Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 1 - Organization and Description of Division › Section 20 CSR 1140-1.010 - General Organization

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule complies with section
				  536.023(3),
				  RSMo, which requires each agency to adopt as
				  a rule a description of its operation and the methods and procedures where the
				  public may obtain information or make submissions or requests.
(1) The Division of Finance is solely
				responsible for the regulation, at the state level, of state-chartered banks
				and trust companies, state-chartered savings and loans, consumer credit lenders
				or small loan companies, financing institutions subject to the Financing
				Institution Licensing Law, sales finance companies subject to the Motor Vehicle
				Time Sales Law, sale of checks (money order) companies, mortgage broker
				companies, title loan companies, payday loan companies, and any development
				finance corporation organized under Chapter 371, RSMo. The division also has
				some regulatory responsibilities toward mortgage bankers per sections
				408.570-408.600, RSMo.
(2) The
				Division of Finance is responsible for the incorporation, regulation,
				supervision and liquidation of state-chartered banks and trust companies. The
				primary responsibility of the Division of Finance with respect to banks and
				trust companies is to assure that the banks and trust companies remain safe and
				solvent places of deposit for the public's money while operating in a healthy
				and competitive banking market. To this end, most of the employees of the
				Division of Finance are commercial bank examiners located throughout the state
				whose job it is to examine each state-chartered bank and trust company at least
				once every eighteen (18) months. In addition, the Division of Finance employs a
				number of trust examiners who have the legal education or background to examine
				the trust departments of those banks which provide fiduciary services to the
				public.
(3) The Division of Finance
				is responsible for the regulation, supervision and liquidation of
				state-chartered savings and loan companies. The primary responsibility of the
				Division of Finance with respect to such companies is to assure that they
				remain safe and solvent places of deposit for the public's money while
				operating in a healthy and competitive market. To this end, the Division of
				Finance has examiners located throughout the state whose job it is to examine
				each of such companies at least once every eighteen (18) months.
(4) Each person, corporation, partnership or
				other entity who engages in the business of making loans to consumer borrowers
				is required to obtain a license or certificate of registration from the
				Division of Finance. A certificate of registration must be obtained for each
				office operated by the lender. These lenders or small loan companies are
				examined regularly by the division's consumer credit examiners and the primary
				purpose of these examinations is to assure that the terms of loans made under
				the Small Loan Act and other applicable laws are not violated by the
				lenders.
(5) Persons, corporations,
				partnerships or other entities who engage in the business of purchasing
				installment contracts entered into under the Retail Credit Sales Act are
				required to obtain a license from the Division of Finance. Those companies are
				examined by the division's consumer credit examiners and the primary purpose of
				this examination is to assure that the rights of buyers under the Retail Credit
				Sales Law have not been violated.
(6) Persons, corporations, partnerships or
				other entities who engage in the business of purchasing installment contracts
				entered into under the Motor Vehicle Time Sales Law are required to obtain a
				license from the Division of Finance. These sales finance companies are
				examined regularly by the division's consumer credit examiners and the purpose
				of this examination is to assure that the rights of buyers who enter into
				contracts under the Motor Vehicle Time Sales Law are not violated.
(7) Persons, corporations, partnerships or
				other entities which engage in the business of premium financing, the business
				of making payday loans, and the business of making title loans are required to
				obtain a license from the Division of Finance per section
				364.100,
				408.500,
				or
				367.500, RSMo,
				respectively. These companies are examined by the division's consumer credit
				examiners and the primary purpose of this examination is to assure that the
				terms of these extensions of credit do not violate the applicable
				laws.
(8) Persons, corporations,
				partnerships or other entities which engage in the sale of checks (money
				order/travelers' check) business or the credit services (credit repair)
				business are subject to registration with the Division of Finance per section
				361.700
				or
				407.635, RSMo,
				respectively. Sale of checks companies register annually, post bonds, file
				proof of solvency reports at least three (3) times annually and file financial
				statements. Credit services companies register annually and, in some cases,
				post bonds.
(9) Mortgage brokers
				are subject to licensing per sections 443.800-443.893, RSMo and, along with
				mortgage bankers, to the antidiscrimination provisions of sections
				408.570-408.600, RSMo which require filing of certain documents with the
				Division of Finance on an annual basis.
(10) There is a State Banking Board which is
				a bipartisan board of five (5) nonsalaried individuals which meets, as
				necessary, to handle appeals from certain decisions of the commissioner of
				finance and must approve all rules and regulations of the Division of Finance.
				The board considers appeals of the commissioner's decisions about certificates
				of incorporation for new banks and trust companies, relocations of banks and
				trust companies to other communities and bank branches.
(11) There is a bipartisan State Savings and
				Loan Commission consisting of five (5) non-salaried individuals which meets, as
				necessary, to handle appeals from certain decisions of the commissioner and to
				approve or disapprove each regulation proposed by the commissioner of finance
				pertaining to savings and loan associations. The commission considers appeals
				of the commissioner's orders or decisions about incorporation, relocation or
				branching of savings and loan associations.
(12) There is a bipartisan Residential
				Mortgage Board consisting of five (5) non-salaried individuals which meets, as
				necessary, to handle appeals from certain decisions of the commissioner and to
				approve or disapprove each regulation proposed by the commissioner of finance
				pertaining to mortgage brokers. The board considers appeals of the
				commissioner's denial or revocation of a mortgage broker license and decisions
				pertaining to mortgage brokering.
(13) The chief officer of the Division of
				Finance is the commissioner of finance who is also referred to as the director
				of the Division of Finance. The commissioner of finance is appointed by the
				governor and confirmed by the senate and serves at the pleasure of the
				governor.
(14) Anyone may obtain
				information or make requests of the Division of Finance by directing
				correspondence to the Division of Finance, 301 West High Street, PO Box 716,
				Jefferson City, MO 65102. The Division of Finance's phone number is (573)
				751-3242.
*Original authority: 361.105, RSMo 1967, amended 1993,
					 1994, 1995 and 536.023, RSMo 1975, amended 1976, 1997.