reglab/statecodes huggingface dataset:
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 21 - Association's Sources of Borrowed Money and Authorized Investments › Section 20 CSR 1140-21.011 - Sources of Borrowed Money

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes sources of money from
				  which an association may borrow and specifies the limitations, if any, and
				  conditions on those sources and transactions.
(1) Amount of Borrowed Money. Associations
				may borrow money in any amount approved by its creditors subject to
				limitations, if any, that may be imposed by applicable federal
				regulations.
(2) Security for
				Borrowed Money. Associations may pledge and otherwise encumber any of its
				assets to secure its debts. The terms of the security agreement or other
				documentation shall provide, however, for the provisions contained in
				applicable federal regulations along with a written notification to the
				director in the event of any default on the obligation. In addition,
				associations may act as surety to the same extent as federal
				associations.
(3) Sources of
				Borrowed Money. Associations may borrow money from--
(A) A Federal Home Loan Bank or banks;
				and
(B) Any other source, provided
				the requirements contained in applicable federal regulations concerning outside
				borrowings are met.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 21 - Association's Sources of Borrowed Money and Authorized Investments › Section 20 CSR 1140-21.021 - Authorized Investments

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule lists the investments an
				  association is allowed to make along with the applicable limitations on those
				  investments.
(1) An
				association may invest in the following without percentage of assets
				limitations:
(A) Obligations of or
				obligations fully guaranteed as to principal and interest by the United States
				or Missouri;
(B) Stock or
				obligations of any Federal Home Loan Bank, of the Federal National Mortgage
				Association, of the Government National Mortgage Association, of the Federal
				Home Loan Mortgage Corporation, of the Student Loan Marketing Association or of
				any corporation or agency of the United States or of this state succeeding any
				of these corporations or performing similar functions; and
(C) Liquid assets described in applicable
				federal regulations regardless of stated maturity limitations (other than
				maturity limitations for bankers' acceptances).
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 21 - Association's Sources of Borrowed Money and Authorized Investments › Section 20 CSR 1140-21.031 - Forward Commitments, Interest-Rate Futures and Financial Options Transactions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  forward commitments to purchase securities and to engage in interest-rate
				  futures and financial options to reduce an institution's interest-rate risk
				  exposure.
(1) An association
				may make forward commitments to purchase securities (including mortgage loans)
				subject to the limitations set forth in applicable federal regulations and the
				recordkeeping requirements of those regulation.
(2) An association may engage in
				interest-rate futures transactions to reduce its net interest rate risk
				exposure subject to the limitations set forth in applicable federal regulations
				and the recordkeeping requirements of such regulation. Each association
				engaging in such transactions shall provide written notification to the
				director at the inception of that activity.
(3) An association may engage in financial
				options transactions to reduce its net interest rate risk exposure subject to
				the limitations set forth in applicable federal regulations and the
				recordkeeping requirements of such regulation. Each association engaging in
				these transactions shall provide written notification to the director at the
				inception of that activity.
Copies of all referenced federal regulations are available
					 at a cost established by state law to any interested party at the Division of
					 Finance, Room 630, 301 West High Street, Jefferson City, Missouri or the Office
					 of the Secretary of State at a cost established by state
					 law.
*Original authority: 369.144, RSMo 1971, amended 1982,
					 1983, 1984, 1989, 1994 and 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 21 - Association's Sources of Borrowed Money and Authorized Investments › Section 20 CSR 1140-21.040 - Development Finance Corporation Investments and Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule complies with section
				  371.120.3(2), RSMo, which authorizes the director to adopt a rule to fix and
				  prescribe limits under which a savings and loan association may invest in,
				  become a member of, and lend to or commit to lend to a development finance
				  corporation chartered and supervised by the commissioner of finance under
				  Chapter 371, RSMo. Savings and loan associations are authorized to become
				  members of these corporations pursuant to section
				  371.120,
				  RSMo.
(1) An association
				whose fiscal year end net worth is in excess of five percent (5%) of its
				withdrawable accounts is authorized to invest in, to become a member of and
				lend to, or commit to lend to a development finance corporation chartered and
				supervised by the commissioner of finance under Chapter 371, RSMo. The
				aggregate amount of these investments, loans and commitments to lend of any
				such insured association outstanding at any time shall not exceed one-half of
				one percent (.5%) of the fiscal year end total assets of that insured
				association or two hundred fifty thousand dollars ($250,000), whichever is the
				lesser.
(2) Secured loans made or
				participated in, directly or indirectly, by an insured association to a
				development finance corporation shall not be included in computing the limit on
				investments, loans or commitments to lend as authorized in this rule.
*Original authority: 369.144(7) and (9), RSMo 1971, amended
					 1982, 1983, 1984, 1989, 1994; 369.299(2) and (6), RSMo 1971, amended 1994; and
					 371.120, RSMo 1961, amended 1963, 1978,
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.010 - Distribution of Earnings

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to
				  determine the time for distribution and the rate of earnings to be paid on
				  savings accounts.
(1) An
				association may distribute, calculate, determine and pay earnings upon any
				savings account on any basis available to a federal association.
(2) Time of Distribution. An association may
				distribute earnings on savings accounts or designated classes thereof, as
				provided in its charter and bylaws and the terms of the account.
(3) Withdrawal of Interest. An association,
				after adoption by its board of directors of a resolution so providing and while
				such resolution remains in effect, may permit a depositor to withdraw interest
				credited to a time certificate of deposit or account during any term at any
				time during such term without penalty. If, however, the deposit or account is
				renewed automatically and the rate of interest paid or the maturity period of
				the renewal term is different, interest in the account at the commencement of
				the renewal term shall be treated as principal and only interest for the
				renewal term may be paid any time without penalty during such term.
(4) Grace Period With Respect to Withdrawals.
				An association may compute earnings on amounts withdrawn from its insured
				accounts having an indefinite term during the last ten (10) business days of
				any period for which earnings are distributable as if the withdrawal had been
				made immediately after the close of that period.
*Original authority: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.020 - Savings and Deposit Accounts

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to issue
				  savings accounts or certificates.
(1) An association may accept savings
				accounts as determined by its board of directors and as permitted by federal or
				Missouri law. Each account shall be evidenced by a passbook or certificate or
				other evidence of account in a form approved by the board of directors of the
				association.
(2) An association may
				accept noninterest bearing demand accounts from those persons or organizations
				that have a business, corporate, commercial or agricultural loan relationship
				with the association and may also accept demand accounts from a commercial,
				corporate, business or agricultural entity for the sole purpose of effectuating
				payments by a nonbusiness customer. An association may extend secured or
				unsecured credit in the form of overdraft privileges in connection with such
				demand accounts.
(3) For purposes
				of section (2) of this regulation-
(A) A
				business, corporate, commercial or agricultural loan shall include any loan
				other than a home loan on borrower-occupied property or a loan to a natural
				person for personal, family or household use;
(B) A loan relationship is established if
				there is a line-of-credit, any outstanding loan (including a finance lease) or
				a previous loan and a reasonable expectation of the renewal of a lending
				relationship based on the usual and customary activities and needs of the
				borrower; and
(C) The extension of
				credit in the form of overdraft privileges in connection with the opening of a
				demand account may be deemed a business, corporate, commercial or agricultural
				loan relationship.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.030 - Withdrawals

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation establishes the procedure
				  for paying withdrawals when an association is unable to pay all withdrawal
				  requests within a period of fourteen days from the date of the written
				  withdrawal request.
(1) When
				an association is unable to pay all withdrawal requests within a period of
				fourteen (14) days from the date of receipt of written request, the association
				shall then number and fill all withdrawal requests in the order received and
				shall proceed in the following manner while any withdrawal request remains
				unpaid for more than fourteen (14) days. Withdrawal requests shall be paid in
				the order received and if any holder of a savings account or accounts has
				requested the withdrawal of more than one thousand dollars ($1000) s/he shall
				be paid one thousand dollars ($1000) in order when reached and his/her
				withdrawal request shall be charged with such amount as paid and shall be
				renumbered and placed at the end of the list of withdrawal requests.
				Thereafter, upon again being reached, the account holder shall be paid a like
				amount, to not exceed the withdrawal value of the savings accounts, and until
				such withdrawal request shall have been paid in full, the request shall
				continue to be paid, renumbered and replaced at the end of the withdrawal
				requests on file. When any such request is reached for payment, the association
				shall so advise the savings holder by registered mail to his/her last known
				address as recorded on the association books and, unless such holder shall
				apply in person or in writing for the payment of such withdrawal request within
				fourteen (14) days from the date of the mailing of such notice, no payment on
				account of such withdrawal request shall be made and such request shall be
				cancelled. The board of directors shall have absolute right to pay on any
				equitable basis an amount not exceeding two hundred dollars ($200) to any
				holder of a savings account or accounts in any calendar month and without
				regard to any other provisions of this regulation.
(2) An association shall conform to any early
				withdrawal penalty regulations that may apply to federal
				associations.
*Original authority: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.040 - Service Charge on Small Accounts

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: An association may make a service charge on
				  a small account provided that the requirements of this regulation are
				  met.
(1) An association may
				make a service charge against any savings account provided that thirty (30)
				days prior to making the first service charge the association has mailed to the
				holder on such account, at his/her last known address, a notice that service
				charges will be made in accordance with this regulation.
(2) Nothing contained in this rule shall
				apply to accounts authorized by 4 CSR 260-10.050 of this chapter.
*Original authority: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.050 - Third Party Transfers

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule permits associations on certain
				  conditions to make specified payments to third parties with the authorization
				  of the accountholder.
(1) An
				association is authorized to offer savings accounts on which interest is paid
				and from which the owner may make withdrawals by negotiable or transferable
				instruments for the purpose of making transfers to third parties.
(2) An association, if specifically
				authorized by a resolution of the board of directors and the authorization of
				the accountholder, may accept orders for payment from a saving or deposit
				account to third parties in such amounts as the accountholder determines.
(A) The authorization of the accountholder
				may be a specific authorization for periodic payments to specified parties in
				specified amounts or may be a general authorization for payment to specified
				parties of such amounts as are later determined by subsequent order of the
				accountholder or a combination of both such types of authorizations.
(B) Associations obtaining the initial
				written authorization to pay specified third parties at times and in amounts to
				be later specified may accept orally or electronically transmitted
				authorizations to pay those specified parties such amounts at such times
				determined by subsequent transmittal in accordance with the terms of the
				initial authorization, provided that no association shall use an electronic
				system for accepting such authorizations unless the board of directors shall be
				reasonably assured that reasonable internal controls exist to protect the
				customer and the association, which assurance shall be based, at least in part,
				on an independent audit report concerning such controls. A copy of such report
				shall be filed with the director of the division.
(C) All authorization shall be subject to
				termination at the will of the accountholder, stated in writing and received by
				the association at least forty-eight (48) hours prior to the beginning of the
				day on which the payment of any amount to a third party is to be
				made.
(D) At the request of a third
				party, any amount to be received by that third party may be transferred to a
				savings or deposit account of the third party.
(E) The association may charge a fee for its
				services in making any payment or transfer pursuant to the provisions of this
				rule.
(F) Associations may extend
				secured or unsecured credit in the form of overdraft privileges specifically
				related to accounts authorized by this section.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.060 - Investment of Public Funds

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation provides for acceptance by
				  insured associations of deposits of all political subdivisions or
				  instrumentalities of the state of Missouri and the government of the United
				  States and authorizes the pledging of assets of associations as security for
				  the deposits.
(1) Savings and
				deposit accounts in insured associations that are legal and proper investments
				or depositories for the state of Missouri and all political subdivisions or
				instrumentalities of the state of Missouri and the government of the United
				States and all agencies thereof may be opened in accordance with the provisions
				of this regulation.
(A) An insured
				association may accept for deposit public funds of the state of Missouri (and
				political subdivisions or instrumentalities of the state of Missouri) and of
				the United States government and all agencies thereof as provided by
				law.
(B) An insured association may
				pledge funds or assets, as required by law, as additional security for invested
				public funds so that the value of pledged funds or assets shall at all times be
				not less than one hundred percent (100%) of the actual amount of the funds on
				deposit, less the amount insured by the Federal Deposit Insurance Corporation,
				provided that the director of the division may, at any time or on any
				conditions, prohibit or limit the making of additional pledges of assets of a
				designated association.
(C) No
				public funds shall be accepted in return for any commitment to purchase the
				general or revenue obligations of any political subdivision of the state of
				Missouri.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.070 - Keogh and IRA Accounts

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: An association may act as trustee of a trust
				  under a plan which qualifies for specific tax treatment under sections 401(d)
				  or 408(a) of the Internal Revenue Code or as trustee of a passive
				  trust.
(1) An association may
				act as trustee of any trust created or organized in the United States and
				forming part of a stock bonus, pension or profit-sharing plan qualifying for
				specific tax treatment under section 401(d) of the
Internal Revenue
				Code of 1954
; as trustee or custodian of an Individual Retirement
				Account within the meaning of section 408(a) of the Internal Revenue Code; or
				as trustee with no active fiduciary duties; provided, that the association
				shall invest the funds of the trust or account only in the association's own
				accounts, deposits, obligations or securities or, upon the condition that the
				association does not exercise any investment discretion or directly or
				indirectly provide any investment advice with respect to the trust or account
				assets, in such other assets as the customer may direct. The association shall
				observe principles of sound trust administration, including those relating to
				recordkeeping and segregation of assets and may receive reasonable compensation
				for acting in any trust capacity authorized by this section.
(2) An association acting as trustee or
				custodian pursuant to section (1) shall include in bold type on the first page
				of any contract documents the following language: "Funds invested pursuant to
				this agreement are not insured by the Federal Deposit Insurance Corporation
				("FDIC") merely because the trustee or custodian is an institution the accounts
				of which are covered by such insurance. Only investments in the accounts of
				such an institution are insured by the FDIC, subject to its rules and
				regulations."
*Original authority: 369.144, RSMo 1971, amended 1982,
					 1983, 1984, 1989, 1994 and 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 22 - Association's Savings Accounts › Section 20 CSR 1140-22.080 - Credit and Debit Cards

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule will authorize state chartered
				  savings and loan associations to engage in credit and debit card operations;
				  and will comport with applicable federal regulations to permit federally
				  chartered associations to engage in similar activities as well as permit debit
				  card participation.
An association may issue credit and debit cards, extend
				  credit in connection therewith, and otherwise engage in or participate in
				  credit and debit card operations.
*Original authority: 369.144, RSMo 1971, amended 1982,
					 1983, 1984, 1989, 1994 and 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 23 - Association's Service Corporations › Section 20 CSR 1140-23.010 - Service Corporations

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes investments by
				  associations in service corporations, specifies the powers of service
				  corporations and establishes the limitations on and conditions of such
				  investments and powers.
(1)
				Definitions. As used in this regulation-
(A)
				Aggregate outstanding investment means the sum of amounts paid to acquire
				capital stock or securities and amounts invested in obligations of service
				corporations less amounts received from the sale of capital stock or securities
				of service corporations and amounts paid to the association to retire
				obligations of service corporations. It also includes all nonconforming loans
				and conforming loans to the extent that they exceed the amounts specified in
				subsection (4)(B) of this regulation;
(B) Conforming loan means a loan or portion
				of a loan which an association may make under Chapter 20 except unsecured
				construction loans. A guarantee or takeout commitment with respect to a loan
				which could have been made by an association as a conforming loan may be deemed
				a conforming loan for purposes of this regulation, if the association complies
				with all requirements for such loans, including appraisal and recordkeeping
				requirements, as though it were itself making the loan subject to its guarantee
				or take-out commitment;
(C) Joint
				venture means any joint undertaking by a service corporation or a wholly-owned
				subsidiary thereof with one (1) or more persons or legal entities in any form,
				including a joint tenancy, tenancy in common or partnership and including
				investment in a corporation other than a wholly-owned subsidiary; and
(D) Subsidiary includes a wholly-owned
				subsidiary and any joint venture in which a service corporation or wholly-owned
				subsidiary thereof owns, controls or holds with power to vote more than
				twenty-five percent (25%) of the capital stock, is a general partner or is a
				limited partner and has contributed more than twenty-five percent (25%) of the
				limited partnership's capital.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 23 - Association's Service Corporations › Section 20 CSR 1140-23.020 - Foreign Service Corporation

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: A foreign service corporation, chartered by
				  another state, shall obtain approval of the director prior to commencing
				  business in the state of Missouri and shall agree to be subject to examination
				  by the Division of Finance.
(1) A foreign service corporation, for
				purposes of this regulation, shall include any corporation incorporated in a
				state other than Missouri, more than half of whose stock is owned, directly or
				indirectly, by one (1) or more savings and loan associations.
(2) A corporation which desires to conduct
				the business of a foreign service corporation in Missouri shall first obtain
				the approval of the director. Application for such approval shall be in the
				form required by the director. An application fee of one hundred dollars
				($100), made payable to the director of revenue, shall accompany any
				application for approval filed with the director. Such application fee will be
				processed only if approval is granted by the director.
(3) The corporation shall be subject to
				examination by the Division of Finance. As a condition of the approval
				required, the corporation shall execute and file with the director a written
				agreement that the corporation will permit and pay the cost of such examination
				of the corporation by the office of the state director as the office of the
				state director from time-to-time considers necessary. The purpose of such
				examination shall be to determine whether the corporation is complying with the
				laws and regulations of the state of Missouri.
*Original authority: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 23 - Association's Service Corporations › Section 20 CSR 1140-23.030 - Finance Subsidiaries

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation authorizes associations to
				  establish finance subsidiaries whose sole purpose is to issue debt or equity
				  securities and remit the proceeds of such issuances to the
				  association.
(1) Definitions.
				As used in this regulation-
(A) Assets
				collateralizing means any assets of a finance subsidiary securing, pledged to
				or committed to a securities issuance by a finance subsidiary;
(B) As used in this regulation-
1. Assets transferred or transferring assets
				means assets of or liabilities issued by a parent association that are
				transferred or made available by such association to a finance subsidiary.
				Assets transferred include guarantees of a finance subsidiary's securities
				issuances by its parent association.
2. For the purpose of calculating the thirty
				percent (30%) aggregate and two hundred and fifty percent (250%) per-issuance
				transfer limitations set forth in paragraphs (3)(A)1. and 2., respectively, of
				this regulation, assets transferred by an association to a finance subsidiary
				include:
A. Assets or liabilities used to
				capitalize a finance subsidiary, to collateralize an issuance of securities by
				an established finance subsidiary or to maintain collateral levels for any
				security issued by a finance subsidiary;
B. Any guarantee issued by a parent
				association with respect to the securities issued by a finance subsidiary or
				any collateral for such guarantee as provided in subsection (3)(D) of this
				regulation;
C. Any portion of the
				proceeds of a securities issuance by a finance subsidiary held by a finance
				subsidiary for collateral maintenance, fee payment or other necessary expenses
				related to the securities issuance or collateralizing assets; and
D. Any assets or liabilities received by a
				finance subsidiary from its parent association by or after remitting to the
				parent association the proceeds of a securities issuance by such finance
				subsidiary. The remittance of proceeds of a securities issuance to a parent
				association by any method, including those set out in section (5) of this
				regulation, shall not decrease the amount of assets transferred for the
				purposes of paragraphs (3)(A)1. or 2. of this regulation; and
(C) Finance subsidiary
				means an association's subsidiary subject to the provisions of this regulation
				whose sole purpose is to issue securities that the association is authorized to
				issue directly (or, if the parent association is a mutual association, would be
				authorized to issue if it converted to the stock form) and to remit the net
				proceeds of such securities issuances to its parent
				association.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 24 - Miscellaneous Association Rules › Section 20 CSR 1140-24.010 - Deposit Associations

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule provides that all rules of the
				  Division of Finance apply to deposit associations as well as share type
				  associations.
All provisions of all rules shall apply to deposit
				  associations as fully and to the same effect as though each rule and each
				  provision thereof made specific reference to deposit account
				  associations.
*Original authority: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 24 - Miscellaneous Association Rules › Section 20 CSR 1140-24.020 - Emergencies

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines emergencies, requires
				  actions to be taken in anticipation of emergencies and provides for authority
				  in emergencies.
(1) The
				following events are determined to be emergencies for the purposes of Chapter
				369, RSMo (1986) and this rule:
(A) National
				emergencies declared by the President of the United States or person lawfully
				acting as President;
(B) Nuclear,
				atomic or other attack on the United States or any of its
				territories;
(C) Civil
				disobedience, riot or similar action occurring in any county in which an
				association has an office, which action necessitates the invocation of the
				military powers of the United States or of the state of Missouri to suppress
				such activity;
(D) Fire, flood,
				earthquake, storm or similar act of God, and the reasonable possibility of the
				occurrence of such event, or power failure or fuel shortage affecting any
				office of an association, or riot or robbery, which event occurs in the
				immediate vicinity of any office of an association; or
(E) A labor strike, work slowdown or illness
				substantially affecting the manpower of any office of any
				association.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 24 - Miscellaneous Association Rules › Section 20 CSR 1140-24.030 - Conversion from Federal to State Association

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes the procedure by which
				  a federally chartered association may convert to a state-chartered
				  association.
(1) Any federal
				association desiring to convert into an association under the laws of this
				state shall file an application containing the following information and
				additional information as may be required by the director
(A) Certificate of the secretary under the
				seal of the federal association containing all requirements of section
				369.074,
				RSMo together with two (2) copies of the Articles of Incorporation and of the
				proposed bylaws;
(B) The name the
				federal association proposes to use as a state association;
(C) The date of the last supervisory
				examination together with a copy of the report of the examination;
(D) A copy of its latest financial
				statements; and
(E) The plan of
				conversion which shall expressly provide for-
1. Appropriate reserves and all other
				required equity accounts;
2.
				Satisfaction in full or assumption by the state association of all creditor
				obligations of the federal association; and
3. Issuance by the state association of its
				savings accounts to the holders of withdrawable accounts of the federal
				association in an amount equal to the value of their accounts.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 24 - Miscellaneous Association Rules › Section 20 CSR 1140-24.050 - Examination Charges

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule states what the per-diem
				  examination charge is for each examiner participating in an examination of a
				  savings and loan association.
An association shall pay for each annual or special
				  examination by state examiners of the Division of Finance, a per-diem charge
				  for each state examiner participating in the examination. Examination per-diem
				  charges and the effective date shall be determined and adopted by the Savings
				  and Loan Commission. Payment of examination charges shall be made to the
				  director of revenue and sent to the Division of Finance.
*Original authority: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 24 - Miscellaneous Association Rules › Section 20 CSR 1140-24.080 - Conversion to a Federal Mutual Holding Company

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule allows for the reorganization of a
				  mutual association to a federal mutual holding company and a state capital
				  stock association.
(1) Upon
				prior written approval of the director of the Division of Finance, a mutual
				savings and loan association organized pursuant to Chapter 369, RSMo, may
				reorganize to become a federal mutual holding company with a Missouri chartered
				stock association subsidiary. In connection with a reorganization under this
				chapter, a mutual association may charter an interim stock association to
				facilitate the corporate reorganization. The majority of stock of the interim
				association is to be owned, except as otherwise provided in this section, by
				the mutual savings association. The mutual association may transfer a
				substantial part of its assets and liabilities, including all of its insured
				liabilities, to the interim savings and loan association.
(A) The director of the Division of Finance
				may adopt the provisions of section
				369.079(11),
				RSMo regarding the formation of an interim association to facilitate the
				chartering of an association and promote the timely consummation of the
				proposed reorganization.
(B) If the
				petition is approved, the director of the Division of Finance shall certify
				his/her approval of the petition in writing to the secretary of state along
				with the incorporation fee and two (2) copies of the Articles of Incorporation.
				The secretary of state shall then issue the Certificate of
				Incorporation.
(C) Criteria for
				approval, organization and operation of an interim association may be
				established by the director of the Division of Finance.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 24 - Miscellaneous Association Rules › Section 20 CSR 1140-24.090 - Sale of Association Assets

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule permits an association to sell all
				  or substantially all of its assets to a bank or trust company.
An association may sell or transfer in bulk, and not in the
				  regular and usual course of its business, all or substantially all of its
				  assets, including its name and goodwill, to a bank or trust company. No such
				  sale or transfer shall occur, however, without the prior approval of the
				  director of the Division of Finance.
*Original authority: 362.105.3, RSMo 1939, amended 1949,
					 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991, 1992, 1994; 369.089, RSMo 1971,
					 amended 1982, 1994; 369.144(7), RSMo 1971, amended 1982, 1983, 1984, 1989,
					 1994; and 369.299(2), RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 25 - Association's Electronic Fund Transfer Systems › Section 20 CSR 1140-25.010 - Electronic Fund Transfer Systems

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation establishes the criteria for
				  the operation of any electronic fund transfer system by an
				  association.
(1) Definitions.
				As used in this chapter-
(A) Electronic fund
				transfer system means any system using electronic transmissions of data or
				information and providing for access to or ability to credit or debit any
				account of a member of an association from a place other than an office or
				agency of the association;
(B)
				Personal security identifier (PSI) means any word, number or other security
				identifier essential for an accountholder to gain access to an
				account;
(C) Remote service unit
				(RSU) means an information processing device, including associated equipment,
				structures and systems, by which information relating to financial services
				rendered to the public is stored and transmitted, instantaneously or otherwise,
				to a financial institution. Any such device not on the premises of an
				association that, for activation and account access, requires use of a
				machine-readable instrument and PSI in the possession and control of an
				accountholder, is an RSU. The term includes, without limitation, point-of-sale
				terminals, merchant operated terminals, cash-dispensing machines and automated
				teller machines. It excludes automated teller machines on the premises of an
				association, unless shared with other financial institutions. An RSU is not a
				branch, satellite, or other type of facility or agency of an association under
				Chapter 16 of these regulations;
(D) Generic data means statistical
				information which does not identify any individual accountholder;
(E) RSU account means a savings or loan
				account or demand account that may be accessed through use of an RSU;
(F) Service corporation means such an entity
				as defined by and operated in accordance with the provisions of Chapter 23 of
				these regulations; and
(G) Foreign
				association means any federally-chartered or state-chartered association with
				its principal office located outside Missouri.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 25 - Association's Electronic Fund Transfer Systems › Section 20 CSR 1140-25.020 - Foreign Association Remote Service Units

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation establishes the criteria for
				  the operation of remote service units in this state by foreign
				  associations.
(1) Authority
				to Operate a Remote Service Unit.
(A) Foreign
				Associations. Upon obtaining the prior written approval of the director, a
				foreign association may operate a remote service unit in this state under the
				following terms and conditions:
1. A foreign
				association shall submit a written application to the director for initial
				authority to operate a remote service unit in this state, providing the
				following information:
A. Written
				documentation indicating that the applicant has received authority from its
				state or federal regulatory agency to operate a remote service unit in the
				state of Missouri; and
B. A
				description of the remote service unit system which the applicant is operating
				in its home state at the time of the application including the location of each
				terminal, the functions performed at each location, the names and addresses of
				other entities participating in the system and such other information as the
				director may require.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 26 - Interstate Activity by Associations › Section 20 CSR 1140-26.011 - Transactions of Business in Missouri by Foreign Associations

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation establishes the guidelines
				  for a foreign association to transact business within the state of
				  Missouri.
(1) Definitions.
				The words and terms shown as follows when used in this regulation shall have
				the following meaning:
(A) Foreign association
				shall mean any federally-chartered or state-chartered association with its
				principal office located outside Missouri; and
(B) Transact business shall mean transacting
				the business of a savings and loan association, but shall not include the
				activities set forth in section
				362.423,
				RSMo or permissible conduct authorized by 4 CSR 140-25.020.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 26 - Interstate Activity by Associations › Section 20 CSR 1140-26.020 - Regional Acquisitions and Mergers

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation requires associations,
				  foreign associations and savings and loan holding companies to notify the
				  director of a proposed regional acquisition or merger.
(1) Definitions. The words and terms shown as
				follows when used in this regulation shall have the following meanings:
(A) Foreign association shall mean any
				federally-chartered or state-chartered association with its principal office
				located outside Missouri; and
(B)
				Savings and loan holding company shall mean any company or corporation
				authorized or existing under the laws of any jurisdiction or authority which
				directly or indirectly controls a savings and loan association.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 28 - Stock Associations › Section 20 CSR 1140-28.010 - Conversion of Mutual Associations to Stock Associations

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation allows for the conversion of
				  mutual associations to capital stock associations.
(1) This regulation and regulations of the
				appropriate federal regulatory agencies shall govern the conversion of mutual
				associations to capital stock associations except as the director of the
				Division of Finance and the appropriate federal regulatory agencies may
				otherwise provide in supervisory cases.
(2) As used in this regulation unless the
				context clearly requires otherwise, the following terms shall have the
				following meanings:
(A) Applicant means a
				mutual savings and loan association incorporated under the laws of the state of
				Missouri which is applying to the director of the Division of Finance to
				convert to a capital stock savings and loan association;
(B) Capital stock association means an
				association which issues capital stock;
(C) Director means the director of the
				Division of Finance, state of Missouri;
(D) FDIC means the Federal Deposit Insurance
				Corporation or other appropriate federal regulatory agencies; and
(E) Mutual association means an association
				not having capital stock.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 30 - Mortgage Broker and Originator Rules › Section 20 CSR 1140-30.050 - Annual Report of Mortgage Brokerage Activity and Mortgage Servicing Activity

Current through Register Vol. 49, No. 14, July 15, 2024
(Rescinded November 30, 2010)
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 30 - Mortgage Broker and Originator Rules › Section 20 CSR 1140-30.080 - Loan Brokerage Practices

Current through Register Vol. 49, No. 14, July 15, 2024
(Rescinded November 30, 2010)
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 30 - Mortgage Broker and Originator Rules › Section 20 CSR 1140-30.110 - Commitment and Closing Practices

Current through Register Vol. 49, No. 14, July 15, 2024
(Rescinded November 30, 2010)
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 30 - Mortgage Broker and Originator Rules › Section 20 CSR 1140-30.200 - Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes the definitions used
				  in 20 CSR 1140-30 and 20 CSR 1140-31 .
(1) The definitions in sections
				443.701 to
				443.893,
				RSMo, shall apply to these rules. In addition, the terms listed below shall
				have the following meanings:
(A) "Act," the
				Missouri Secure and Fair Enforcement for Mortgage Licensing and Residential
				Mortgage Brokers Licensing Act;
(B)
				"Broker" shall have the same meaning as Residential Mortgage Loan Broker set
				forth in section 443.703.1(31), RSMo;
(C) "Control" means the power to, directly or
				indirectly, affect the voting interest of twenty-five percent (25%) or more of
				any class of the outstanding voting shares, or partnership interest or limited
				liability company interest, of a broker; and
(D) "First tier subsidiary" shall include any
				corporation or limited liability company which is majority owned and controlled
				by a federally-insured and regulated depository institution.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 30 - Mortgage Broker and Originator Rules › Section 20 CSR 1140-30.210 - Licensing of Mortgage Loan Originators

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes guidelines for the
				  licensing of mortgage loan originators.
(1) Initial Licensing. Application for an
				initial Mortgage Loan Originator license shall be made within the procedures
				established by the Nationwide Mortgage Licensing System and Registry
				(NMLSR).
(2) Incomplete
				Applications. Failure to meet a request for additional information within ten
				(10) business days may result in denial of the application. A denial under such
				circumstances shall not affect subsequent applications filed with the
				appropriate fee.
(3) License
				Renewal and Expiration. Application for renewal shall be made within the
				procedures established by NMLSR. A renewal application not received by the
				division prior to December 1 of any year cannot be assured of issuance prior to
				January 1, at which time the license will be considered to be expired. Any
				license which is not renewed prior to December 31 may require the applicant to
				file a reinstatement application as provided for in these rules.
(A) The director may not renew a Mortgage
				Loan Originator license unless all required fees, administrative penalties owed
				to the director, and any refunds ordered by the director to be returned to
				consumers have been paid.