Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

361.269. Notice of suspension or removal, effective when — appeal to director, when — hearings, where held. — 1. A notice of suspension or order of removal issued pursuant to sections 361.267, 361.268 and this subsection shall become effective immediately but any director, office…

361.270. Report to attorney general and action by him in certain cases. — 1. If any director or officer or employee of any corporation subject to the provisions of this chapter has abused his trust or been guilty of misconduct or malversation in his official position or employmen…

361.280. Proceedings in name of director for violations of the provisions of this chapter. — If any corporation, subject to the provisions of this chapter, shall refuse or fail, after due notice, to pay any assessment lawfully imposed upon it or him by the director; or if any suc…

361.290. Penalty for neglect of duty or misfeasance or malfeasance in office. — Any director, deputy, examiner, employee, clerk or stenographer who shall violate his oath of office or shall neglect or violate any of the duties imposed upon him by this chapter, or shall be guilty …

361.300. Director may take possession of property of corporation. — The finance director may forthwith take possession of the business and property of any corporation, subject to the provisions of this chapter (1) Whenever such corporation has refused, upon proper demand to submi…

361.310. Information to prosecuting attorney. — Whenever the director of finance shall take charge or possession of any corporation, according to the provisions of section 361.300, it shall be his duty and he is hereby directed immediately and from time to time as the same appear…

361.320. Director may maintain action against officers, when. — At any time while the director is in possession of the property and business of any such corporation, he may within six years after the cause of action has accrued, institute and maintain in his name as finance direc…

361.330. Corporation not to make assignment — duty when in failing condition. — 1. It shall be unlawful in this state for any corporation subject to the provisions of this chapter to make a voluntary general assignment of its business and affairs. 2. In case it shall find itself …

361.340. Circumstances under which possession by director may terminate. — When the director shall have duly taken possession of such corporation, under any provision of this chapter, he may hold such possession until its affairs are finally liquidated by him, unless: (1) He shal…

361.350. Director may report delinquencies to attorney general to procure judgment of dissolution — reports presumptive evidence. — 1. Whenever the director is entitled to take possession of any such corporation for any reason set forth in section 361.310, he may report to the at…

361.360. Director's possession may be challenged, when. — At any time within ten days after the director has taken possession of the property and business of any such corporation, such corporation, with the approval of its board of directors, may apply to the circuit court in the…

361.365. Director may appoint the Federal Deposit Insurance Corporation as liquidating agent — effect of. — The director may appoint the Federal Deposit Insurance Corporation as liquidating agent of any banking corporation insured thereby of which he has duly taken possession und…

361.370. Director may surrender possession for resumption or liquidation. — 1. Upon such conditions as he may approve, the director may surrender possession of such corporation to its officers or any of them to permit the resumption of business or the liquidation of the corporati…

361.380. Surrender for liquidation. — 1. Whenever the director shall surrender possession of such corporation under the provisions of section 361.370 for the purposes of liquidation, the corporation shall not receive deposits or engage in the general banking business. 2. The offi…

361.390. Liquidation — special deputy may be appointed. — 1. The director may, by certificate, under his or her hand and official seal, appoint one or more special deputy directors as agent or agents to assist him in liquidating the business and affairs of any corporation in his …

361.400. Director's assistant may be appointed as special deputy. — The director in the manner prescribed in section 361.390 may appoint a deputy director or examiner as such special deputy to assist in the liquidation of any corporation in his possession. ­­-------- (RSMo 1939 §…

361.410. Expenses of liquidation, how paid. — 1. The director shall pay out of the funds in his hands, of such corporation, all expenses of liquidation, subject to the approval of the circuit court in the county or city in which the principal office of such corporation is located…

361.420. Procedure of director to obtain possession of pleadings in actions against which attorneys' liens are asserted. — 1. When the director is in possession of the business and property of any such corporation, and attorneys' liens are asserted by attorneys of such corporatio…

361.430. On taking possession, director shall notify those holding assets — effect of notification. — 1. When the director shall have taken possession of the property and business of any such corporation, he shall forthwith give notice of such fact to any and all banks, trust com…

361.440. Inventory of assets to be made and filed. — After the director shall have taken possession of the property and business of such corporation, he or she shall make an inventory of the assets of such corporation. When the director shall have decided that he or she will not …

361.450. Disposition by director of property held by delinquent as bailee or depositary for hire. — 1. The director may, after he has taken possession of any such corporation, cause to be mailed to all persons claiming to be, or appearing upon the books of such corporation to be,…

361.460. Effect of director's notice to remove upon contract of bailment or of deposit for hire. — After the director shall have duly mailed a notice in writing, as provided in section 361.450, the contract of bailment or of deposit for hire, or lease of safe, vault or box, if an…

361.470. Liquidation and conservation of assets — compounding debts and compromising certain claims. — The director is authorized, upon taking possession of the property and business of such corporation, to liquidate the affairs thereof and to do all acts and to make such expendi…

361.480. Director may borrow on assets of closed corporation. — 1. The director of finance, deputy director of finance, liquidating agent, receiver or other person or persons lawfully in charge of the property and business of any closed bank or trust company is authorized, upon t…

361.490. Deposit of moneys collected — preference. — The moneys collected by the director shall be from time to time deposited in one or more state banks or trust companies and, in case of the insolvency or voluntary or involuntary liquidation of the depositary, these deposits sh…

361.500. Director's power to sue, execute instruments for delinquents — actions and proceedings preferred. — For the purpose of executing any of the powers and performing any of the duties hereby conferred upon him, the director may, in the name of the delinquent corporation, pro…

361.510. Notice to creditors to make proof of claims. — 1. When the director shall have taken possession of such corporation, and shall have determined to liquidate its affairs, he shall notify all persons who may have claims against such corporation to present same to him and ma…

361.520. Director to list claims duly presented. — The director shall make a complete list of all claims duly presented, and shall specify therein the name of the claimant, the nature of the claim, and the amount thereof. ­­-------- (RSMo 1939 § 7929, A.L. 2000 S.B. 896, A.L. 201…

361.530. Objections to claims — procedure. — 1. Within thirty days after the last date fixed in said notice to creditors to present and make proof of claims, objections to any claim duly presented may be made by any party interested, by filing with the director such objections in…

361.540. Claims approved or rejected — list of such claims. — 1. The director shall, not later than thirty days after the time has expired to file objections to claims duly presented, approve or reject every duly filed claim except claims as to which objections are still pending …

361.550. Effect of accepting claims — statute of limitations for action upon claims not accepted — necessary allegations. — 1. When the director has approved a duly filed claim and has filed the same endorsed "approved" in his office, the claimant, unless such claim is entitled b…

361.560. Judgments recovered after director takes possession shall not be liens. — A lien shall not attach to any of the property or assets of such corporation by reason of the entry of any judgment recovered against such corporation after the director has taken possession of its…

361.570. Dividends to creditors — priorities — disposition of unclaimed dividends. — 1. At any time after the date fixed by the director for the presentation of claims, the circuit court may by order authorize the director upon his application to declare out of the funds remainin…

361.580. Director shall call stockholders' meeting after creditors are paid in full — proceedings at such meeting. — 1. Whenever the director shall have paid to each creditor of any stock corporation whose claim has been duly proved the full amount of such claim, and shall have m…

361.590. Duties of director where he continues liquidation — termination of corporate existence. — 1. In case it is determined to continue the liquidation under the director, he shall continue the liquidation of the affairs of such corporation and after paying the expenses thereo…

361.600. Duties of director where stockholders elect another to liquidate. — 1. In case the stockholders shall determine to appoint an agent or agents to continue such liquidation, they shall thereupon select by ballot such agent or agents. A majority of the stock present and vot…

361.729. Persons, firms, and corporations not subject to administrative penalty for acts performed in reliance on written interpretations. — Any other provisions of the law to the contrary notwithstanding, any person, firm or corporation shall not be subject to any administrative…

361.749. Earned wage access services, license to do business — requirements — prohibited acts — investigations — recordkeeping — rulemaking — sanctions on license, when — violations, penalty. — 1. As used in this section, unless the context clearly indicates otherwise, the follow…

361.900. Short title. — Sections 361.900 to 361.1035 shall be known and may be cited as the "Money Transmission Modernization Act of 2024". ­­-------- (L. 2024 S.B. 1359)

361.903. Purpose. — Sections 361.900 to 361.1035 are designed to replace existing state money transmission laws currently codified in law and to: (1) Ensure states may coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and…

361.906. Definitions. — For purposes of sections 361.900 to 361.1035, the following terms shall mean: (1) "Acting in concert", persons knowingly acting together with a common goal of jointly acquiring control of a licensee, regardless of whether under an express agreement; (2) "A…

361.909. Exemptions. — Sections 361.900 to 361.1035 shall not apply to: (1) An operator of a payment system to the extent that it provides processing, clearing, or settlement services between or among persons exempted under this section or licensees in connection with wire transf…

361.912. Authority to require demonstration of exemption. — The director may require that any person claiming to be exempt from licensing under section 361.909 provide information and documentation to the director demonstrating that the person qualifies for any claimed exemption.…

361.915. Implementation. — 1. In order to carry out the purposes of sections 361.900 to 361.1035, the director may, subject to the provisions of subsections 1 and 2 of section 361.918: (1) Enter into agreements or relationships with other government officials or federal and state…

361.918. Confidentiality. — 1. Except as otherwise provided in subsection 2 of this section, all information or reports obtained by the director from an applicant, licensee, or authorized delegate and all information contained in or related to an examination, investigation, opera…

361.921. Supervision. — 1. The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by sections 361.900 to 361.1035 or by a rule adopted or order issued under sections 361.900 to 361.1035 as reas…