the balance of a deposit account shall be deemed interest.
2. An agreement to operate or share an automated teller machine shall not prohibit an owner or operator of the automated teller machine from imposing, on an individual who conducts a transaction using a foreign account, an access fee or surcharge that is not otherwise prohibited under federal or state law.
3. As used in this section, the following terms mean:
(1)
"Automated teller machine"
, any electronic device, wherever located, through which a consumer may initiate an electronic funds transfer or may order, instruct, or authorize a financial institution to debit or credit an account and includes any machine or device which may be used to carry out electronic banking business. "Automated teller machine" does not include point of sale terminals or telephones or personal computers operated by a consumer;
(2)
"Foreign account"
, an account with a financial institution located outside the United States.
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(L. 2003 H.B. 221 § 370.171 merged with S.B. 346 § 370.171, A.L. 2011 H.B. 83, A.L. 2015 S.B. 524)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.075 - Investment of credit union funds.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1988
370.075. Investment of credit union funds. —
1. A credit union by action of its board of directors or the executive committee of the board of directors or an investment committee of the credit union, if the power has been delegated to either committee, may invest its funds in any of the following designated securities:
(1) Obligations of the United States of America or securities fully guaranteed as to principal and interest thereby;
(2) Bonds of the state of Missouri or bonds of any other state in the union provided that the state has not, within ten years previous to the making of the investments by the credit union, defaulted in the payment of any part of either principal or interest thereon;
(3) Bonds of any town, city, county or school district of this state that has not, within ten years previous to the making of the investment by the credit union, defaulted in the payment of any part of either principal or interest thereof provided the town, city, county or school district has been in existence for a period of at least ten years;
(4) Saving share accounts of federal and state chartered savings and loan associations holding certificates of insurance from the Federal Savings and Loan Insurance Corporation;
(5) Shares of other credit unions or credit union associations incorporated under the laws of this state, or of the United States, including shares of a credit union financial agency organized under the laws of this state or of the United States;
(6) Capital stocks of corporations solely and exclusively established to assist credit union operation in bookkeeping and accounting, consumer counseling for members and the insuring of member accounts;
(7) Such other securities and in such amounts as may be approved from time to time by the director of the division of credit unions. Any securities purchased while so approved may be retained if the approval is later withdrawn.
2. No investment in any single type of securities specified in this section, except funds in central credit unions and those securities specified in subdivision (1) of subsection 1 of this section, shall exceed twenty-five percent of the capital, surplus, and reserve fund of the credit union making the investment, nor shall any credit union invest more than five percent of its capital, surplus, and reserve funds in capital stocks specified in subdivision (6) of subsection 1 of this section.
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(L. 1965 p. 566, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 1988 H.B. 1097)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.082 - Retroactive applicability.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2007
370.082. Retroactive applicability. —
1. Notwithstanding any law or court decision to the contrary, all credit unions shall have the right to continue to include in their field of membership all persons, groups and geographic areas that were included or were applied for as of April 1, 1998.
2. Any geographic area credit union that was granted a field of membership expansion after April 1, 1998, and before March 24, 2006, may include in its field of membership the county, counties, or the city not within a county where branch offices are located so long as the branch offices were open and in operation prior to April 15, 2007.
3. Any geographic area credit union that was granted a field of membership expansion after April 1, 1998, that is consistent with the field of membership expansion provisions of this chapter, shall be allowed to:
(1) Retain the expansion or expansions in its field of membership; and
(2) Serve the county, or the city not within a county, where the credit union main office is located.
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(L. 1998 H.B. 1323, A.L. 2007 S.B. 591)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.085 - Membership shares, uses — valuation — withdrawal — redemption — dividends.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 07 Mar 1991, see footnote
370.085. Membership shares, uses — valuation — withdrawal — redemption — dividends. —
1. Membership shares may, with the approval of the director of the division of credit unions, be utilized to fulfill required reserves, operating deficiencies, and satisfy the contractual arrangements of share insurers or guarantors. Notwithstanding the provisions of subsection 3 of section 370.340, payment for such shares, upon demand, may be delayed or withheld without notice, in whole or in part, by order of board of directors or director of division of credit unions to ensure the safe and sound operations of the credit union or to fulfill contractual commitments. When the value of membership shares is impaired, the board of directors, under the direction of the director of credit unions, shall immediately revalue membership shares in proportion to the change of the aggregate value of such shares. The value of membership shares so affected shall hold constant until such subsequent time as the financial condition of the credit union causes a revaluation of membership shares to reflect further impairments or the recovery of prior devaluations as determined by the board of directors with the approval of the director of the division of credit unions.
2. A member of a credit union desiring to withdraw from the credit union or to redeem membership shares must file a written application with the credit union, in such form and manner as the board of directors may determine, and as the insurer or guarantor may impose as a condition of insurance or guarantee.
3. The share balance in the member's membership share account shall be paid to such member only as funds therefor become available and after deducting any amounts due the credit union by the member, including any fees, impaired balance, notes or obligations outstanding, whether mature or unmatured, or other indebtedness or obligation of that member to the credit union.
4. The procedures established by the board of directors of the credit union for the redemption or withdrawal of the membership share shall not be amended or varied without the written consent of the director of the division of credit unions.
5. The board of directors may authorize dividends, after provision for required reserves, to be paid on membership shares. A dividend need not be paid on membership shares, but if such a dividend is paid, it may, at the option of the board of directors, be added to the membership share held by each member, and may not be subject to withdrawal until some future time to be determined by the board of directors, or upon termination of membership.
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(L. 1985 H.B. 469, A.L. 1991 H.B. 180)
Effective 3-07-91
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.088 - Branches required to be located in geographic area of the credit union.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2007
370.088. Branches required to be located in geographic area of the credit union. —
Any geographic area credit union-owned branch where deposits or shares are accepted for member's accounts, loan applications are accepted, or loans are disbursed shall be located in the geographic area of that credit union.
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(L. 2007 S.B. 591)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.090 - Operation without having filed certificate of approval prohibited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1972
370.090. Operation without having filed certificate of approval prohibited. —
No credit union shall operate in this state until it has filed with the secretary of state a copy of the certificate of approval issued to it 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)
Prior revision: 1929 § 5084