reglab/statecodes huggingface dataset:
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.081 - Legal Loan Limit-Limited Partner ships

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment fixes an incorrect citation
				  found in section (2).
(1)
				While loans to general partnerships shall be considered, for legal loan limit
				purposes, loans to each member of the partnership, this rule does not apply to
				limited partners in limited partnerships unless limited partners act as general
				partners by undertaking duties or responsibilities associated with running the
				business.
(2) This rule shall not
				be construed to limit attribution which would be set forth by application of
				20 CSR
				1140-2.080 Legal Loan Limit.
(3) A corporation or other entity serving as
				a general partner in any limited or general partnership shall be attributed any
				loan made to or for the benefit of the partnership.
*Original authority: 361.105, RSMo 1967 and 362.170, RSMo
					 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981, 1983, 1985, 1986,
					 1989.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.082

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967 and 362.170, RSMo
					 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981, 1983, 1985, 1986,
					 1989.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.090 - Originating Trustees

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment updates requirements for
				  originating trustee applicants and deletes the outdated thirty- (30-) year-old
				  form included with this rule.
(1) Application. Applications to act as an
				originating trustee are to be in a form prescribed by the commissioner and
				shall be accompanied by a certified copy of the contracting trustee's
				authorization to act as a trustee, a copy of the contract between the
				originating trustee and the contracting trustee and a copy of the board
				resolution calling for the establishment of the contract.
(2) Criteria. In considering an application
				to become an originating trustee, the commissioner will consider the following:
(A) Whether the contracting trustee is
				supervised by either a state or federal bank regulatory agency; and
(B) Whether termination provisions in the
				contract will protect the customer which, for purposes of this rule, shall mean
				the grantor, known beneficiaries or any other interested party. These
				provisions shall include prohibiting termination unless-
1) a successor trustee has accepted
				appointment as trustee,
2) the
				customer has rescinded the trust,
3) a court has appointed a successor trustee
				or
4) any other provision providing
				comparable protections.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.095 - Standards for Certain Fiduciary Investments

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: House Bill 105/480 of the 87th General
				  Assembly amended section 362.550.5., RSMo to allow a bank or trust company to
				  purchase, in a fiduciary capacity, state or political subdivision securities
				  underwritten by it, its parent or affiliated companies, but subject to
				  investment standards set by the director of the Division of Finance. The
				  purpose of this rule is to set those standards.
(1) The standards of prudence and care
				established by subsection 456.520.1., RSMo, must be followed by a bank or trust
				company when purchasing, in a fiduciary capacity, state or political
				subdivision securities (securities) underwritten by it, its parent or
				affiliated companies.
(2) This
				prudence and care will require such determinations as are appropriate for the
				type of transaction involved including a consideration of the resource and
				liabilities of the obligor and a determination that the obligor possesses the
				capacity to make all required payments.
(3) The securities must be general
				obligations or revenue bonds of the issuing entity.
(4) These securities, at the time of
				purchase, must be rated in the two (2) highest grades by a nationally
				recognized bond rating service.
*Original authority: 361.105, RSMo 1967 and 362.550, RSMo
					 1967, amended 1972, 1983, 1991.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.100

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967; 361.130, RSMo
					 1939, amended 1949, 1988; and 362.295, RSMo 1939, amended
					 1967.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.120 - Identification of Branches

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: In 1983, the general assembly amended the
				  Missouri bank facility law, section
				  362.107,
				  RSMo, to permit two or more banks located in the same county to merge and
				  retain all branching rights possessed by the respective banks prior to the
				  merger. The numerous mergers which have occurred since the change have
				  heightened the questions which have been raised concerning the public's
				  perception of banking offices. Some concern has been expressed that depositors
				  may exceed the limit of Federal Deposit Insurance Corporation insurance
				  coverage by depositing excess amounts in two offices of the same bank which
				  they perceive to be different banks. These questions arise because of the
				  understandable wish of banks to identify with the community in which the branch
				  is located by naming the branch after that community or retaining the name of
				  the merged bank. This rule sets standards for accurate marketing policies
				  concerning branches of banks and it not intended to curtail creative marketing
				  by banks.
(1) A bank shall
				avoid the use of any marketing tools including, but not limited to, signs,
				print media or broadcast media which foster a belief that any branch is a
				separately chartered or organized bank.
(2) All official bank documents, including,
				but not limited to, checks, cashier's checks, loan applications and
				certificates of deposit, must bear the name of the bank, reference to any
				branch name on an official document may not be more prominent than the name of
				the bank.
*Original authority: 361.105, RSMo
					 1967.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.126

Current through Register Vol. 49, No. 14, July 15, 2024
The secretary of state has determined that the publication
					 of this rule in its entirety would be unduly cumbersome or expensive. The
					 entire text of the material referenced has been filed with the secretary of
					 state. This material may be found at the Office of the Secretary of State or at
					 the head quarters of the agency and is available to any interested person at a
					 cost established by state law
*Original authority: 362.105, RSMo 1939, amended 1949,
					 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991, 1992.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.127

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967, amended 1993,
					 1994, 1995; 362.105, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986, 1990, 1991, 1992, 1995; and 362.107, RSMo 1959, amended 1971, 1972, 1978,
					 1980, 1982, 1983, 1985, 1986, 1987, 1990,
					 1991.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.130 - Securities Activities

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes the limits within
				  which banks may offer securities services for their customers with particular
				  emphasis on the rules which must be followed in the interest of safety and
				  soundness. Certain of these powers are granted to assure that state-chartered
				  banks will remain competitive with national banks. Other powers are derived
				  from express powers contained in the statutes.
(1) Definitions.
(A) Bank means a state-chartered bank and
				trust company.
(B) Commissioner
				means the commissioner of finance of Missouri, who is the director of the
				Division of Finance under section
				361.010,
				RSMo.
(C) Discount brokerage
				service means those activities through which a bank facilitates the execution
				of securities transactions for its customers by arranging for the transmission
				of customer orders to a broker.
(D)
				Issuer means every person who issues or proposes to issue any security except
				that, with respect to an issue of industrial revenue bonds, the term shall
				include the person for whose benefit the bonds were issued.
(E) Securities services means the purchase
				and sale of investment securities without recourse solely upon order and for
				the account of customers, the underwriting of mutual funds, revenue bonds and
				other debt securities issued by any public or private corporation, association
				or partnership, offering investment advice to customers other than through a
				properly organized trust department and discount brokerage services.
(F) Securities subsidiary means a
				wholly-owned corporate subsidiary of a bank organized to engage in securities
				activities pursuant to this rule.
(G) Underwriting means the direct or indirect
				purchase of part or all of an issue of securities with a view to subsequent
				resale of those securities.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.140 - Preservation of Books and Records

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Senate Bill 773, passed by the 84th General
				  Assembly, enacted a new section
				  362.410,
				  RSMo which requires the commissioner of finance to prescribe by rule minimum
				  times for preservation of books and records. This rule states those
				  times.
(1) The following
				Appendix A, included herein, lists the minimum times for preservation of books
				and records by state-chartered banks and trust companies. Where other law
				requires a longer retention, the greater period should be observed.
				Preservation on icroilm, microfiche or by means of electronic storage is
				acceptable.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.150 - Lease Financing Limited Partnerships

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The National Banking Act, 12 USCA 24(10), by
				  the Competitive Equality Banking Act of 1987, P.L. 100-86, authorizes national
				  banks to invest in tangible personal property for lease financing transactions
				  on a net lease basis. The Office of the Comptroller of the Currency has decided
				  to allow national banks to exercise these powers by acquiring limited
				  partnership interest in limited partnerships which restrict their business to
				  engaging in such transactions. This regulation provides competitive equality
				  between national and state banks by granting the same power to state
				  banks.
(1) Definitions.
(A) Affiliation shall mean that a general
				partner either controls, is controlled by or is under common control with the
				bank and, for purposes of this definition, control shall mean ownership of more
				than twenty-five percent (25%) of the total voting equity interest of the
				general partner or the bank.
(B)
				Bank means a state-chartered bank or trust company.
(C) Equipment shall mean tangible personal
				property.
(D) Limited partnership
				shall mean an organization which has met all requirements for formation of a
				limited partnership under Missouri law.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 3 - Retail Credit Sales › Section 20 CSR 1140-3.030 - Licensing

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Retail credit financing institutions are
				  subject to examination by the Division of Finance for the purpose of
				  determining whether such companies are complying with the provisions of Chapter
				  364, RSMo, sections
				  408.250 through
				  408.370,
				  RSMo and other laws relating to retail credit financing. In addition, such
				  companies are subject to regulation by the Division of Finance with respect to
				  their financing activities and the sale of insurance in connection with these
				  financial activities. The purpose of this rule is to establish guidelines for
				  required licensing.
(1) Any
				location at which a financing institution permits any person to accept or
				execute any forms of documents relating to retail credit sales financing other
				than the place of business recited in the financing institution's registration
				certificate shall be deemed to be a place of business of the financing
				institution and shall require a separate certificate of registration; provided,
				however, that no merchant dealing with retail time sales contracts issued to
				finance such merchant's own sales from inventory shall be considered to be
				doing business in behalf of the financial institution.
*Original authority: 364.060, RSMo 1963, amended 1993,
					 1995.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 3 - Retail Credit Sales › Section 20 CSR 1140-3.040 - Extension Fees

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Extension fees are believed by the director
				  of finance to be a fair and equitable approach to certain problems which can
				  occur during the term of precomputed retail credit sales contracts. This rule
				  is designed to provide a simple extension fee formula which is equitable for
				  both the financial institutions and the debtor.
(1) Extensions on precomputed contracts made
				pursuant to the Retail Credit Sales Act shall be calculated according to the
				following formula:
Click to view
				  image
Extension fee = UC times NUMBER OF FULL REMAINING
				  INSTALLMENTS. Example: Consider a twenty-four (24)-month contract of $1,925.25
				  with finance charges of $474.75, monthly payments of $100 and APR of
				  22.13%.
Click to view
				  image
If an extension is taken with twenty-two (22) installments
				  remaining, the extension fee would be 22 times 1.5825 or $34.81. Considerations
				  within the act necessitate the following limitations on extensions:
(A) No extension fee shall be collected more
				than one (1) month prior to the due date of the earliest installment being
				deferred;
(B) No extension shall be
				collected for any partial payment, however, two dollars ($2) or less shall not
				be considered a partial payment;
(C) A minimum extension fee of one dollar
				($1) will be allowed;
(D) Any
				principal payment collected on the same day as an extension shall be applied
				before calculating the extension fee; and
(E) In the event of prepayment in full of the
				note or contract, the extensions shall be counted as months and the rule of
				seventy eight's (78's) factor, based on this total, applied to all of the
				finance charges contracted for plus the extension fees collected.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 3 - Retail Credit Sales › Section 20 CSR 1140-3.041 - Retail Credit Sales- Insurance

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule is designed to promote consistent
				  regulation of credit property insurance sold in connection with retail credit
				  sales. It is felt that this regulation will promote
				  competition.
(1) Credit
				property insurance may be sold, requisitioned, required or accepted in
				connection with any retail time transaction; provided, however, that such
				credit property insurance is subject to the following requirements,
				restrictions and qualifications:
(A) Minimum
				Policy Standards. Credit property insurance must include standard fire
				coverage, extended coverage endorsement and replacement cost provision
				endorsement; such insurance must calculate benefits from the date of
				loss;
(B) Written Evidence of
				Coverage. The consumer must be provided with a copy of the policy or
				certificate of insurance within thirty (30) days of the extension of
				credit;
(C) Personal Property
				Lists. The holder must retain a list of the personal property securing the
				extension of credit which list must be signed by the consumer and dated to
				correspond with the extension of credit;
(D) Consumer's Rights. The consumer shall
				have the following rights concerning any credit property insurance:
1. The consumer shall not be required or
				coerced to obtain insurance from any particular insurer or agent as a condition
				for obtaining credit;
2. The
				consumer may substitute coverage at any time and, upon such substitution, shall
				be entitled to a
pro rata
refund of the unearned premium;
				where such insurance was not initially required by the creditor, the consumer
				may cancel at any time without substituting and shall be entitled to a
pro rata
refund of any premium paid; and
3. Credit property insurance must be
				cancelled upon the satisfaction or termination of the underlying indebtedness;
				upon such cancellation, the consumer shall be entitled to a
pro
				rata
refund of the unearned premium;
(E) Insurance not to Exceed Contract Terms.
				Credit property insurance may not exceed in amount the total amount of the
				indebtedness nor exceed in duration the scheduled term of the underlying
				contract;
(F) Rates. Credit
				property insurance rates may not exceed the rates for such coverage prescribed
				or approved by the Division of Insurance; and
(G) Severability. If any provision of any
				section of this regulation or the application thereof to any person or
				circumstances is held invalid, such invalidity shall not affect other
				provisions or that section or application of the regulations which can be given
				effect without the invalid provision or application, and to this end the
				provisions of this regulation are declared to be severable.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 4 - Motor Vehicle Time Sales › Section 20 CSR 1140-4.020 - Recordkeeping

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The Division of Finance, Department of
				  Economic Development has the authority to promulgate rules necessary to enforce
				  the laws pertaining to motor vehicle time sales. The purpose of this rule is to
				  establish minimum recordkeeping requirements to facilitate examination by the
				  Division of Finance.
(1)
				Books and Records. No special system of records is required by the commissioner
				of finance. The records of a sales finance company will be considered
				sufficient if they include a cash journal, double entry general ledger or a
				comparable record and an individual account ledger. The records of the business
				of each registered office shall be maintained so that the assets, liabilities,
				income and expenses may be readily segregated.
(2) Cash Journal. A cash book or cash journal
				shall contain a chronological record of the receipt and disbursement of all
				funds including refunds, title transfer fees and all other items of receipt or
				expenditure incidental to the granting or collection of a retail installment
				contract and replevin, repossession or sale of collateral.
(3) General Ledger. The general ledger shall
				be posted at least monthly. A trial balance sheet and a profit and loss
				statement shall be available to the examiner. Where the general ledger is kept
				at a central office other than the location of the registered office, the
				central office shall provide information required by this section.
(4) Account Ledger. The individual ledger,
				preferably individual account card, shall be kept for each individual contract.
				Such ledger card or sheet shall set forth not less than the following items:
(A) Brief description of security pledged on
				contract, year model and whether new or used;
(B) Account number;
(C) Name and address of the buyer;
(D) Date of the contract;
(E) Date of first and subsequent
				payments;
(F) Number of
				installments;
(G) Amount of
				installments;
(H) Date payments
				received;
(I) The aggregate amount
				for all insurance, if a separate charge is made, on the motor vehicle against
				loss or damage of the motor vehicle, specifying the types of coverage and
				period;
(J) The aggregate amount
				for all insurance, if a separate charge is made, covering bodily injury and
				property damage to the person or property of others, specifying the types of
				coverage and period;
(K) The amount
				of charge for life insurance and accident and health insurance, if sold in
				connection with the contract, specifying type, period and amount of
				coverage;
(L) The amount of
				official fees;
(M) The principal
				amount of the contract;
(N) The
				time price differential;
(O) The
				total of principal and time price differential;
(P) The unpaid balance of the account;
				and
(Q) The date and amount of any
				additional interest collected on default or deferment.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 4 - Motor Vehicle Time Sales › Section 20 CSR 1140-4.030 - Licensing

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The Division of Finance, Department of
				  Economic Development has the authority to promulgate rules necessary to enforce
				  the laws pertaining to motor vehicle time sales. The purpose of this rule is to
				  establish guidelines for required licensing.
(1) Any location at which a sales finance
				company permits any person to accept or execute any forms or documents relating
				to motor vehicle time sales other than the place of business recited in the
				sales finance company registration certificate shall be deemed to be a place of
				business of the sales finance company and shall require a separate certificate
				of registration; provided, however, that no merchant dealing with motor vehicle
				time sales contracts issued to finance such merchant's own sales from inventory
				shall be considered to be doing business in behalf of said sales finance
				company.
*Original authority: 365.060, RSMo 1963, amended 1993,
					 1995.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 4 - Motor Vehicle Time Sales › Section 20 CSR 1140-4.040 - Extension Fees

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule is designed to provide a simple
				  extension fee formula which is equitable for both the financing institution and
				  the dealer.
(1) Extensions on
				precomputed contracts made pursuant to the Motor Vehicle Time Sales Act shall
				be calculated according to the following formula:
UNIT CHARGE (UC) = Total Finance Change/ Sum of the Digits in
				  the
Original term that is 1 + 2 + 3, etc.
Extension fee=UC times NUMBER OF
FULL REMAINING INSTALLMENTS.
Example: Consider a twenty-four (24)month contract of
				  $1,925.25 with finance charges of $474.75, monthly payments of $100 and APR of
				  22.13%.
UC = 474.75/300 = 1.5825
If an extension is taken with twenty-two (22) installments
				  remaining, the extension fee would be 22 times 1.5825 or $34.81. Considerations
				  within the act necessitate the following limitations on extensions:
(A) No extension fee shall be collected more
				than one (1) month prior to the due date of the earliest installment being
				deferred:
(B) No extension shall be
				collected for any partial payment, however, two dollars ($2) or less shall not
				be considered a partial payment;
(C) A minimum extension fee of one dollar
				($1) will be allowed;
(D) Any
				principal payment collected on the same day as an extension shall be applied
				before calculating the extension fee; and
(E) In the event of prepayment in full of the
				note or contract, the extensions shall be counted as months and the rule of
				seventy-eight's (78's) factor, based on this total, applied to all of the
				finance charges contracted for plus the extension fees collected.
*Original authority: 365.060, RSMo 1963, amended 1993,
					 1995.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 5 - Small Loan Companies › Section 20 CSR 1140-5.010 - Audits

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Small loan companies are required to file an
				  audit once a year with the Division of Finance. Unless this audit is filed, a
				  company may not receive a renewal of its certificate of registration. This rule
				  sets out the type of audit required and the time when it must be
				  filed.
(1) No certificate of
				registration will be renewed unless a properly completed audit report is
				submitted to this division.
(2) A
				properly computed audit report shall meet the following requirements:
(A) It shall contain a balance sheet
				reflecting the registrant's financial condition; and
(B) It shall contain an opinion statement
				signed by a certified public accountant (C.P.A.) or authorized representative
				stating that s/he believes that, according to generally accepted accounting
				principles, the enclosed balance sheet fairly and accurately reflects the
				registrant's financial condition.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.031 - Industrial Revenue Bonds

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The increasing use of revenue bonds as a
				  vehicle for financing construction of business and industrial plants suggests a
				  need for a policy statement by this office respecting the application of the
				  loan limit statute to investments. Bonds are not backed by the taxing authority
				  of any political subdivision and are payable only out of revenues derived from
				  the completed project. Banks should consider these factors when assisting in
				  financing.
(1) The purchase
				of industrial revenue bonds, which are generally of the kinds described in
				section
				100.100
				or
				349.055,
				RSMo shall be considered an extension of credit subject to the loan limits of
				section
				362.170,
				RSMo.
(2) The amounts invested in
				industrial revenue bonds shall be treated as extensions of credit to the
				beneficiary of the project whose payments provide the funds to retire the
				bonds. The bank shall combine the amount invested in revenue bonds with amounts
				loaned directly to the respective beneficiaries for purposes of section
				362.170,
				RSMo.
*Original authority: 362.105, RSMo 1939, amended 1949,
					 1963, 1965, 1967, 1977, 1983, 1986; and 362.170, RSMo 1939, amended 1941, 1943,
					 1945, 1963, 1967, 1977, 1981, 1983,
					 1985.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.040

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967; 362.105, RSMo
					 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991; and
					 362.170, RSMo 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981,
					 1983, 1985, 1989.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.050 - Contingent Additional Interest or Stock Purchase Warrants

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The legal separation of deposit taking from
				  investment banking prevents banks from investing in the stock of other
				  corporations. It has also raised a question whether banks can contract to
				  receive additional interest or stock purchase warrants from a borrower
				  contingent upon the success of the borrower's business. This rule authorizes
				  contract provisions to receive additional interest or stock purchase warrants
				  from the borrower contingent upon the success of the borrower's business.
				  Further, it permits a new business to negotiate a loan agreement with a
				  commercial bank which may substantially reduce interest expense in the early
				  years until a date when the business is more established.
(1) A bank may contract to receive additional
				interest on any loan for business purposes contingent only upon the
				profitability and successful operation of the business receiving the proceeds
				of the loan. In no event shall the repayment of principal be subject to any
				contingency.
(2) A bank may
				contract to receive stock purchase warrants in lieu of part of the interest on
				any loan. The bank, however, may not use these warrants to purchase the stock
				of any private corporation.
*Original authority: 361.105 RSMo 1967; and 362.105.3, RSMo
					 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.055 - Bank Investment in Mutual Funds

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule announces a change in division
				  policy concerning mutual funds Since 1976, this office has held that banks,
				  which are prohibited by law from investing in equity securities, may not invest
				  in mutual funds. A change in that policy is justified by events since that
				  time. The modification of Regulation Q has increased bank dependence upon rate
				  sensitive liabilities necessitating investments which increase liquidity in the
				  bank's asset portfolio without jeopardizing the diversification of risk and
				  return on investments which would enable banks to compete with unregulated
				  financial intermediaries. Investor demand has led to the establishment of
				  investment companies investing entirely in bank-eligible securities, such as
				  United States Government and municipal obligations. Finally, the comptroller of
				  the currency has authorized national banks to invest in money market mutual
				  funds and certain privately-sponsored funds, placing state-chartered banks at a
				  competitive disadvantage. This ruling authorizes state-chartered banks to make
				  the same investments. Since this rule is issued under the so-called "wild card"
				  provisions of section 362.105.3, RSMo, the powers authorized in this rule
				  cannot be significantly more liberal than those granted to national
				  banks..
(1) A bank subject to
				the limitations set forth in this rule may invest in the shares of mutual funds
				which have been registered with the Securities and Exchange Commission;
				provided, those investments have been approved by the bank's board of directors
				and approval is noted in the minutes of the board's meetings.
(2) A bank may invest only in the shares of a
				company or fund (the fund) whose portfolio consists of assets which the bank
				could purchase directly. The bank's investment in shares of any such funds
				shall not exceed the amount which could be loaned to one (1) borrower under
				section
				362.170,
				RSMo.
(3) Banks, at all times,
				shall maintain sufficient records to enable state and federal regulatory
				authorities to make a determination of the quality and carrying value of this
				investment. The regulatory reporting of holdings in funds must be consistent
				with standards for marketable equity securities as established by the federal
				Financial Institutions Examination Council Instructions for Filing Consolidated
				Reports of Condition and Income.
*Original authority: 361.105, RSMo 1967; 362.105, RSMo
					 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986; and 362.106, RSMo 1981,
					 amended 1985.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.056 - Tax Preparation Services

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The comptroller of the currency has
				  authorized national banks to engage in tax preparation activities. Absent
				  similar powers, state-chartered banks are at a competitive disadvantage. This
				  rule authorizes state-chartered banks to engage in the same activities. Since
				  this rule is issued under the so-called ''wild card'' provisions of section
				  362.105.3., RSMo, the powers authorized in this rule cannot be significantly
				  more liberal than those granted to national banks.
State-chartered banks, either directly or through a
				  subsidiary, may provide individuals, businesses and nonprofit organizations tax
				  preparation services.
*Original authority: 361.105, RSMo 1967; and 362.105.3,
					 RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.057 - Check Guaranty Services

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The comptroller of the currency has
				  authorized national banks to engage in check guaranty services for their own
				  customers. To the extent the state-chartered banks do not have the same power,
				  they are at a competitive disadvantage. These services, whether offered to the
				  bank's customers or to others, appear to be among the incidental powers granted
				  to banks. This rule authorizes state-chartered banks to engage in check
				  guaranty services.
State-chartered banks, directly or through a subsidiary, may
				  authorize a subscribing merchant to accept personal checks tendered by the
				  merchant's customers in payment for goods and services, and purchase from the
				  merchant validly authorized checks that are subsequently
				  dishonored.
*Original authority: 361.105, RSMo 1967; and 362.105.3 and
					 362.105.11 , RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.058 - Collection Agencies

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The comptroller of the currency has
				  authorized national banks to operate collection agencies. To the extent that
				  state-chartered banks do not have the same power, they operate at a competitive
				  disadvantage. In addition, these powers appear to be included in the express
				  and incidental powers granted by law to state-chartered banks. This rule
				  authorizes state-chartered banks to engage in collection agency
				  activity.
State-chartered banks, either directly or through a
				  subsidiary, may collect overdue accounts receivable, either retail or
				  commercial, provided the collection agency does not obtain the names of
				  customers of competing collection agencies from an affiliated depository
				  institution that maintains accounts for those agencies.
*Original authority: 361.105, RSMo 1967; and 362.105.3,
					 RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.059 - Credit Bureaus

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The comptroller of the currency has
				  authorized national banks to operate credit bureaus. To the extent that
				  state-chartered banks are not permitted to engage in the same activity, they
				  are at a competitive disadvantage. This rule authorized state-chartered banks
				  to operate credit bureaus.
State-chartered banks, either directly or through a
				  subsidiary, may maintain files on the past credit history of consumers and
				  provide that information to third parties under circumstances permitted by the
				  Fair Credit Reporting Act (
				  15 USC
				  1681 b.)
The secretary of state has determined that the publication
					 of this rule in its entirety would be unduly cumbersome or expensive. The
					 entire text of the material referenced has been filed with the secretary of
					 state. This material may be found at the Office of the Secretary of State or at
					 the headquarters of the agency and is available to any interested person at a
					 cost established by state law.
*Original authority: 361.105, RSMo 1967; and 362.105.3,
					 RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.060 - Purchase of Bank Employee's Residence

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment fixes an incorrect citation
				  found in section (2)
.
(1) A
				bank or trust company, to facilitate the transfer of an employee, may purchase
				the employee's residence. Any residence so acquired should be sold as soon
				after that as possible and, in no event, no later than six (6) years from the
				date of purchase.
(2) Any residence
				purchased shall be entered on the bank's books as Other Real Estate at a value
				as would be permissible under
				20 CSR
				1140-2.070 if it were formerly used for bank
				premises.
*Original authority: 361.105, RSMo 1967; 362.105 RSMo 1939,
					 amended 1949, 1963, 1965, 1967, 1977, 1983, 1986; and 362.165, RSMo 1939,
					 amended 1967, 1983.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.063 - Investment in Federal Agricultural Mortgage Corporation

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Congress recently established the Federal
				  Agricultural Mortgage Corporation, "Farmer Mac," to establish a secondary
				  market in farm real estate loans. The comptroller of the currency has
				  authorized national banks to invest in the stock of this agency to the extent
				  necessary to participate in the secondary market. State-chartered banks must
				  have the same authority in order to compete on an equal basis.
(1) State-chartered banks and trust companies
				may invest in the stock of the Federal Agricultural Mortgage Corporation to the
				same extent as national banks in this state are permitted to do so by the
				comptroller of the currency.
*Original authority: 361.105, RSMo 1967; and 362.105 RSMo
					 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.070 - Customer Financial Services

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Banks have recently faced competitive
				  pressures from money market funds offering services similar to banking
				  services. In response, a new service has been designed by banks; the sweep
				  account which sweeps or pours over into a money market fund. The new service is
				  consistent with the purpose for which state banks are chartered, is offered by
				  national banks and, in the interest of banking competition, should be made
				  available to state banks. This rule provides guidelines for this financial
				  service.
(1) In connection
				with any customer account, a bank may enter this contract by which the bank
				agrees that periodically it will review the account and transfer all money in
				excess of a set minimum balance to repurchase agreements or money market funds.
				Before entering into this contract with respect to any money market fund, the
				bank should determine that the fund is administered by a financially
				responsible concern and in a safe and sound manner.
(2) All transfers to and withdrawals from the
				money market fund shall be undertaken only upon instructions contained in a
				written and executed agreement entered into with the customer at the time the
				account is established or as subsequently amended.
*Original authority: 361.105, RSMo 1967; 362.105.3, RSMo
					 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991; and
					 362.106, RSMo 1981, amended 1985, 1990.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.085

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967, amended 1993,
					 1994, 1995; 362.105, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983,
					 1986, 1990, 1991, 1992, 1995, 2000; 362.600, RSMo 1967, amended 1978, 1988,
					 1998, 2000.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 6 - Interpretive Rulings › Section 20 CSR 1140-6.090 - Securing Private Deposits

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule publicizes an interpretation of
				  law which has long been followed by the Division of Finance. The statutes
				  repeatedly authorize and direct banks to pledge securities to support public
				  deposits. The lack of any such authorization or direction concerning private
				  deposits is a strong indication that banks lack that power. It is noted that
				  national banks are likewise prohibited from pledging securities to support the
				  deposits of private individuals or enterprises.
(1) No bank may pledge assets to secure or
				collateralize deposits other than deposits of public moneys held by or for the
				benefit of a public officer or a political subdivision.
*Original authority: 30.270 1939, amended 1945, 1957, 1959,
					 1965, 1969, 1973, 1975, 1979, 1983; 110.060, RSMo 1939, amended 1953; 361.105,
					 RSMo 1967; 362.170, RSMo 1939, amended 1941, 1943, 1945, 1959, 1963, 1967,
					 1977, 1981, 1983, 1985; and 362.190 and 362.490, RSMo
					 1939.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 9 - County Issuance of Revenue Bonds › Section 20 CSR 1140-9.010 - County Issuance of Revenue Bonds Per Senate Bill 554

Current through Register Vol. 49, No. 14, July 15, 2024
This rule originally filed as 4 CSR 140-9.010.
				  Emergency rule filed Nov. 10, 1980, effective Jan. 1, 1981, expired Feb. 11 ,
				  1981. Moved to
				  20
				  CSR 1140-9.010, effective Aug. 28,
				  2006.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 9 - County Issuance of Revenue Bonds › Section 20 CSR 1140-9.020 - Rules of Procedure

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets procedures for the hearings
				  required by section 361.265 which established procedures for the issuance of
				  Cease and Desist Orders and the removal or suspension of officers and directors
				  of banks and trust companies.
(1) Definitions. As used in these rules,
				except as otherwise required by the context-
(A) Commissioner shall mean the commissioner
				of finance, who is referred to sometimes as the director of the Division of
				Finance;
(B) Hearing Officer shall
				mean the commissioner or such other person designated by the commissioner to
				conduct hearings; and
(C)
				Respondent shall mean the bank, trust company, officer, director or other
				person against whom the commissioner proposes to take the action authorized by
				section
				361.260
				or 361.265, RSMo.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 10 - Bank Holding Companies › Section 20 CSR 1140-10.020 - Branch Deposits

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Section
				  362.915,
				  RSMo, prohibits a bank holding company from obtaining control of a depository
				  financial institution if the combined deposits of the holding company and the
				  financial institution exceed a certain percentage of the total deposits in all
				  depository financial institutions in the state. The advent of interstate
				  branching makes it necessary to determine which deposits are located in
				  Missouri. This rule describes the process by which that determination is
				  made.
(1) The total deposits
				of a bank or depository financial institution in Missouri, and the total
				deposits of all depository financial institutions in Missouri controlled by a
				bank holding company which is seeking to acquire a bank or institution under
				section
				362.920,
				RSMo, shall not, for purposes of section
				362.915,
				RSMo, include deposits of offices located outside of Missouri.
(2) The total deposits in all depository
				financial institutions in Missouri shall not, for purposes of section
				362.915,
				RSMo, include deposits of offices located outside of Missouri.
(3) A bank holding company seeking to acquire
				a bank or depository financial institution under section
				362.920,
				RSMo, shall be attributed all deposits at Missouri offices of depository
				financial institutions controlled by the bank holding company.
(4) The commissioner of finance shall use the
				most timely reports available, whether published at year-end, mid-year, or any
				other date within the previous twelve (12) months, in order to determine the
				location of deposits attributed to offices in this state and outside this
				state.
*Original authority: 361.105, RSMo 1939, amended 1949,
					 1977, 1995, 1996 and 362.915, RSMo 1974, amended 1988,
					 1997.