Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

370.005. Definitions. — As used in sections 370.005 to 370.400, the following terms mean: (1) "Credit union", a not-for-profit corporation organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, pr…

370.006. Division of credit unions created — transfer — salary of director. — There is hereby created a "Division of Credit Unions", to be headed by a director appointed by the governor with the advice and consent of the senate. The division of credit unions with all of its power…

370.010. Credit union, how organized. — Any seven persons, residents of the state of Missouri, may apply to the director of the division of credit unions, for permission to organize a credit union by signing and acknowledging a certificate of organization and entering into articl…

370.020. Certificate of organization, contents — membership shares, minimum, maximum par value. — The certificate of organization shall state: (1) The name of the proposed credit union and the city, town, or village in which its business office is located; (2) The names and addre…

370.030. Bylaws, contents. — At the time of filing the certificate with the director of the division of credit unions, the organizers shall submit the bylaws with acknowledgment of their adoption by the organizers which shall provide: (1) For the annual meeting, which shall take …

370.040. Approval by director, certificate, provisional issuance, fee, examination. — 1. The director may approve the certificate of organization, if it is in conformity with this chapter and the bylaws, if satisfied that the proposed field of operation is favorable to the succes…

370.050. Change of business location — notice — approval required. — If a credit union changes its place of business within a county, it shall notify the director promptly of the change of address. A credit union may change its place of business from one county to another within …

370.060. Amendments to bylaws, effective when. — No amendment to the bylaws shall become operative until approved by the director of the division of credit unions and until a certified copy has been filed as original bylaws are filed. ­­-------- (RSMo 1939 § 5522, A.L. 1945 p. 71…

370.061. Credit union commission, created, members, term, compensation — credit union representative defined. — 1. There is created in the division of credit unions a "Credit Union Commission" which shall have such powers and duties as are now or hereafter conferred upon it by la…

370.062. Duties. — The credit union commission shall: (1) Approve or disapprove each regulation proposed by the director of the division of credit unions; (2) Hear and determine any appeal from an order or decision by the director of the division of credit unions pertaining to th…

370.063. Appeals — rules — nonseverability clause. — 1. An appeal pursuant to subdivision (2) of section 370.062, shall be perfected by filing with the director of the division of credit unions within fifteen days after notice of the director's decision is mailed, a notice of app…

370.070. Powers of a credit union. — A credit union has the following powers: (1) To receive the savings of its members in payment for shares; and in addition to membership shares and general shares, there may also be created various classes of special shares, which special share…

370.071. Additional powers of a credit union — membership fee allowed, when. — A credit union may have the following additional powers: (1) To contract for group insurance plans, approved by the state of Missouri, on behalf of members electing to participate in such insurance pro…

370.072. Safe deposit boxes, to have same rights, powers and duties as bank and trust companies. — All credit unions regulated by this chapter shall have the same rights, powers and duties relating to safe deposit boxes as provided to banks and trust companies in chapter 362. ­­-…

370.073. Fee or service charge authorized, when. — 1. A credit union may impose fees or service charges on deposit accounts or similar accounts; however, such fees or service charges are subject to such conditions or requirements that may be fixed by regulations pursuant to this …

370.075. Investment of credit union funds. — 1. A credit union by action of its board of directors or the executive committee of the board of directors or an investment committee of the credit union, if the power has been delegated to either committee, may invest its funds in any…

370.080. Membership of credit union, membership shares not to be pledged as security for loans. — 1. The membership shall consist of the organizers and such persons, societies, associations, copartnerships and corporations as have been duly elected to membership and have subscrib…

370.081. Merger and consolidation of credit unions — additional member groups and geographic areas — appeals. — 1. A credit union may add to its membership additional groups or geographic areas that comply with the provisions of subsection 2 of section 370.080 if the credit union…

370.082. Retroactive applicability. — 1. Notwithstanding any law or court decision to the contrary, all credit unions shall have the right to continue to include in their field of membership all persons, groups and geographic areas that were included or were applied for as of Apr…

370.085. Membership shares, uses — valuation — withdrawal — redemption — dividends. — 1. Membership shares may, with the approval of the director of the division of credit unions, be utilized to fulfill required reserves, operating deficiencies, and satisfy the contractual arrang…

370.088. Branches required to be located in geographic area of the credit union. — Any geographic area credit union-owned branch where deposits or shares are accepted for member's accounts, loan applications are accepted, or loans are disbursed shall be located in the geographic …

370.090. Operation without having filed certificate of approval prohibited. — No credit union shall operate in this state until it has filed with the secretary of state a copy of the certificate of approval issued to it by the director of the division of credit unions. ­­--------…

370.100. Division director — powers — qualifications — examiners and assistants. — 1. There is created within the state department of commerce and insurance, a director of the division of credit unions who shall have exclusive supervision of all credit unions operating under the …

370.101. Oath required, when — conflict of interest, when — administrative subpoena powers. — 1. The director of the division of credit unions and all employees of the division of credit unions, which term shall, for purposes of this section, include special agents, shall, before…

370.102. Confidentiality oath required, exceptions — confidentiality of information. — 1. To ensure the integrity of the examination process, the director of the division of credit unions and all employees of the division of credit unions, and its special agents, shall be bound u…

370.107. Annual fee — how computed — division of credit unions fund, created, uses — salary schedule of division employees to be maintained. — 1. Every credit union organized pursuant to section 370.010 and operating pursuant to the laws of this state shall pay to the department …

370.110. Reports — when — penalty for late, inaccurate or incomplete. — 1. Each credit union shall make a report of its condition, verified by the president or the president's designee, as required by the federal credit union insurer and at such other times as the director of the…

370.120. Annual examination or audit report, exception — subpoena power. — 1. The director of the division of credit unions, in person or by his or her agents, shall examine each credit union annually and at other times as he or she shall direct, and at all times shall have free …

370.121. Examination report to be sent to credit unions for corrections and suggestions before final — file to be maintained. — The director shall send a copy of the proposed final examination report to the examined credit union within at least thirty days before the final adopti…

370.130. Penalty for noncompliance. — 1. If any credit union neglects for thirty days to make the required reports or to pay the required charges, including charges for delay in filing reports, the director shall notify such credit union of his or her intention to revoke its cert…

370.140. Director, cease and desist orders — grounds — hearing — procedure — review, temporary orders. — 1. (1) The director may issue cease and desist orders whenever it appears to him, upon competent and substantial evidence from any report or examination, that any person: (a) …

370.150. Director may order suspension, possession, reorganization, merger, consolidation, liquidation — when, procedure. — 1. The director of the division of credit unions may, without notice, notwithstanding the provisions of section 370.140, suspend the charter or take possess…

370.151. Reorganization — approval — procedure, failure — liquidation. — 1. The director may call a special meeting of the members to consider and act upon a plan of reorganization; but he or she may at his or her option require the president or secretary to do so. Notice of the …

370.154. Powers of receiver. — 1. The director or other suitable person, while acting as temporary or permanent receiver of a credit union, may compromise and settle, under such general or specific authority as may be granted by order of the court, any and all debts owing by or c…

370.156. Withdrawal applications voided, when. — When the director takes charge of a credit union, all notices or applications of members for withdrawal of shares theretofore filed shall thereafter be of no force and effect; and any distribution to members of capital shall be pro…

370.157. Director may remove officers, procedure. — 1. Whenever it shall appear to the director, from any examination made by him or her or her or his examiners, that any director, officer, or any other person participating in the conduct of the affairs of a credit union subject …

370.158. Court may approve or modify reorganization or merger plan. — 1. The director may submit to the court for approval, modification or disapproval any proposed reorganization or merger of the credit union with another credit union. 2. The court may submit the proposed reorga…

370.160. Fiscal year. — The credit union fiscal year shall end at the close of business on the thirty-first day of December. ­­-------- (RSMo 1939 § 5527, A.L. 1945 p. 689, A.L. 1979 S.B. 24) Prior revision: 1929 § 5085

370.161. Notice of intention to remove, contents, procedure. — A notice of intention to remove a director, officer, or other person from office or to prohibit his or her participation in the conduct of the affairs of a credit union shall contain a statement of the facts constitut…

370.162. Appeal to circuit court, when. — Within ten days after any director, officer, or other person has been suspended from office, prohibited from participation in the conduct of the affairs of a credit union, or both, under subsection 3 of section 370.157, such director, off…

370.163. Suspension of director or officer permitted, when, procedure. — Whenever a director or officer of a credit union, or other person participating in the conduct of the affairs of such credit union, is charged in any information or complaint authorized by a prosecuting atto…

370.164. Suspension, effect on board of directors, procedure. — If at any time because of the suspension of one or more directors under sections 370.157 or 370.161 to 370.165 there shall be on the board of directors of a credit union less than a quorum of directors not so suspend…

370.165. Effective date of notice of suspension. — A notice of suspension or order of removal issued under this chapter shall become effective immediately but any director, officer, or other person concerned may, within thirty days of service of any notice of suspension or order …

370.170. Meetings and special meetings, voting — proxies, when — action at meeting. — 1. Special meetings of the members may be held by order of the board of directors, or the supervisory committee, and shall be held on request of ten percent of the members. 2. At all meetings a …

370.180. Board of directors, committees — election — terms — oath. — 1. At the annual meeting the members shall elect a board of directors and, if the bylaws so provide, a credit committee and a supervisory committee. If the bylaws so provide, a supervisory committee may be appoi…

370.190. Directors to elect officers — duties established by board or bylaws. — 1. At its first meeting following the annual membership meeting, the board of directors shall elect from their own number a chair of the board of directors, a vice chair, a secretary and a treasurer; …

370.200. Duties of board — telephone or electronic participation at meetings. — 1. The board of directors shall have the general management of the affairs, funds, and records of the corporation, and unless they shall be specifically reserved to the members or delegated to the pre…

370.210. Compensation not allowed for board of directors — approval of other salaries required. — 1. No member of the board of directors or of the credit or supervisory committees shall receive any compensation for his services as a member of the board or committee. 2. No salary …

370.220. Duties of credit committee — credit manager authorized, delegation of loan authority — appeal from decision — extension of credit, when. — 1. The credit committee or, if authorized, credit manager shall follow the bylaws, policies, and procedures established by the board…

370.230. Powers and duties of supervisory committee. — 1. The supervisory committee shall make, or cause to be made, an examination of the affairs of the credit union, at least annually, including its books and accounts, and shall make, or cause to be made, a verification of memb…