Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

361.005. Definitions, chapters 361, 362, and 369. — As used in chapter 362 and chapter 369 and this chapter, unless the context clearly indicates otherwise, the following terms mean: (1) "Foreign bank", the meaning set forth in section 1(b) of the International Banking Act of 197…

361.010. Division of finance created — location of office — transfer of division. — 1. There is hereby created a "State Division of Finance", which shall be under the management and control of a chief officer who shall be called the "Director of Finance". 2. The director of finan…

361.020. Powers of division. — 1. The division of finance shall have charge of the execution of the laws relating to banks, trust companies, and the banking business of this state; of the laws relating to persons and entities engaged in the small loan or consumer credit business …

361.030. Seal — recording of documents. — 1. The director of finance shall devise and provide a seal for the division of finance which shall continue to be the seal of the division. The description of the seal, with an impression thereof, shall be filed in the office of the secre…

361.040. Director — appointment — term of office. — The director of finance shall be appointed by the governor, by and with the advice and consent of the senate, and shall hold his office at the pleasure of the governor. ­­-------- (RSMo 1939 § 7877, A.L. 1967 p. 445) Prior revis…

361.050. Director — qualifications. — No person shall be eligible for the office of director of finance, unless he shall first have had at least five years' actual practical experience in a general banking business, or shall have served for a like period of time in the division h…

361.060. Deputy director — appointment — qualifications — duties. — 1. The director of finance, with the approval of the governor, shall appoint a deputy director of finance and such examiners, assistant examiners and other assistants as, subject to the approval of the governor, …

361.070. Director and employees — oath — bond — prohibited acts — professional conduct policy — powers of director. — 1. The director of finance and all employees of the division of finance, which term shall, for purposes of this section and section 361.080, include special agent…

361.080. Confidential information — exceptions — penalty for disclosure. — 1. To ensure the integrity of the examination process, the director of finance and all employees of the division of finance shall be bound under oath to keep secret all facts and information obtained in th…

361.090. Compensation and travel expenses, how paid. — Salaries of employees of the division of finance shall be paid out of the state treasury as provided by law. The actual and necessary traveling and other divisional or office expenses of the director of finance, the deputy di…

361.092. State banking and savings and loan board created. — There is hereby created a "State Banking and Savings and Loan Board" which shall have such powers and duties as are conferred upon it by law. The state banking and savings and loan board with all of its powers, duties, …

361.093. Board to advise and recommend. — The state banking and savings and loan board shall advise the director of finance as to the proper administration of his office and the banking laws of this state and make recommendations to the general assembly as to changes in these law…

361.094. Board to determine appeals — procedure — hearing officer authorized. — 1. The state banking and savings and loan board shall with reasonable promptness hear and by order determine all appeals permitted by law from refusals of the director of finance to grant certificates…

361.095. Procedure on appeals — costs — parties — judicial review. — 1. The state banking and savings and loan board shall make rules and regulations, consistent with applicable law, for the proceedings in connection with the appeals provided for in section 361.094. No rule or po…

361.096. Board may subpoena witnesses at hearings — oaths — enforcement of subpoena or testimony. — 1. At any hearing provided for in section 361.094, the state banking and savings and loan board, or any member thereof, shall have power to administer oaths. 2. In connection with …

361.097. Board members, appointment, qualifications, terms. — 1. The state banking and savings and loan board shall consist of five members who shall be appointed by the governor, the senate concurring. No person shall be eligible for appointment unless he or she is a resident of…

361.098. Board members, compensation — quorum of board — meetings — seal. — 1. The members of the state banking and savings and loan board shall receive as compensation for their services the sum of one hundred dollars per day while discharging their duties, and shall be entitled…

361.100. Deposits in state treasury. — 1. The state director of revenue shall deposit in the state treasury to the credit of the state division of finance fund: (1) All fees for original incorporation or for increasing the capital of any corporation under the supervision of the f…

361.1002. Surety bond. — 1. An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the director. 2. The amount of the required security shall be: (1) The greater of on…

361.1005. Maintenance of permissible investments. — 1. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its ou…

361.1008. Types of permissible investments. — 1. The following investments are permissible under section 361.1005: (1) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally insured depository …

361.1011. Enforcement. — 1. The director may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if: (1) The licensee violates sections 361.900 to 361.1035 or a rule adopted or an order issued under sections 361.900 to 361.1035; (2)…

361.1014. Suspension and revocation of authorized delegates. — 1. The director may issue an order suspending or revoking the designation of an authorized delegate, if the director finds that: (1) The authorized delegate violated sections 361.900 to 361.1035 or a rule adopted or a…

361.1017. Orders to cease and desist. — 1. If the director determines that a violation of sections 361.900 to 361.1035 or of a rule adopted or an order issued under sections 361.900 to 361.1035 by a licensee or authorized delegate is likely to cause immediate and irreparable harm…

361.1020. Consent orders. — The director may enter into a consent order at any time with a person to resolve a matter arising under sections 361.900 to 361.1035 or a rule adopted or order issued under sections 361.900 to 361.1035. A consent order shall be signed by the person to …

361.1023. Criminal penalties. — 1. A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under sections 361.900 to 361.1035 or that intentionally makes a false entry or omits a material entry …

361.1026. Civil penalties. — The director may assess a civil penalty against a person that violates sections 361.900 to 361.1035 or a rule adopted or an order issued under sections 361.900 to 361.1035 in an amount not to exceed one thousand dollars per day for each day the violat…

361.1029. Unlicensed persons. — 1. If the director has reason to believe that a person has violated or is violating section 361.930, the director may issue an order to show cause why an order to cease and desist shall not be issued requiring that the person cease and desist from …

361.1032. Uniformity of application and construction. — In applying and construing sections 361.900 to 361.1035, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. ­­-------- (L. 2024 S.B. 1359)…

361.1035. Transition period. — 1. A person licensed in this state to engage in the business of money transmission shall not be subject to the provisions of sections 361.900 to 361.1035 to the extent that they conflict with current law or establish new requirements not imposed und…

361.105. Director of finance authorized to issue rules with approval of state banking and savings and loan board — rulemaking procedure. — 1. The director of finance, with the approval of the state banking and savings and loan board, shall have power to adopt, promulgate, amend a…

361.106. Bulletins and industry letters — definitions — issued when — written request, contents — confidentiality — publication of letters, when. — 1. For purposes of this section, the following terms mean: (1) "Bulletin", an informal written communication to inform or educate in…

361.110. Report of work of division, contents — retention of statements. — 1. On Monday of each week or, if Monday is a holiday, the next day that is not a holiday, the director of finance shall post by five o'clock p.m. on a publicly accessible website of the division of finance…

361.1100. Citation — definitions — virtual currency kiosk information, confidentiality — compliance — operator disclosures, notice — receipt requirements — antifraud measures — enhanced due diligence policy — officers — report — rules. — 1. This section shall be known and may be …

361.120. Preservation of records — report to governor — destruction of records, when. — 1. The director of finance shall preserve all records, reports and papers of every kind pertaining to the division of finance for a period of ten years, and shall permanently preserve all reco…

361.130. Reports to director — information accepted in lieu of reports. — 1. The director shall require all financial institutions under his or her supervision to make regular periodic reports of their condition to him or her, and in addition the director may require special repo…

361.150. Acceptance of gifts or favors prohibited. — It shall be unlawful for any director, deputy, examiner, clerk or special agent to accept as presents or emoluments any pay or other valuable thing by way of gift, credit or otherwise, directly or indirectly, for the discharge …

361.160. Examination of banks and trust companies. — 1. The director of finance at least once each year, either personally or by a deputy or examiner appointed by the director, shall visit and examine every bank and trust company organized and doing business under the laws of thi…

361.170. Expenses of examination, how paid — salary schedule for division employees to be maintained — division of finance fund, created, uses, transfers to general revenue fund, when. — 1. The expense of every regular and every special examination, together with the expense of a…

361.180. False report of corporation solvency. — 1. If the director, any deputy or examiner knowingly and wrongfully reports any corporation as solvent when it is insolvent or insolvent when it is solvent, any person injured thereby shall have a right of action on the official bo…

[Repealed or reserved.]

361.200. Unclaimed deposits, dividends and interest — deposit by director in trust — preference. — 1. The director may take and hold as trustee for the owners thereof any sums which remain due to and unclaimed by any creditor, depositor, stockholder or shareholder of any corporat…

361.220. Index of persons entitled to unclaimed sums — payment to persons entitled. — 1. The director shall keep in his office an index of the names of all persons for whom he holds in trust any unclaimed deposits, dividends or interest and of the names of all persons reported to…

361.230. Branch offices — approval — certificate. — 1. Upon receipt by the director of a written application for leave to open a branch office from a corporation authorized by law to open branch offices, he or she shall make such investigation as he or she may deem necessary to a…

361.240. Director's approval — discretion — filing — written waivers required. — 1. In any case in which the law makes the approval of the director a condition precedent to the doing of any act, unless otherwise provided by law, it shall lie within his sound discretion to grant o…

361.250. Extensions of time by director. — For satisfactory cause to him shown, the director of finance may grant extensions of time to corporations to which this chapter is applicable, as follows: (1) He or she may extend for not more than one year the time within which any such…

361.259. Director's powers extend to out-of-state banks operating in Missouri. — The director's powers in sections 361.260 to 361.269 and the procedures described in such sections shall apply to any out-of-state bank which operates a Missouri branch to the same extent such powers…

361.260. Violations, director to serve written notice of charges — hearing, temporary orders, when — orders set aside, procedure — penalty. — 1. Whenever the director shall have reason to believe that the capital stock of any corporation subject to the provisions of this chapter …

361.261. Authority to issue orders — includes certain other powers. — 1. The authority to issue an order under section 361.260 which requires a corporation or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such corporation t…

361.262. Removal or suspension from office, grounds — written notice of intention, effective when — served on whom. — 1. Whenever it shall appear to the director, from any examination or investigation made by the director or the director's examiners, that: (1) Any director, offic…