Effective - 10 Jul 2012, 3 histories
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 agents, shall, before entering upon the discharge of their duties, take the oath of office prescribed by the constitution, and, in addition, take an oath that they will not reveal the conditions or affairs of any financial institution or any facts pertaining to the same, that may come to their knowledge by virtue of their official positions, unless required by law to do so in the discharge of the duties of their offices or when testifying in any court proceeding. For purposes of this section and section 361.080, "financial institution" shall mean any entity subject to chartering, licensing, or regulation by the division of finance.
2. The director of finance and all employees of the division of finance shall further execute to the state of Missouri good and sufficient bonds with corporate surety, to be approved by the governor and attorney general, conditioned that they will faithfully and impartially discharge the duties of their offices, and pay over to the persons entitled by law to receive it, all money coming into their hands by virtue of their offices. The principal amount of bond applicable to each employee shall be determined by the state banking and savings and loan board. The bond, after approval by the governor and attorney general, shall be filed with the secretary of state for safekeeping. The bond premiums, not to exceed one percent on the amount thereof, shall be paid out of the state treasury in the same manner as other expenses of the division.
3. Neither the director of finance nor any employees of the division of finance who participate in the examination of any bank or trust company, or who may be called upon to make any official decision or determination affecting the operation of any bank or trust company, other than the members of the state banking and savings and loan board who are required to have experience managing a bank or association as defined in chapter 369, shall be an officer, director, attorney, owner, or holder of stock in any bank or trust company or any bank holding company as that term is defined in section 362.910, nor shall they receive, directly or indirectly, any payment or gratuity from any such organization, nor engage in the negotiation of loans for others with any state bank or trust company, nor be indebted to any state bank or trust company.
4. The director of the division of finance shall establish an internal policy to ensure the professional conduct of employees of the division of finance who participate in the examination of any person or entity under the jurisdiction of the director of the division of finance, or who may be called upon to make any official decision or determination affecting the operation of any person or entity under the jurisdiction of the director of the division of finance. The policy shall address such matters deemed appropriate by the director of the division of finance, including, but not limited to, procedures to address and mitigate the conflict of interest presented by offers of employment or negotiations regarding employment between an employee of the division and any person or entity under the jurisdiction of the director of the division of finance.
5. The director of finance, in connection with any examination or investigation of any person, company, or event, shall have the authority to compel the production of documents, in whatever form they may exist, and shall have the authority to compel the attendance of and administer oaths to any person having knowledge of any issue involved with the examination or investigation. The director may seek judicial enforcement of an administrative subpoena by application to the appropriate court. An administrative subpoena shall be subject to the same defenses or subject to a protective order or conditions as provided and deemed appropriate by the court in accordance with the Missouri supreme court rules.
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(RSMo 1939 § 7882, A. 1949 H.B. 2084, A.L. 1967 p. 445, A.L. 1988 H.B. 1204, A.L. 2005 H.B. 707, A.L. 2011 H.B. 464, A.L. 2012 H.B. 1400, A.L. 2012 H.B. 1400)
Prior revisions: 1929 § 5288; 1919 § 11675; 1909 § 1075
Effective 7-10-12
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 361 - Division of Finance and Powers of Director of Finance
Section 361.005 - Definitions, chapters 361, 362, and 369.
Section 361.010 - Division of finance created — location of office — transfer of division.
Section 361.020 - Powers of division.
Section 361.030 - Seal — recording of documents.
Section 361.040 - Director — appointment — term of office.
Section 361.050 - Director — qualifications.
Section 361.060 - Deputy director — appointment — qualifications — duties.
Section 361.080 - Confidential information — exceptions — penalty for disclosure.
Section 361.090 - Compensation and travel expenses, how paid.
Section 361.092 - State banking and savings and loan board created.
Section 361.093 - Board to advise and recommend.
Section 361.094 - Board to determine appeals — procedure — hearing officer authorized.
Section 361.095 - Procedure on appeals — costs — parties — judicial review.
Section 361.097 - Board members, appointment, qualifications, terms.
Section 361.098 - Board members, compensation — quorum of board — meetings — seal.
Section 361.100 - Deposits in state treasury.
Section 361.110 - Report of work of division, contents — retention of statements.
Section 361.120 - Preservation of records — report to governor — destruction of records, when.
Section 361.130 - Reports to director — information accepted in lieu of reports.
Section 361.150 - Acceptance of gifts or favors prohibited.
Section 361.160 - Examination of banks and trust companies.
Section 361.180 - False report of corporation solvency.
Section 361.190 - Claims entitled to priority, liquidation or insolvency.
Section 361.220 - Index of persons entitled to unclaimed sums — payment to persons entitled.
Section 361.230 - Branch offices — approval — certificate.
Section 361.240 - Director's approval — discretion — filing — written waivers required.
Section 361.250 - Extensions of time by director.
Section 361.259 - Director's powers extend to out-of-state banks operating in Missouri.
Section 361.261 - Authority to issue orders — includes certain other powers.
Section 361.266 - Stay of suspension or prohibition, procedure.
Section 361.270 - Report to attorney general and action by him in certain cases.
Section 361.280 - Proceedings in name of director for violations of the provisions of this chapter.
Section 361.290 - Penalty for neglect of duty or misfeasance or malfeasance in office.
Section 361.300 - Director may take possession of property of corporation.
Section 361.310 - Information to prosecuting attorney.
Section 361.320 - Director may maintain action against officers, when.
Section 361.330 - Corporation not to make assignment — duty when in failing condition.
Section 361.340 - Circumstances under which possession by director may terminate.
Section 361.360 - Director's possession may be challenged, when.
Section 361.370 - Director may surrender possession for resumption or liquidation.
Section 361.380 - Surrender for liquidation.
Section 361.390 - Liquidation — special deputy may be appointed.
Section 361.400 - Director's assistant may be appointed as special deputy.
Section 361.410 - Expenses of liquidation, how paid.
Section 361.440 - Inventory of assets to be made and filed.
Section 361.480 - Director may borrow on assets of closed corporation.
Section 361.490 - Deposit of moneys collected — preference.
Section 361.510 - Notice to creditors to make proof of claims.
Section 361.520 - Director to list claims duly presented.
Section 361.530 - Objections to claims — procedure.
Section 361.540 - Claims approved or rejected — list of such claims.
Section 361.560 - Judgments recovered after director takes possession shall not be liens.
Section 361.570 - Dividends to creditors — priorities — disposition of unclaimed dividends.
Section 361.600 - Duties of director where stockholders elect another to liquidate.
Section 361.700 - Sale of checks law, how cited — definitions.
Section 361.718 - Reserve required — director may demand proof, when.
Section 361.720 - Licensee may conduct business through unlicensed agents and employees.
Section 361.723 - Annual report filed with director, content.
Section 361.725 - Revocation or suspension of license — grounds — procedure.