Missouri Administrative Code

Instruments income, which index is readily available to (E) The loan term may be adjusted only to and verifiable by the borrower and is beyond reflect a change in the interest rate, the pay- PURPOSE: This rule provides for certain the control of the association. An association me…

or more. *Original authority: 369.249, RSMo 1971, amended 1994 Cooperatives and 369.299, RSMo 1971, amended 1994. (B) The loan is made under a policy set by PURPOSE: This rule authorizes associations the board of directors of the association. to make blanket loans on cooperative …

Leasehold tion insured by the Federal Deposit Insurance Corporation or is a broker or dealer regis- PURPOSE: This rule authorizes associations tered with the Securities and Exchange to make loans secured by first liens on lease- Commission and provided the market value JOHN R. AS…

made pursuant to this section. loans, obligations or investments in which associations may invest directly. AUTHORITY: sections 369.144, 369.229, 369.249 and 369.299, RSMo 1994.* This Editor’s Note: Copies of all referenced feder- rule originally filed as 4 CSR 260-8.085. al regu…

applicable limitations on those investments. Money regulations; Editor’s Note: Copies of all referenced feder- (E) Any open-end management investment PURPOSE: This rule authorizes sources of company which is registered with the al regulations are available at a cost estab- money …

Chapter 21—Association’s Sources of ments branch office or agency is located; Borrowed Money and Authorized Investments (D) Commercial paper and corporate debt PURPOSE: This rule lists the investments an securities, subject to the limitations and association is allowed to make al…

Transactions .................................................................................3 20 CSR 1140-21.040 Development Finance Corporation Investments and Loans ..........................4 JOHN R. ASHCROFT (7/31/21) CODE OF STATE REGULATIONS 1 Secretary of State Chapter 2…

Corporation Investments and Loans PURPOSE: This rule complies with section 371.120.3(2), RSMo, which authorizes the director to adopt a rule to fix and prescribe limits under which a savings and loan associ- ation may invest in, become a member of, and lend to or commit to lend t…

Earnings to issue savings accounts or certificates. *Original authority: 369.204, RSMo 1971, amended 1994 and 369.299, RSMo 1971, amended 1994. PURPOSE: This rule authorizes associations (1) An association may accept savings to determine the time for distribution and the accounts…

Small Accounts (B) Associations obtaining the initial writ- security for the deposits. ten authorization to pay specified third parties PURPOSE: An association may make a ser- at times and in amounts to be later specified (1) Savings and deposit accounts in insured vice charge on…

AUTHORITY: sections 369.154, 369.189 and 10.060. This rule previously filed as 4 CSR PURPOSE: This rule permits associations on 369.299, RSMo 1994.* This rule originally 140-22.060. Original rule filed March 24, certain conditions to make specified payments filed as 4 CSR 260-10.…

Accounts 20 CSR 1140-22.080 Credit and Debit Cards PURPOSE: An association may act as trustee of a trust under a plan which qualifies for PURPOSE: This rule will authorize state specific tax treatment under sections 401(d) chartered savings and loan associations to or 408(a) of t…

ner or trustee. fication to the director prior to the establish- PURPOSE: This rule authorizes investments ment of the service corporation; (3) Permitted Activities. A service corpora- by associations in service corporations, spec- (B) The service corporation’s activities, perfor…

for officers of the association which shall RSMo 1994.* This rule originally filed as 4 PURPOSE: This rule provides that all rules apply in any emergency, under which provi- CSR 260-12.020. This rule previously filed as of the Division of Finance apply to deposit sion persons hol…

of the board of directors to be notified of the requirements of section 369.074, RSMo PURPOSE: This rule defines emergencies, emergency in a manner as may be required by together with two (2) copies of the Articles of requires actions to be taken in anticipation of resolution of …

369.079(11), RSMo regarding the formation CSR 140-24.080. Original rule filed May 13, PURPOSE: This rule states what the per- of an interim association to facilitate the char- 1993, effective Oct. 10, 1993. Changed to 4 diem examination charge is for each examin- tering of an ass…

Federal Mutual Holding Company chartered mutual holding company. 1992, 1994; 369.089, RSMo 1971, amended 1982, 1994; 369.144(7), RSMo 1971, amended 1982, 1983, 1984, 1989, 1994; and 369.299(2), RSMo 1971, amended 1994. PURPOSE: This rule allows for the reorgani- (4) No savings as…

Transfer Systems (A) An association may establish or use theft and to assist in the identification and RSUs and participate with others in RSU apprehension of persons who commit such PURPOSE: This regulation establishes the operations on an unrestricted geographic acts. criteria …

Remote Service Units ments of this regulation, the director may effective Nov. 13, 1978. Amended: Filed Oct. issue and serve upon the foreign association a 13, 1981, effective Jan. 14, 1982. Rescinded PURPOSE: This regulation establishes the notice of intent to revoke the authori…

Business in Missouri by Foreign tion in accordance with such procedures as Associations s/he may require. PURPOSE: This regulation establishes the (4) No foreign association shall be authorized guidelines for a foreign association to trans- to transact business in this state unle…

and Mergers PURPOSE: This regulation requires associa- tions, foreign associations and savings and loan holding companies to notify the director of a proposed regional acquisition or merger. (1) Definitions. The words and terms shown as follows when used in this regulation shall …

groups of officers and employees of an asso- and no new application to continue to exer- PURPOSE: By virtue of section 403 of the ciation to whom are assigned the perfor- cise such powers is necessary. However, Depository Institutions Deregulation and mance of fiduciary services …

Associations to Stock Associations applicant’s conversion stock. The applicant’s voting members, which was called to consid- plan of conversion may also provide for er the plan of conversion, the applicant shall PURPOSE: This regulation allows for the employment contracts for the…

Keeping and General Provisions the titled personal property from each owner, registered office shall be maintained so that whether or not obligated on the title loan the assets, liabilities, income and expenses PURPOSE: Title loan companies (title agreement or renewal. may be rea…

(I) The amount of charge for life insurance, name or number of account and bear autho- PURPOSE: Retail credit financing institu- if sold in connection with the contract, spec- rized signature of the institution or person. tions are subject to examination by the ifying type, perio…

ample: Consider a twenty-four (24)-month consumer must be provided with a copy of PURPOSE: Retail credit financing institu- contract of $1,925.25 with finance charges of tions are subject to examination by the the policy or certificate of insurance within $474.75, monthly payment…

Insurance provisions or that section or application of the PURPOSE: Extension fees are believed by the regulations which can be given effect without director of finance to be a fair and equitable PURPOSE: This rule is designed to promote the invalid provision or application, and …

(Rescinded November 30, 2010) 5, 1996, expired June 2, 1997. Original rule expired Jan. 26, 2011. Rescinded: Filed April filed Nov. 25, 1996, effective May 30, 1997. 15, 2010, effective Nov. 30, 2010. AUTHORITY: sections 443.847, 443.869(7), Moved to 20 CSR 1140-30.100, effective…

(Rescinded November 30, 2010) rescission filed April 5, 2010, effective April Emergency rule filed Nov. 25, 1996, effective Dec. 5, 1996, expired June 2, 1997. Original 18, 2010, expired Jan. 26, 2011. Rescinded: AUTHORITY: sections 443.847, 443.869(7), rule filed Nov. 25, 1996, …

Supervision 1997. Moved to 20 CSR 1140-30.080, effec- Emergency rule filed Nov. 25, 1996, effective (Rescinded November 30, 2010) tive Aug. 28, 2006. Emergency rescission Dec. 5, 1996, expired June 2, 1997. Original filed April 5, 2010, effective April 18, 2010, rule filed Nov. 2…

Servicing Activity (Rescinded November 30, 2010)................................3 20 CSR 1140-30.070 Advertising (Rescinded November 30, 2010) .........................................3 20 CSR 1140-30.080 Loan Brokerage Practices (Rescinded November 30, 2010) ....................…

Loan Originators penalty or fee for a licensed mortgage loan (C) Institution of an action by the Missouri originator on active military duty serving out- attorney general or other enforcer of the con- PURPOSE: This rule establishes guidelines side of Missouri. sumer protection la…

renewal shall apply through the NMLSR on which shall be set from time-to-time by the Information Submitted to NMLSR forms acceptable to the director and shall be director, not to exceed three thousand dollars PURPOSE: This rule establishes the proce- verified by the oath or affir…

Supervision of Residential Mortgage Loan affect subsequent applications filed with the Additional Full-Service Office on a form pre- Brokers appropriate investigation fee. scribed by the director, thirty (30) days prior (B) Upon approval of an initial broker’s to the proposed ope…

Activities shall be the address where the director is to (F) Amount of the loan; and send all correspondence, official notices, and (G) The terms of the loan and/or loan pro- PURPOSE: This rule establishes procedures orders; the broker shall be responsible for gram. and guideline…

Requirement loan application received during the previous (1) A broker shall not require a borrower to thirty-six (36) months: pay any fees or charges prior to the loan clos- PURPOSE: This rule establishes operations (A) Full name of all applicants; ing, except for: 6 CODE OF STA…

PURPOSE: This rule establishes procedures and requirements for exempt companies to register with the director. (1) Registration. The director requests that all exempt entities file a letter disclosing exempt status and the reason therefore at the Division of Finance, Residential …

tion—Residential Mortgage Board ceedings. All orders or other actions of the (9) Who May Practice Before the Board. board shall be certified or authenticated by Only licensed attorneys from Missouri, or PURPOSE: This rule complies with section the signature of the secretary. from…

officer may hold prehearing conferences for (14) Prepared Testimony. With the approval PURPOSE: The Residential Mortgage Board the purpose of formulating or simplifying the of the presiding officer, a witness may read was established to hear appeals from certain issues, arranging…

(J) The aggregate amount for all insurance, ledger, a single thin line, preferably in red, PURPOSE: The Division of Finance, if a separate charge is made, covering bodily shall be drawn through the improper entry injury and property damage to the person or and the correct entry m…

Considerations within the act necessitate the PURPOSE: The Division of Finance, following limitations on extensions: Department of Commerce and Insurance has (A) No extension fee shall be collected the authority to promulgate rules necessary to more than one (1) month prior to th…

PURPOSE: This rule is designed to provide a simple extension fee formula which is equi- table 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 followin…

and ending with June 30, it need only submit Surety bond in the amount of one thousand PURPOSE: Small loan companies are an audit report for the fiscal year ending in dollars ($1000) shall accompany the initial required to file an audit once a year with the 1974 and need not subm…

(Rescinded September 30, 2021) Purchase Warrants AUTHORITY: section 408.450, RSMo 1986. This rule originally filed PURPOSE: The legal separation of deposit taking from investment as 4 CSR 140-6.025. Emergency rule filed July 12, 1984, effective banking prevents banks from investi…

(Rescinded September 30, 2021) it permits a new business to negotiate a loan agreement with a commercial bank which may substantially reduce interest AUTHORITY: sections 408.030 and 408.035, RSMo 1978. This rule expense in the early years until a date when the business is more or…

(2) A bank may contract to receive stock purchase warrants in PURPOSE: The increasing use of revenue bonds as a vehicle lieu of part of the interest on any loan. The bank, however, may for financing construction of business and industrial plants not use these warrants to purchase…

(Rescinded September 30, 2021) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 20 CSR 1140-6.050 Contingent Additional Interest or Stock Purchase Warrants . . . . . . . . . . . 3 20 CSR 1140-6.055 Bank Investment in Mutual Funds . . . . . . . . . . . . .…