Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

361.924. Networked supervision. — 1. To efficiently and effectively administer and enforce sections 361.900 to 361.1035 and to minimize regulatory burden, the director is authorized to participate in multistate supervisory processes established between states or coordinated throu…

361.927. Relationship to federal law. — 1. In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of sections 361.900 to 361.1035 and the federal law governing money transmission shall be governed by the applica…

361.930. License required. — 1. A person shall not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under sections 361.900 to 361.1035. 2. Subsection 1 of this section shall not ap…

361.933. Consistent state licensing. — 1. To establish consistent licensing between this state and other states, the director is authorized to: (1) Implement the licensing provisions of sections 361.900 to 361.1035 in a manner that is consistent with other states that have adopte…

361.936. Application for licensing. — 1. Applicants for a license shall apply in a form and in a medium as prescribed by the director. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the director and may be changed or updated by…

361.939. Information requirement for certain individuals. — 1. Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the director through NMLS the following: (1) The individual's …

361.942. Issuance of license. — 1. If an application for an original license under sections 361.900 to 361.1035 appears to include all the items and addresses and all of the matters that are required, the application is complete and the director shall promptly notify the applican…

361.945. Renewal of license. — 1. A license under sections 361.900 to 361.1035 shall be renewed annually. An annual renewal fee, to be determined by the director, shall be paid no more than sixty days before the license expiration. The renewal term shall be for a period of one ye…

361.948. Maintenance of license. — 1. If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the director may suspend or revoke the licensee's license in accordance with the procedure…

361.951. Acquisition of control. — 1. Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the director prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not …

361.954. Notice and information requirements for a change of key individuals. — 1. A licensee adding or replacing any key individual shall: (1) Provide notice in a manner prescribed by the director within fifteen days after the effective date of the key individual's appointment; …

361.957. Report of condition. — 1. Each licensee shall submit a report of condition within forty days of the end of the calendar quarter or within any extended time as the director may prescribe. 2. The report of condition shall include: (1) Financial information at the licensee …

361.960. Audited financials. — 1. Each licensee shall, within ninety days after the end of each fiscal year or within any extended time as the director may prescribe, file with the director: (1) An audited financial statement of the licensee for the fiscal year prepared in accord…

361.963. Authorized delegate reporting. — 1. Each licensee shall submit a report of authorized delegates within forty-five days of the end of the calendar quarter. The director is authorized to utilize NMLS for the submission of the report required under this section, provided th…

361.966. Reports of certain events. — 1. A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events: (1) The filing of a petition by or against the licensee under the United State…

361.969. Bank Secrecy Act reports. — A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertainin…

361.972. Records. — 1. A licensee shall maintain the following records for determining its compliance with sections 361.900 to 361.1035 for at least three years: (1) A record of each outstanding money transmission obligation sold; (2) A general ledger posted at least monthly cont…

361.975. Relationship between licensee and authorized delegate. — 1. As used in this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. 2. B…

361.978. Unauthorized activities. — A person shall not engage in the business of money transmission on behalf of a person not licensed under sections 361.900 to 361.1035 or not exempt under sections 361.909 and 361.912. A person that engages in such activity provides money transm…

361.981. Prohibited authorized delegates. — 1. The circuit court in an action brought by a licensee shall have jurisdiction to grant appropriate equitable or legal relief, including without limitation prohibiting the authorized delegate from directly or indirectly acting as an au…

361.984. Timely transmission. — 1. Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may b…

361.987. Refunds. — 1. This section shall not apply to: (1) Money received for transmission subject to the federal Remittance Rule, 12 CFR Part 1005, Subpart B, as amended or recodified from time to time; or (2) Money received for transmission under a written agreement between th…

361.990. Receipts. — 1. This section shall not apply to: (1) Money received for transmission subject to the federal Remittance Rule, 12 CFR Part 1005, Subpart B, as amended or recodified from time to time; (2) Money received for transmission that is not primarily for personal, fa…

361.996. Disclosures for payroll processing services. — 1. A licensee that provides payroll processing services shall: (1) Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (2) Make available worker p…

361.999. Net worth. — 1. A licensee under sections 361.900 to 361.1035 shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for …

362.010. Definitions. — When used in this chapter, the term: (1) "Aggregate demand deposits" means the deposit against which reserves must be maintained by banks and trust companies and includes total deposits, all amounts due to banks, bankers and trust companies, the amount due…

362.011. Trust business not engaged in, when — prohibition on use of words "trust company", when. — 1. For the purposes of this chapter, a person does not engage in the trust business by: (1) The rendering of fiduciary services by an attorney-at-law admitted to the practice of la…

362.015. No private banks shall be established — who may incorporate — when. — 1. From and after the passage of this law no private banks shall be established in this state. 2. When authorized by the finance director as provided in section 362.035 any five or more persons who sha…

362.020. Articles of agreement — contents. — 1. The articles of agreement mentioned in this chapter shall set out: (1) The corporate name of the proposed corporation. The corporate name shall not be a name, or an imitation of a name, used within the preceding fifty years as a cor…

362.023. Trust company may refuse demand deposits by its articles of incorporation, effect of. — 1. Other provisions of the law to the contrary notwithstanding, the articles of agreement of any trust company may preclude the acceptance of demand deposits, in which case the proced…

362.025. Articles of agreement to be filed. — The articles of agreement shall be signed and acknowledged by the parties thereto and shall be filed with the director of finance. If the director finds the articles to be improperly drawn, he or she shall immediately return them to t…

362.030. Director to examine as to character and capital. — 1. When any bank or trust company has filed with the director its articles of agreement, paid all incorporation and other fees in full, as required by law and provided the cash required by law, the director, before the b…

362.034. Marijuana facilities, request for certain agencies to share information with banking institutions — procedure. — 1. Any entity that operates as a facility licensed or certified under Article XIV of the Constitution of Missouri may request in writing that a state or local…

362.035. Certificate of incorporation — issuance — to be filed. — 1. In case the director shall find all the provisions of the law have been complied with and shall have satisfied himself or herself by such investigation as to the facts as above provided, he or she shall grant a …

362.040. Notice of refusal of certificate — appeal. — In case the director shall not be satisfied, as the result of the examination, that the character, responsibility and general fitness of the persons named in the articles of agreement are up to the standard above provided, or …

362.042. Restated articles of incorporation may be amended at time of restatement, manner. — 1. Any bank or trust company may at any time restate its articles of agreement as theretofore amended, in the following manner: (1) The directors may adopt a resolution setting forth the …

362.044. Stockholders' meetings — notice — business by proxy, cancellation of meetings. — 1. Stockholders' meetings may be held at such place, within this state, as may be prescribed in the bylaws. In the absence of any such provisions, all meetings shall be held at the principal…

362.046. Bylaws, who may make, amend or repeal. — The power to make, alter, amend, or repeal the bylaws of the bank or trust company shall be vested in the board of directors, unless and to the extent that this power is reserved to the stockholders by the bylaws or the articles o…

362.048. Emergency bylaws — when. — 1. The board of directors of any bank or trust company may adopt emergency bylaws, subject to repeal or change by action of the stockholders or directors as may be provided in the articles of agreement, which shall, notwithstanding any differen…

362.050. Cash capital required. — 1. The amount of cash capital required of such bank or trust company shall amount to not less than: (1) Fifty thousand dollars if the place where its business is to be transacted is an unincorporated or incorporated village or town the population…

362.055. Capital stock — par value. — The capital stock of such corporation shall be divided into shares having a par value. ­­-------- (RSMo 1939 § 7945, A.L. 1959 H.B. 144, A.L. 1963 p. 448, A.L. 1967 p. 445) Prior revisions: 1929 § 5349; 1919 § 11732; 1909 § 1097

362.060. Change of par value — notice of meeting — when change effective. — 1. The par value of the shares of the corporation may be changed by the stockholders at either a special or annual meeting of the stockholders. 2. Notice of the proposed change shall be given as provided …

362.063. Power to close transfer books. — The board of directors may close the transfer books of any bank or trust company for a period not exceeding fifty days preceding the date of any meeting of stockholders or the date of payment of any dividend or the date for the allotment …

362.067. Stock option plan for officers and employees — increase in shares — consideration. — 1. Every bank or trust company incorporated under the laws of this state may, pursuant to this section, grant options to purchase, and issue and sell, shares of its capital stock to its …

362.070. Compensation for organizing bank or trust company prohibited — penalty. — 1. No individual, partnership, unincorporated association or corporation shall, directly or indirectly, receive or contract to receive any commission, compensation, bonus, right or privilege of any…

362.073. Certain stock transfers or voting control changes must be reported to director of finance. — The president, or the officer to whom he delegates the responsibility, shall notify the director of finance not later than the business day next following the day on which any sh…

362.075. Issuance and sale of preferred stock shares — subject to director's approval. — Notwithstanding any other provision of the laws of this state governing the organization, incorporation, management, and control of corporations, and more particularly the organization, incor…

362.077. Certain bank holding companies may not charter de novo bank or national bank, exceptions — purpose of law — severability clause. — 1. Notwithstanding any provisions of law to the contrary, a bank holding company all of whose bank subsidiaries' operations were conducted i…

362.078. Industrial loan companies and banks prohibited from maintaining facilities for banking purposes, definitions. — Notwithstanding any other provision of law to the contrary, an industrial loan company or industrial bank is prohibited from establishing or maintaining any de…

362.080. Stockholders may authorize issuance and sale, when — manner. — The issuance and sale of its shares of preferred stock by any corporation to which sections 362.075 to 362.100 apply may be authorized at any annual meeting of its stockholders, or at any special meeting ther…