Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

369.359. Foreign association doing business in state must comply with regulation by division of finance. — No foreign association or foreign holding company shall transact the business of a savings association within this state, or maintain an office in this state for the purpose…

369.361. Foreign associations adjoining states and principal business outside state, requirements to do business — principal business, how determined — control, defined. — 1. Notwithstanding any law to the contrary, foreign associations which conduct their principal operations in…

369.364. Federal associations may have same powers as state associations. — Unless federal laws or regulations provide otherwise, federal savings associations with principal offices located within this state and the members, stockholders, and deposit account owners thereof shall …

369.367. Other provisions of law, applicable, when. — When not in direct conflict with or superseded by specific provisions of this chapter, or other provisions applicable to savings and loan associations, the provisions of chapter 351 shall extend to associations organized or op…

369.369. Penalty for false statement or certificate. — If any statement or certificate which is required by sections 369.010 to 369.369 is false, any person who with knowledge of such falsity willfully swears to such statement or certificate is guilty of perjury, and upon convict…

369.371. Costs of reproducing records — costs of appearing in court or deposition — limitation of liability. — 1. Any person requesting association records by subpoena in a civil court case shall reimburse the association fifteen dollars plus a fee of thirty-five cents per page f…

369.670. Definitions. — For purposes of this chapter, the following terms mean: (1) "Association", shall also include a savings bank chartered or converted pursuant to the provisions of sections 369.670 to 369.714; (2) "Director", shall refer to the director of the division of fi…

369.675. Savings bank, establishment — articles of agreement, requirements. — 1. When authorized by the director, any five or more persons who associate themselves by written articles of agreement, as provided by law, for the purpose of establishing a savings bank, may be incorpo…

369.678. Articles of agreement, requirements, filing, director's duties — recording of articles, where. — The articles of agreement shall be signed and acknowledged by the parties to the articles of agreement, and shall be filed with the director. If the director finds the articl…

369.684. Examination required, expenses. — 1. When any savings bank has filed with the director proper copies of its articles of agreement, paid the incorporation and other fees in full, and provided the cash, as required by law, the director, before the savings bank completes it…

369.689. Certificate of organization, recorded. — 1. If the director finds that all the provisions of the law have been complied with, the director shall grant a certificate setting forth that such savings bank has been duly organized and the amount of its capital subscribed and …

369.695. Powers of savings bank — taxed, how. — 1. The powers of a savings bank shall be limited to those of a bank or trust company pursuant to chapter 362. Where such powers may be exercised only upon obtaining the approval of the director, the procedures and standards in chapt…

369.699. Limits on investment. — 1. A savings bank may not invest more than forty percent of its total assets in commercial loans. A commercial loan is a loan for business, commercial, corporate or agricultural purposes. 2. A savings bank shall maintain at least fifteen percent o…

369.703. Merger — conversion — trust powers — director's powers. — 1. A savings bank may merge with or convert its charter to that of a bank pursuant to the provisions of section 369.087, to the same extent as if it were an association. 2. A savings bank may exercise trust powers…

369.705. Definitions — savings banks merger with nonbank subsidiaries or nonbank affiliates — procedure. — 1. As used in this section, the following terms mean: (1) "Nonbank affiliate", any nonbank business entity of which a bank holding company or bank savings and loan holding c…

369.708. Law to apply. — A savings bank shall follow the provisions of chapter 361 and chapter 362 as if it were a bank organized pursuant to those chapters for the following: (1) To apply for and to operate branch offices; (2) To purchase real estate or organize subsidiary corpo…

369.714. Conversion, consolidation, merger. — 1. Any association or federal association may be converted into a savings bank pursuant to the laws of the state of Missouri. Such savings bank shall be located in the city or town in which the converting association or federal associ…

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 …