reglab/statecodes huggingface dataset:
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 1140-10.030 - Acquisition of Missouri-Based Banks by Holding Companies

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The purpose of this rule is to state the
				  obligations under section
				  362.920,
				  RSMo of a holding company wishing to acquire a Missouri-based
				  bank.
Section 362.915, RSMo sets a maximum size to which a holding
				  company may grow through acquisition. Section
				  362.920,
				  RSMo charges the director of finance with the responsibility of determining
				  that the proposed acquisition is permitted under section
				  362.915,
				  RSMo and to state the findings in the form of an order within thirty (30) days
				  of receipt of the necessary information. All holding companies seeking to
				  acquire a Missouri-based bank shall provide the director with the information
				  necessary to make such a finding in a timely fashion whether or not an
				  application is required by the Board of Governors of the Federal Reserve
				  System. The director, in accordance with section 362.920.2, RSMo will also
				  consider the impact of the proposed acquisition on the soundness of the banking
				  system and the soundness of the holding company involved. The director will
				  file objections, if any, with the Board of Governors of the Federal Reserve
				  System within thirty (30) days of receipt of the information.
*Original authority: 361.105, RSMo 1967, amended 1993,
					 1994, 1995; 362.915, RSMo 1974, amended 1988, 1997; 362.920, RSMo 1974, amended
					 1978 and 362.105.1, RSMo 1939, amended 1963, 1965, 1967, 1977, 1983, 1986,
					 1990, 1991, 1992, 1995, 2000, 2001.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 11 - Section 500 Companies › Section 20 CSR 1140-11.040 - Record Keeping

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Section 500 companies are subject to
				  regulation and examination by the Division of Finance, pursuant to sections
				  408.500.1 to
				  408.506,
				  RSMo, for the purpose of assuring compliance with all applicable laws. This
				  rule establishes minimum record keeping requirements to facilitate examination
				  and regulation.
(1) Books and
				Records. No special system of records is required by the director of finance.
				The records of a section 500 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 ascertained.
(2) Cash Journal. A cash book or cash journal
				shall contain a chronological record of the receipt and disbursement of all
				funds including all items of receipt or expenditures incidental to the granting
				or collection of section 500 company loans. Entries in the cash journal shall
				be separate from all other business activities.
(3) General Ledger. The general ledger shall
				be posted at least monthly. A trial balance sheet and profit-and-loss statement
				shall be available to the examiner. When 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. An individual record
				shall be kept for each borrower which shall include at least the following
				items:
(A) Name of the borrower;
(B) Date the original loan was
				made;
(C) Original loan
				amount;
(D) Interest
				rate;
(E) Dates payments were
				received;
(F) Amount of each
				payment received;
(G) Amount of
				each payment applied to interest;
(H) Amount of each payment applied to
				principal;
(I) Amount applied to
				late charges, if any;
(J) Amount
				applied to returned check charges, if any;
(K) Principal balance; and
(L) Renewal number.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 13 - Section 408.510 Companies › Section 20 CSR 1140-13.010 - Licensing Requirements and General Provisions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Section
				  408.510
				  companies (consumer installment lenders) are required by section
				  408.510,
				  RSMo, to obtain a license from the director of finance. In addition, consumer
				  installment lenders are subject to examination by the Division of Finance for
				  the purpose of determining that these companies are complying with the
				  provisions of Chapter 367 and section
				  408.510,
				  RSMo, and the laws relating to consumer installment lending. This rule sets out
				  minimum record keeping requirements to facilitate examinations by the Division
				  of Finance, which locations will require a license and other general
				  provisions.
(1) Applicability
				of Other Regulations. Section
				408.510
				licensees are a special category of sections 367.100-367.215 lenders and,
				accordingly, are subject to the regulations generally applicable to licensees
				under those sections, i.e., 4 CSR 140-5.010 and 4 CSR 140-5.020 which, in the
				interest of brevity, are not restated here.
(2) Contract Copies. A consumer installment
				lender shall provide the borrower with a copy of the signed contract at the
				time the loan is made and at each renewal. The company shall also retain a copy
				for the borrower's file. Each contract shall contain the name and address of
				the lender and of the borrower.
(3)
				Amount of Loan. Consumer installment lenders are permitted to make loans of any
				amount, whether or not secured, and all loans made by such lenders must be
				payable in no fewer than four (4) substantially equal installments which must
				run for a minimum of one hundred twenty (120) days.
(4) Interest-Loan Origination Fee-When
				Earned. Consumer installment loans shall bear daily interest to be determined
				by applying the contract rate of interest to the principal balance and dividing
				that result by the number of days in the year. Loans may not have an amount of
				interest added to the principal of the loan or be subject to the "Rule of 78s"
				or "Sum of the Digits" method of refunding. The loan origination fee is earned
				at the time the loan is made.
(5)
				Fees. A consumer installment lender shall not charge, contract for or receive,
				either directly or indirectly, any fee not expressly permitted by section
				408.140.1, RSMo.
(6) Contracts Paid
				in Full. When a consumer installment note is paid in full, the original
				contract or a copy thereof, shall be marked "paid" and returned to the
				borrower. Any security interest that no longer secures a loan shall be
				restored, cancelled, or released.
*Original authority: 408.510, RSMo
					 2001.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 14 - General Association Rules › Section 20 CSR 1140-14.010 - Filing Copies

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation requires state-chartered
				  savings and loan associations to file duplicate copies of all filings,
				  applications, protests and notices.
(1) Other than feasibility studies, all
				filings, applications, protests and notices, as required by Chapter 369, RSMo
				or by the regulations of the Division of Finance, shall be filed by an
				association or its attorney in duplicate in the office of the Division of
				Finance.
*Original authority: 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 14 - General Association Rules › Section 20 CSR 1140-14.020 - Time-Computation and Enlargement

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes a uniform
				  interpretation of the dates on which certain actions otherwise required by law,
				  regulation or order are required to occur.
(1) Computation. In computing any period of
				time prescribed or allowed by Chapter 369, RSMo, by regulation of the division
				or by order of the director of the division, the day of the act, event or
				default after which the designated period of time begins to run is not counted
				or included; and the last day of the prescribed or allowed period is counted
				and included unless that last day is a Saturday, Sunday or legal holiday or is
				a day during any time of which between 8:00 a.m. and 5:00 p.m. the office of
				the division is closed for business in accordance with the provisions of an
				order of the governor, in which event the period runs until the end of the next
				day which is not such a day.
(2)
				Enlargement. Unless prohibited by statute and except in the case of time
				periods otherwise prescribed by law or regulation for the filing of documents
				protesting the approval of petitions for charters or branch facilities, or
				giving notice of an appeal from a decision of the director or protesting the
				promulgation of a regulation of the division, the director, for good cause
				shown, in his/her discretion may enlarge this period of time-
(A) On his/her own order;
(B) On request of any association in matters
				other than contested cases;
(C) On
				request of any party in a contested case made prior to the expiration of the
				time originally prescribed and after notice to the other parties; or
(D) On written motion of any party to a
				contested case, with notice to the other parties, made after the expiration of
				the time originally prescribed or allowed, when the failure to act was the
				result of excusable neglect.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 15 - Operations of Associations › Section 20 CSR 1140-15.010 - Accounting Procedures

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation establishes accounting and
				  recordkeeping procedures of a savings and loan association, including the
				  maintenance of records by means of data processing services and notification of
				  the director in the event records are maintained at a location other than the
				  home office, or if a savings and loan association converts record-keeping to a
				  data processing system.
(1)
				Each association shall use the forms and follow accounting practices as the
				director may from time-to-time require.
(2) An association shall maintain a complete
				record of all business transacted by it, and shall maintain either at its home
				office, or at a branch or service office located within one hundred (100) miles
				of the home office, all general accounting records, including all control
				records, of all business transacted by the association at each of its offices
				and agencies. Records produced by electronic data processing may be maintained
				at the data processing center. Neither the general accounting or control
				records nor the maintenance of the records shall be transferred by an
				association from its home office to its branch or service office, from a branch
				or service office to its home office or to another branch or service office
				until-
(A) The board of directors of the
				association, by resolution, has authorized that transfer or maintenance;
				and
(B) The association has sent a
				certified copy of the resolution to the director.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 15 - Operations of Associations › Section 20 CSR 1140-15.011 - Accounting for Deferred Losses and Gains on the Sale or Other Disposition of Mortgage Loans, Mortgage-Related Securities and Certain Debt Securities

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation authorizes deferred losses
				  and gains on certain loans to the extent permitted by federal laws and
				  regulations.
(1)
				Associations, to the extent permitted by federal laws and regulations, may
				elect to defer and amortize all gains and losses on any sale or other
				disposition of the following: mortgage loans; redeemable ground-rent leases;
				mortgage-related securities; preferred stock that, at the time of issuance of
				that preferred stock, provides for redemption on a fixed date in a fixed dollar
				amount or for redemption pursuant to a fixed schedule of periodic payments and
				has a remaining term to maturity of at least five (5) years; and debt
				securities that do not qualify as liquid assets because of their maturities or
				that have remaining terms to maturity of at least five (5) years.
(2) The gains and losses referred to in
				section (1) shall be net of related income taxes computed in accordance with
				generally accepted accounting principles and shall not include any gains or
				losses related to the disposition of scheduled items, including loans to
				facilitate sales of foreclosed property.
(3) This regulation shall be considered a
				blanket concurrence for state law purposes for the use of this accounting
				treatment.
*Original authority: 369.129, RSMo 1971, amended 1982, 1994
					 and 369.249 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 15 - Operations of Associations › Section 20 CSR 1140-15.040 - Subordinated Debt Security

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation permits an association to
				  issue a subordinated debt security for purposes of either borrowing money or
				  increasing the net worth of an association.
(1) An association, for the purpose of
				borrowing money or increasing its net worth, may issue subordinated debt
				securities subject to the conditions and limitations of this regulation and
				federal laws and regulations. The term ''subordinated debt security'' shall
				include any note, bond, debenture or other obligation or security evidencing
				loans or advances and subordinated on liquidation to all claims having the same
				priority as savings accounts or any higher priority.
(2) An association seeking to issue a
				subordinated debt security shall file with the director one (1) copy of its
				application for issuance as filed with the appropriate federal regulatory
				agency. No association shall issue a subordinated debt security unless it has
				obtained written approval from the appropriate federal regulatory agency. An
				association shall file with the director a copy of the approval granted by the
				appropriate federal regulatory agency in connection with the issuance of a
				subordinated debt security.
(3) An
				association desiring to issue a subordinated debt security shall comply with
				the applicable federal regulatory agency regarding securities offerings. The
				association shall file with the director one (1) copy of any offering circular,
				amendment, notice, securities sales report or other documents and reports filed
				with the appropriate federal regulatory agency in connection with the issuance
				of a subordinated debt security.
(4) An association, the accounts of which are
				not insured by the appropriate federal regulatory agency shall file its
				application for issuance of a subordinated debt security solely with the
				director in the same form and pursuant to the same requirements as would be
				necessary if the association's accounts were insured by the appropriate federal
				regulatory agency. Any of these requirements may be waived by the director in
				the case of an uninsured association as s/he in his/her discretion shall deem
				prudent and proper.
Copies of all referenced federal regulations are available
					 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 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 16 - Association Branches and Other Facilities › Section 20 CSR 1140-16.030 - Agency

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation requires an association to
				  file an application for an agency office prior to the establishment of an
				  agency.
(1) Application. Upon
				written approval of the director, an association may establish an agency
				office. The application for permission to establish an agency office which may
				be by letter must show-
(A) The proposed
				location of the agency;
(B) The
				functions to be performed at the agency;
(C) The estimated volume of business at the
				agency;
(D) The estimated annual
				expense of the agency;
(E) The mode
				of payments for the agency; and
(F)
				Such additional matters as the director may require.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 16 - Association Branches and Other Facilities › Section 20 CSR 1140-16.035 - Loan Office

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation allows an association to
				  file an application to establish a loan office.
(1) Application. Upon written approval from
				the director, an association may establish a loan office. The application for
				permission to establish a loan office must be on a branch application form and
				must include the same information as that required for a branch, tandem branch,
				mobile facility or agency.
(2) A
				loan office may only service and originate (but not approve) loans using
				association personnel and documentation, and provide other limited services as
				may be approved by the director upon application. Savings activities by a loan
				office are prohibited.
(3) An
				association may establish a loan office under this rule through an authorized
				service corporation. In these cases, parent corporation documentation is
				permitted.
(4) The application to
				establish and maintain this loan office shall be approved without a public
				hearing if the director shall find affirmatively from the data furnished with
				the application, the director's official records and any other evidence
				presented to him/her that-
(A) The applying
				association has no serious supervisory problems which would affect its ability
				to operate the office; and
(B) The
				applying association has adequate income to support the proposed
				operation.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 16 - Association Branches and Other Facilities › Section 20 CSR 1140-16.040 - Drive-In or Pedestrian Facility

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation permits an association to
				  establish a single drive-in or pedestrian facility for the home office or each
				  branch office of an association. An application for permission to establish a
				  drive-in or pedestrian facility need not be filed where this facility is within
				  five hundred feet of a home or branch office, but an application must be filed
				  with the director if the facility is more than five hundred feet and the
				  requirements for an application are stated.
(1) An association, without prior approval of
				the director, may establish a single drive-in or pedestrian facility, in
				conjunction with the home office and each branch office of the association,
				which is not more than five hundred feet (500') from a public entrance to the
				office and which is closer to the entrance than it is to a public entrance of
				another association. The functions which may be performed at any such facility
				shall be limited to the ordinary functions performed at a teller window of the
				association.
(2) A drive-in or
				pedestrian facility that does not qualify under the preceding section may only
				be established with the specific approval of the director. Any application for
				such approval must contain a statement of the need for and a design of the
				facility and a map showing the location of the facility in relation to the
				office which it supplements and of all offices, located in the same vicinity,
				of any other association or federal association.
*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 17 - Association Reserves and Liquidity › Section 20 CSR 1140-17.010 - Reserves

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation requires savings and loan
				  associations to establish a general reserve account in compliance with
				  applicable federal regulations.
Each association shall maintain a general reserve account in
				  an amount at least equal to that required of insured associations by applicable
				  federal regulations. This general reserve shall be used solely for the purpose
				  of absorbing losses. An association may establish and maintain such additional
				  general or specific reserves as determined by the board of
				  directors.
Copies of all referenced federal regulations are available
					 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: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 17 - Association Reserves and Liquidity › Section 20 CSR 1140-17.020 - Liquidity

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes the minimum amount of
				  liquid assets required to be maintained by associations.
(1) Liquid Assets Defined. Liquid assets
				shall include cash on hand and in deposits with banks, including Federal Home
				Loan Banks, and such other assets as may be determined from time-to-time to
				qualify under the rules of the federal regulatory agency for associations
				insured by the Federal Deposit Insurance Corporation.
(2) Associations shall maintain an average
				daily balance of liquid assets as required from time-to-time by applicable
				federal regulations for insured associations. For purposes of section
				369.224,
				RSMo, an association shall maintain at a minimum an average daily balance of
				liquid assets not less than four percent (4%) of the average daily balance of
				its liquidity base during the preceding calendar month, or such other minimum
				that the director in his/her discretion may set on a case-by-case
				basis.
*Original authority: 369.014, RSMo 1971, amended 1982,
					 1986, 1994; 369.224, RSMo 1971, amended 1983, 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 18 - Administrative Procedures › Section 20 CSR 1140-18.010 - Procedures for Contested Cases

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation establishes the
				  administrative procedures of the division for hearings on contested
				  cases.
(1) General
				Provisions. All hearings before the division, other than hearings on proposed
				regulations and other than any hearings held by the director on proposed branch
				offices, mobile facilities or tandem branches are conducted as contested cases
				in accordance with the provisions of Chapter 536, RSMo.
(A) Commencement of Action. Contested cases
				are commenced on the filing of any document by which filing the director is
				required to hold a hearing or, by order of the director, to set a hearing,
				other than an order for a hearing on a proposed regulation.
(B) Other Rules to Apply. To the extent that
				the conduct of a hearing is not established by Chapter 536, RSMo or this
				regulation the procedure before the division shall conform to procedures
				established by the
Missouri Rules Civil Procedure
.
(C) Transcript of Proceeding. A court
				reporter selected by the director shall transcribe all hearings in contested
				cases. Parties before the division shall pay a
pro rata
share
				of the cost of two (2) transcripts of the proceedings for the division. On
				entry of a final order in the matter, the losing parties shall reimburse the
				successful parties for the cost so advanced.
(D) Briefs. Unless otherwise ordered by the
				director, the petitioner may file a brief within forty-five (45) days of the
				receipt of the transcript, the respondent may file a brief within thirty (30)
				days of receipt of the petitioner's brief and the petitioner may file a reply
				brief within fifteen (15) days of receipt of the respondent's brief. The
				initial brief filed by each party shall contain proposed Findings of Fact and
				Conclusions of Law designated as such.
(E) Copies of Correspondence. For every
				writing filed with the division on any matter related to a contested case, each
				party shall provide one (1) copy for the division and sufficient other copies
				to enable the division to provide a copy to every other party to the contested
				case. The director may waive this requirement, if in his/her discretion, the
				parties are so numerous that this requirement would be unduly
				onerous.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 19 - Association Appraisal Rules › Section 20 CSR 1140-19.010 - Appraisals

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This regulation requires an association to
				  establish a prudent lending policy and a loan secured by real estate must be
				  supported by at least one written appraisal.
A prudent lending policy is to be established by each
				  association's board of directors. An association may make a real estate loan
				  only after a qualified person designated by its board of directors has executed
				  and submitted a signed appraisal of the security property. Each appraisal shall
				  be made in accordance with standard appraisal techniques and practices and
				  shall contain all applicable approaches to the determination of the fair market
				  value of the property. The appraisal must be rendered in accordance with the
				  general appraisal guidelines issued by the appropriate federal regulatory
				  agency and in a form approved by the American Institute of Real Estate
				  Appraisers, the Federal Home Loan Mortgage Corporation or the Federal National
				  Mortgage Corporation.
Copies of all referenced federal regulations are available
					 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: 369.249, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.015 - Establishment and Maintenance of Records

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets the minimum requirements for
				  the establishment and maintenance of records for loans.
The records established and maintained by associations for
				  all loans made that are secured by real estate shall meet the minimum
				  requirements set forth in applicable federal regulations and any other
				  requirements that the director may set. For loans not secured by real estate,
				  associations must establish and maintain documentation as is consistent with
				  the safe and sound operation of an association.
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: 369.299, RSMo 1971, amended
					 1994.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.025 - Types of Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines the types of loans an
				  association may make.
(1) For
				the purpose of this chapter, an association may originate, invest in, sell,
				purchase, participate or otherwise deal in any loan it could make if it were
				incorporated and operating as a federal association domiciled in this state, as
				long as the association complies with all applicable regulations governing
				those activities by federal associations.
(2) Election Regarding Classification of
				Loans.
(A) If a loan is authorized under more
				than one (1) section of the Missouri Savings and Loan Law or these regulations,
				an association may designate under which section the loan has been made. This
				loan may be apportioned among appropriate categories, and may be moved, in
				whole or in part, from one (1) category to another. To classify a loan as a
				real estate loan, an association must rely substantially upon the real estate
				as the primary security for the loan.
(B) For purposes of determining whether
				aggregate loans or investments under the Missouri Savings and Loan Law or these
				regulations exceed an applicable percentage-of-assets limitation, a loan
				commitment shall be counted as an investment and shall be included in total
				assets of an association only to the extent that funds have been advanced (and
				not repaid) pursuant to the commitment. The term loan commitment includes a
				loan in process, a letter of credit or any other commitment to extend
				credit.
(C) Loans sold to a third
				party shall be included in calculation of a percentage of assets investment
				limitation only to the extent they are sold with recourse.
(D) An association may make a loan secured by
				assignment of loans to the extent that it could, under applicable law and
				regulations, make or purchase the underlying assigned loans.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.031 - Residential Real Estate Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes the types of loans
				  secured by real estate an association may make and prescribes the nature of
				  security for loans and the terms and conditions of those loans.
(1) An association may originate, invest in,
				sell, purchase, participate or otherwise deal in loans secured by residential
				real estate as follows:
(A) First mortgage
				loans-Loans secured by a first lien on residential real estate, on the terms
				set out in this rule;
(B) Second
				mortgage loans-Loans secured by a second lien on residential real estate in the
				same amount as if the loan were secured by a first lien, less the unpaid
				balance of the first lien indebtedness, on the terms set out in this rule;
				provided that the total of the unpaid balance of all loans secured by each deed
				of trust and the maximum advances authorized under the deed of trust do not
				exceed the value of the security; and
(C) Advances-An association may make advances
				on an open-ended first deed of trust held by the association, not subject to
				any intervening security interest of another, if the total of the unpaid
				balance of all loans secured by each deed of trust and the maximum advances
				authorized under the deed of trust do not exceed the value of the security or
				the advance is made for the purpose of protecting the value of the security
				interest of the association.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.035 - Other Real Estate Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  loans secured by real estate other than residential real estate and prescribes
				  the conditions and limitations on those loans.
(1) An association may originate, invest in,
				sell, purchase, participate or otherwise deal in loans secured by real estate
				other than residential real estate as follows:
(A) First mortgage loans-Loans secured by a
				first lien on other real estate;
(B) Second mortgage loans-Loans secured by a
				second lien on other real estate in the same amount as if the loan were secured
				by a first lien, less the unpaid balance of the first lien indebtedness, on the
				terms set out in this rule, provided that the total of the unpaid balance of
				all loans secured by each deed of trust and the maximum advances authorized
				under the deed of trust do not exceed the value of the security; and
(C) Advances-An association may make advances
				on an open-ended first deed of trust held by the association, not subject to
				any intervening security interest of another, if the total of the unpaid
				balance of all loans secured by each deed of trust and the maximum advances
				authorized under the deed of trust do not exceed the value of the security or
				the advance is made for the purpose of protecting the value of the security
				interest of the association.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.041 - Commercial Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  secured or unsecured loans for commercial, corporate, business or agricultural
				  purposes.
(1) An association
				may originate, invest in, sell, purchase, participate or otherwise deal in
				loans for commercial, corporate, business or agricultural purposes.
(2) The aggregate amount which an association
				may invest in commercial loans shall not exceed fifteen percent (15%) of the
				association's assets or higher percentage as the director may authorize upon
				application. Further, total commercial loans to one (1) borrower (excluding
				service corporations and finance subsidiaries of an association) shall not
				exceed fifteen percent (15%) of an association's unimpaired capital and
				unimpaired surplus, plus an additional ten percent (10%) for loans fully
				secured by readily marketable collateral, as set forth in applicable federal
				regulations. Notwithstanding the provisions of 4 CSR 140-20.025(2), the
				percentage of assets limitation of this rule shall apply to-
(A) Overdraft loans on demand accounts;
				and
(B) Commercial loans not
				secured by real estate made by the association's service corporation.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.046 - Consumer Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  secured or unsecured loans for personal, family, home improvement or household
				  purposes and loans reasonably incident to them.
(1) An association may originate, invest in,
				sell, purchase, participate or otherwise deal in secured or unsecured consumer
				loans as follows:
(A) Direct or indirect
				consumer loans that may be either open-end or closed-end credit; and
(B) Loans to dealers in consumer goods for
				inventory financing, floor planning and leasing.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.052 - Loans to Officers, Directors and Employees

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes the types of loans an
				  association may make to its officers, directors and employees.
An association may make any loans to its officers, directors
				  and employees that fully comply with the applicable terms and conditions of
				  this chapter, provided that all such loans must conform to the restrictions set
				  forth in applicable federal regulations.
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; 369.229, RSMo 1971, amended 1983, 1994; and 369.249 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 20 - Association Loans › Section 20 CSR 1140-20.055 - Wrap-Around Real Estate Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  wrap-around real estate loans.
(1) An association may originate, invest in,
				sell, purchase, participate or otherwise deal in wrap-around real estate loans
				provided that the loan is-
(A) Secured by a
				lien on real estate on which there exists prior liens; and
(B) Evidenced by a note or bond which-
1. Has a principal amount equal to the
				aggregate of the outstanding prior indebtedness plus the additional funds
				advanced or to be advanced by the wrap-around lender;
2. Requires payments by the wraparound
				borrower to the wrap-around lender of periodic installments at least sufficient
				to make required current payments on the prior indebtedness; and
3. Allows the wrap-around lender to make the
				payments due on the prior indebtedness.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.061 - Education Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  loans for educational purposes and to prescribe the conditions and limitations
				  on those loans.
(1) An
				association may originate, invest in, sell, purchase, participate or otherwise
				deal in loans made for the purpose of paying educational expenses.
(2) Terms and Conditions.
(A) No association shall make any investment
				in loans under this regulation if the aggregate amount of its investment in
				those loans (exclusive of any investment which is or which at the time of its
				making was otherwise authorized) would exceed five percent (5%) of the assets
				of the association; and
(B) The
				borrower shall certify to the association that the proceeds of the loan are to
				be used solely for the payment of educational expenses.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.065 - Manufactured Home Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule prescribes the limitations and
				  conditions on which an association may make loans or purchase commercial paper
				  for the purpose of manufactured home financing.
(1) Inventory Financing. An association may
				invest in manufactured home chattel paper which finances a manufactured home
				dealer's acquisition of inventory provided the-
(A) Inventory is held for sale by the dealer
				in its ordinary course of business;
(B) Loan evidenced by the chattel paper is
				the dealer's obligation; and
(C)
				Loan amount does not exceed the following:
1.
				New manufactured homes-One hundred percent (100%) of manufacturer's invoice
				price for each manufactured home and equipment to be installed by the dealer;
				and
2. Used manufactured
				homes-Seventy-five percent (75%) of appraised market value or other generally
				accepted valuation of each manufactured home, including installed
				equipment.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.075 - Line-of-Credit Construction Loans

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  construction loans without the security of real property and specifies the
				  conditions and limitations for unsecured construction loans.
An association (pursuant to a plan adopted by the board of
				  directors) may originate, invest in, sell, purchase, participate or otherwise
				  deal in loans for constructing, adding to, improving, altering, repairing,
				  equipping or furnishing what is or is to become real estate used primarily for
				  residential purposes, relying substantially for repayment on the borrower's
				  general credit standing and forecast of income, with or without other security,
				  or on third-party guarantees or similar assurances for repayment. The aggregate
				  amount of an association's investment in these loans shall not exceed the
				  greater of five percent (5%) of the association's assets or the sum of its
				  surplus, undivided profits and reserves. Investments under this regulation
				  shall not be included in any other percentage of assets limitation referred to
				  in this chapter.
*Original authority: 369.144, RSMo 1971, amended 1982,
					 1983, 1984, 1989, 1994; 369.229, RSMo 1971, amended 1983, 1994; and 369.249 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 20 - Association Loans › Section 20 CSR 1140-20.083 - Letters of Credit

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to issue
				  letters of credit.
(1) An
				association may issue commercial and standby letters of credit in conformance
				with the Uniform Commercial Code or the Uniform Customs and Practice for
				Documentary Credits and may pledge collateral to secure its obligations under
				them, subject to the following requirements.
(2) Terms and Conditions.
(A) Each letter of credit must conspicuously
				state that it is a letter of credit.
(B) The issuer's undertaking must contain a
				specified expiration date or be for a definite term and must be limited in
				amount.
(C) The issuer's obligation
				to pay must be solely dependent upon the presentation of conforming documents
				as specified in the letter of credit and not upon the factual performance or
				nonperformance by the parties to the underlying transaction.
(D) The account party must have an
				unqualified obligation to reimburse the issuer for payments made under the
				letter of credit.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.085 - Loans on Cooperatives

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  blanket loans on cooperative housing developments and on individual cooperative
				  units.
(1) Associations are
				authorized to originate, invest in, sell, purchase, participate or otherwise
				deal in loans on the security of cooperative housing developments provided that
				the cooperative housing development maintains reserves at least equal to those
				required for comparable developments insured by the Federal Housing
				Administration.
(2) Associations
				are authorized to originate, invest in, sell, purchase, participate or other
				wise deal in loans on individual cooperative units. These loans may be made on
				the security of a security interest in stock, membership certificate or other
				evidence of ownership issued to a stockholder or member by a cooperative
				housing organization and an assignment of the borrower's interest in the
				proprietary lease or occupancy agreement issued by that organization. The
				provisions of 4 CSR 260-8.091 shall not apply to loans made pursuant to this
				section.
*Original authority: 369.014, RSMo 1971, amended 1982,
					 1986, 1994; 369.224, RSMo 1971, amended 1983, 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 20 - Association Loans › Section 20 CSR 1140-20.091 - Loans Secured by Leasehold

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  loans secured by first liens on leasehold interests and prescribes the
				  conditions and limitations on loans secured by leaseholds.
(1) An association may originate, invest in,
				sell, purchase, participate or otherwise deal in loans secured by first liens
				on leasehold interests in real estate, in accordance with the following
				requirements.
(2) Terms and
				Conditions.
(A) The unexpired term of the
				leasehold exceeds the term of the loan by five (5) years or more.
(B) The loan is made under a policy set by
				the board of directors of the association.
(C) The association obtains a written opinion
				from an attorney that the lease agreement is lawful and enforceable.
(D) The association maintains a copy of the
				lease agreement and the attorney's opinion in the loan file.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.096 - Loans on Securities

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule authorizes associations to make
				  loans to insured financial institutions or to registered brokers or dealers
				  secured by loans, obligations or investments in which associations may invest
				  directly.
An association may invest in loans secured by obligations of
				  or by obligations fully guaranteed as to principal and interest by the United
				  States or any agency or instrumentality of the United States listed in
				  applicable federal regulations, if the borrower is a financial institution
				  insured by the Federal Deposit Insurance Corporation or is a broker or dealer
				  registered with the Securities and Exchange Commission and provided the market
				  value of the securities for each loan at least equals the amount of the loan at
				  the time it is made.
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: 369.249, RSMo 1971, amended 1994 and
					 369.299, RSMo 1971, amended 1994.