Missouri Revised Statutes
Chapter 369 - Savings and Loan Associations
Section 369.229 - Approved transactions and loans.

Effective - 01 Mar 2011, 2 histories
369.229. Approved transactions and loans. — 1. Every association may:
(1) Make loans secured by its accounts to the extent of the withdrawal value thereof and unsecured loans to any account owner but not exceeding such amount individually or in the aggregate as may be established by the director of the division of finance by regulation;
(2) Make loans of any type or kind, approved by the director of the division of finance, secured by mortgage or deed of trust constituting a first lien on real estate as defined in section 442.010, or a leasehold interest therein and having an unexpired term of at least five years or some term in excess of five years as may be fixed by regulation of the director of the division of finance;
(3) Make additional real estate loans secured by liens immediately subsequent to its own first lien upon the same property and with or without additional security;
(4) Purchase real estate loans of the same character as that upon which the association may make an original loan and lend money on the security of such loans;
(5) Participate in loans with other lenders on real estate of any type that the association could originate;
(6) Sell with or without recourse any real estate loan it holds or any participating interest therein.
2. Every association may, subject to such regulations as the director of the division of finance may prescribe:
(1) Make loans secured by the cash surrender value of any life insurance or annuity policy;
(2) Make loans for the purpose of repair, improvement, rehabilitation, furnishing or equipping real estate as defined in section 442.010;
(3) Make loans, and purchase obligations representing loans, for the purpose of mobile home financing, including development, holding and leasing of mobile home parks or sites, provided that, for purposes of this section mobile home includes a manufactured home as defined in section 700.010;
(4) Make loans for the payment of educational expenses;
(5) Make loans to homeowners with or without security for any purpose, but the aggregate of the unpaid balances of all such loans to any one borrower shall not exceed at any time the sum of five thousand dollars or such greater sum as the director of the division of finance may allow by regulation;
(6) Make loans to its directors, officers, and employees; and
(7) Make such other loans secured or unsecured as the director of the division of finance by regulation may permit.
­­--------
(L. 1971 S.B. 3 § 45, A.L. 1983 H.B. 570, A.L. 1994 H.B. 1165, A.L. 2010 S.B. 630)
Effective 3-01-11

<< Previous
Next >>

Structure Missouri Revised Statutes

Missouri Revised Statutes

Title XXIV - Business and Financial Institutions

Chapter 369 - Savings and Loan Associations

Section 369.010 - Short title.

Section 369.014 - Definitions.

Section 369.019 - Incorporation, requirements, procedure, contents of petition, fees.

Section 369.024 - Director to approve or deny petition — tentative approval — protest, how filed — final approval, effect of.

Section 369.029 - Perpetual existence, when commenced.

Section 369.034 - Incorporation fee, how computed, bond required.

Section 369.039 - Expense fund, mutual associations, purpose, amount — contributions, how repaid — associations exempted, when.

Section 369.044 - Bylaws, when and how adopted — approval by members.

Section 369.049 - Name may include what, exceptions — deceptive names prohibited — amending charter for name changes — violations, injunction.

Section 369.054 - Office, location of — approval to establish or move, when — closing a branch office, notice.

Section 369.059 - Amendment of articles of incorporation, procedure.

Section 369.064 - Failure to commence business within six months, effect of.

Section 369.069 - Conversion to federal association, procedure, effect of.

Section 369.074 - Conversion to state association, procedure, effect of.

Section 369.078 - Conversion from mutual to capital stock association — requirements — rules of division, content — certificate of conversion, issued, when, effect of.

Section 369.079 - Merger or consolidation, procedure — association may charter interim association, when, procedure.

Section 369.084 - Merger, effect of.

Section 369.086 - Savings and loan holding company, defined — subsidiary, defined — registration, examination and regulation by division.

Section 369.087 - Association may convert, merge or consolidate with bank or trust company — procedure.

Section 369.089 - Dissolution.

Section 369.094 - Meetings, when, notice, voting.

Section 369.099 - Inspection of records, by whom — credit reporting, allowed when.

Section 369.104 - Publication of financial statement.

Section 369.109 - Directors, election, powers, qualifications, meetings.

Section 369.114 - Bonds, who shall have, amount, how and when modified — issuance by fidelity insurance company, requirements, modification of, procedure — reciprocal organization, when and how established.

Section 369.124 - Reimbursement of certain legal costs, when — liability insurance for certain personnel, who may issue, policy modifications, how — reciprocal organizations, when, annual report.

Section 369.129 - Association records, how kept.

Section 369.134 - Reserve account required.

Section 369.139 - Emergency rules and regulations, when.

Section 369.144 - Powers of an association.

Section 369.145 - Safe deposit boxes, same rights, powers and duties as bank and trust companies.

Section 369.149 - Mutual associations — liability and rights of members — rejection or limitation on memberships.

Section 369.154 - Accounts, who may own — contracts for — evidence of ownership — accounts of disabled person, how handled.

Section 369.159 - Fee or service charge authorized.

Section 369.161 - Savings and loan association or savings bank may act as custodian, when.

Section 369.162 - Irrevocable life insurance trusts — savings and loan associations may transfer fiduciary duty, when.

Section 369.164 - Attorney in fact, association may recognize, when.

Section 369.169 - Minors, association may treat as an adult, when.

Section 369.174 - Joint tenants' accounts, how handled.

Section 369.176 - State employee compensation deductions authorized for investment by office of administration.

Section 369.179 - Accounts in trust, how handled.

Section 369.184 - Fiduciary accounts, how handled.

Section 369.186 - Accounts payable to second named person upon death of first named person, how handled.

Section 369.189 - Deposits, form, terms and conditions, regulation of — director, imposition of restrictions and powers on associations, how.

Section 369.191 - Association may own or control safety vault.

Section 369.192 - Remedies in enforcement of liabilities and right of renters of safe deposit boxes.

Section 369.194 - Accounts declared legal investments for fiduciaries.

Section 369.204 - Earnings of accounts, how determined and distributed.

Section 369.209 - Withdrawal, how, when — failure to pay withdrawal applications, powers of director.

Section 369.211 - Joint renters of safe deposit box — survivor's rights.

Section 369.212 - Death of all lessees of safe deposit box, duties of association.

Section 369.214 - Redemption of accounts, how and when, effect of.

Section 369.219 - Approved investments.

Section 369.224 - Association to maintain liquid assets — minimum percentage, how set.

Section 369.229 - Approved transactions and loans.

Section 369.234 - Preference given association holding first lien.

Section 369.239 - Association may accept pledge of borrower's account or other additional collateral.

Section 369.244 - Association may purchase, convey or manage property in which it has a security interest — time limitation.

Section 369.249 - Director may regulate lending practices.

Section 369.254 - Association may invest in real property and mobile homes, when.

Section 369.259 - Unapproved transfer of encumbered property, effect of.

Section 369.264 - Lending association not liable to borrower or others for defective final product, when.

Section 369.279 - Examiners, appointment, duties — attorney authorized.

Section 369.294 - Certain interest in an association by director and examiners prohibited — information to be confidential, exceptions.

Section 369.299 - Powers and duties of director.

Section 369.301 - Rulemaking, procedure.

Section 369.314 - Powers and duties of board.

Section 369.324 - Examination costs, how paid — pro rata assessment, director to determine — division of savings and loan supervision fund, created, uses, transfers to general revenue fund, when.

Section 369.329 - Branch offices and agencies, approval required, exceptions — application for approval, contents — approval, when — hearing, procedures.

Section 369.334 - Reports may be required — examiners to have access to records.

Section 369.338 - Cease and desist orders, period of supervision, when, procedure, duties of association — costs, how fixed and paid.

Section 369.339 - Director to take over association, when — procedure.

Section 369.344 - Powers of director during take-over of association.

Section 369.349 - Liquidation by director, procedure.

Section 369.354 - Federal Deposit Insurance Corporation may act as receiver or liquidator without bond.

Section 369.359 - Foreign association doing business in state must comply with regulation by division of finance.

Section 369.361 - Foreign associations adjoining states and principal business outside state, requirements to do business — principal business, how determined — control, defined.

Section 369.364 - Federal associations may have same powers as state associations.

Section 369.367 - Other provisions of law, applicable, when.

Section 369.369 - Penalty for false statement or certificate.

Section 369.371 - Costs of reproducing records — costs of appearing in court or deposition — limitation of liability.

Section 369.670 - Definitions.

Section 369.675 - Savings bank, establishment — articles of agreement, requirements.

Section 369.678 - Articles of agreement, requirements, filing, director's duties — recording of articles, where.

Section 369.684 - Examination required, expenses.

Section 369.689 - Certificate of organization, recorded.

Section 369.695 - Powers of savings bank — taxed, how.

Section 369.699 - Limits on investment.

Section 369.703 - Merger — conversion — trust powers — director's powers.

Section 369.705 - Definitions — savings banks merger with nonbank subsidiaries or nonbank affiliates — procedure.

Section 369.708 - Law to apply.

Section 369.714 - Conversion, consolidation, merger.