Effective - 28 Aug 2020, 2 histories
370.220. Duties of credit committee — credit manager authorized, delegation of loan authority — appeal from decision — extension of credit, when. — 1. The credit committee or, if authorized, credit manager shall follow the bylaws, policies, and procedures established by the board of directors regarding loans and advances.
2. The applicant shall state the purpose for which the loan is desired and the security, if any, offered.
3. Security must be taken for any loan in excess of the limit set by written policy of the board of directors. Endorsement of a note or assignment of shares in any credit union shall be deemed security within the meaning of this section.
4. No loan shall be made unless it has received the majority approval of the members of the committee present when the loan was considered, which number shall constitute at least a majority of the committee. However, in the case of any credit union having total assets in excess of one hundred thousand dollars, the board of directors may appoint a credit manager. The credit manager may be delegated authority to act on all or some applications for loans, reporting monthly thereon to the credit committee or board of directors, as the case may be.
5. An applicant for a loan may appeal to the directors from the decision of the credit committee or credit manager, if it is so provided in the bylaws, and in the way and manner therein provided.
6. The credit committee or, when authorized, a credit manager may approve in advance, upon its or his or her own motion or upon application by a member, an extension of credit, and loans may be granted to such members within the limits of such extensions of credit. When an extension of credit has been approved, applications for loans need no further consideration as long as the aggregate obligation does not exceed the limits of such extension of credit. The credit committee or, when authorized, the credit manager shall, at least once a year, review, or cause to be reviewed, all extensions of credit and any extension of credit shall expire if the member becomes more than ninety days delinquent in his or her obligation to the credit union.
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(RSMo 1939 § 5530, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1951 p. 287, A.L. 1955 p. 259, A.L. 1965 p. 568, A.L. 1969 H.B. 117, A.L. 1977 H.B. 48, A.L. 1978 S.B. 746, A.L. 1982 H.B. 1099, A.L. 1984 H.B. 962, A.L. 1986 H.B. 1193, A.L. 1994 H.B. 1312, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5088
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Section 370.005 - Definitions.
Section 370.006 - Division of credit unions created — transfer — salary of director.
Section 370.010 - Credit union, how organized.
Section 370.030 - Bylaws, contents.
Section 370.040 - Approval by director, certificate, provisional issuance, fee, examination.
Section 370.050 - Change of business location — notice — approval required.
Section 370.060 - Amendments to bylaws, effective when.
Section 370.063 - Appeals — rules — nonseverability clause.
Section 370.070 - Powers of a credit union.
Section 370.071 - Additional powers of a credit union — membership fee allowed, when.
Section 370.073 - Fee or service charge authorized, when.
Section 370.075 - Investment of credit union funds.
Section 370.082 - Retroactive applicability.
Section 370.085 - Membership shares, uses — valuation — withdrawal — redemption — dividends.
Section 370.088 - Branches required to be located in geographic area of the credit union.
Section 370.090 - Operation without having filed certificate of approval prohibited.
Section 370.100 - Division director — powers — qualifications — examiners and assistants.
Section 370.101 - Oath required, when — conflict of interest, when — administrative subpoena powers.
Section 370.102 - Confidentiality oath required, exceptions — confidentiality of information.
Section 370.110 - Reports — when — penalty for late, inaccurate or incomplete.
Section 370.120 - Annual examination or audit report, exception — subpoena power.
Section 370.130 - Penalty for noncompliance.
Section 370.151 - Reorganization — approval — procedure, failure — liquidation.
Section 370.154 - Powers of receiver.
Section 370.156 - Withdrawal applications voided, when.
Section 370.157 - Director may remove officers, procedure.
Section 370.158 - Court may approve or modify reorganization or merger plan.
Section 370.160 - Fiscal year.
Section 370.161 - Notice of intention to remove, contents, procedure.
Section 370.162 - Appeal to circuit court, when.
Section 370.163 - Suspension of director or officer permitted, when, procedure.
Section 370.164 - Suspension, effect on board of directors, procedure.
Section 370.165 - Effective date of notice of suspension.
Section 370.170 - Meetings and special meetings, voting — proxies, when — action at meeting.
Section 370.180 - Board of directors, committees — election — terms — oath.
Section 370.190 - Directors to elect officers — duties established by board or bylaws.
Section 370.200 - Duties of board — telephone or electronic participation at meetings.
Section 370.230 - Powers and duties of supervisory committee.
Section 370.235 - Employees handling funds of credit union to give surety bond.
Section 370.240 - Capital of credit unions.
Section 370.260 - Cancellation of shares — member to keep credit union informed of current address.
Section 370.283 - Minors may hold or release shares — subject to lien.
Section 370.285 - Retirement accounts and pension funds, authority to serve as trustee.
Section 370.290 - Power to borrow money from any source.
Section 370.300 - Loans, interest rate — charges — refunds to members.
Section 370.310 - Limitations on loans — loans to directors and committee members, report required.
Section 370.320 - Reserve fund required.
Section 370.325 - Reserves, amounts required, waived when, procedure.
Section 370.328 - Reserve fund distribution, when.
Section 370.330 - Dividends, when declared — how paid.
Section 370.340 - Expulsion and withdrawal of members — refunds.
Section 370.350 - Dissolution of credit union, liquidation procedure, rulemaking authority.
Section 370.351 - Credit unions may merge — directors to approve plan, procedure.
Section 370.352 - Consolidation into new credit union — directors to approve plan.
Section 370.353 - Submission of plan to meeting of members or shareholders — notice.
Section 370.354 - Vote required for approval — director may approve, when.
Section 370.355 - Certificate of merger or consolidation, issued when — copies, where filed.
Section 370.357 - Effect of merger or consolidation.
Section 370.359 - Conversion from state to federal or federal to state credit union, procedure.
Section 370.360 - Unauthorized use of words "credit union" a misdemeanor.
Section 370.365 - Central credit union defined — how formed — fee, how determined.
Section 370.390 - Foreign credit union may operate in state, requirements.
Section 370.395 - State employees, deductions from compensation authorized, requirements.