Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 16 - Association Branches and Other Facilities › Section 20 CSR 1140-16.010 - Branch Offices, Mobile Facilities and Tandem Branch

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation creates a uniform procedure
				  to be followed by a savings and loan association in establishing either a
				  branch office, mobile facility or tandem branch as defined by the regulation.
				  An association must have the written approval of the director of the Division
				  of Finance before establishing a branch, tandem branch or mobile facility. The
				  regulation requires that a uniform application be used when applying for a
				  branch, tandem branch or mobile facility. Requirements are stated as to when
				  the director of the Division of Finance may approve a branch, tandem branch or
				  mobile facility. The director of the Division of Finance must conditionally
				  determine whether an application for a branch, tandem branch or mobile facility
				  should be granted. If a conditional approval is granted, all associations
				  within that county or adjoining county must be notified of the conditional
				  approval. An association upon notice of conditional approval shall have thirty
				  days to file a written protest in the form prescribed by the regulation. A
				  hearing on the application may be held if requested. After a hearing, upon
				  rendition of a decision by the director, either the applicant or protestant may
				  appeal to the Savings and Loan Commission. If there is no hearing upon an
				  application, or if no appeal is filed, the facility must be opened within
				  twelve months or an extension of time to open is obtained from the director of
				  the Division of Finance. If an association moves an office more than a mile
				  from its present location, the written approval of the director of the Division
				  of Finance must be obtained. An association may invest in real estate for an
				  office or related facility provided this investment does not exceed twenty-five
				  percent of the net worth of an association.
(1) Definitions. As used in this rule the
				following terms shall have the following meanings respectively:
(A) Association and federal association shall
				have the meaning specified in section
				369.014,
				RSMo;
(B) Office means any
				permanent place of business, except the home office (where an association or
				federal association regularly transacts business) or an agency
				office;
(C) Home office means a
				place where an association or federal association has its headquarters as
				specified in its charter and where loans are approved and the principal affairs
				and business are conducted;
(D)
				Mobile facility means a movable place of business using mobile equipment and
				operated at two (2) or more locations;
(E) Commission shall mean the State Savings
				and Loan Commission; and
(F)
				Protestant means any state association or federal association filing a protest
				with the director or with the commission.