Effective - 01 Mar 2011, 2 histories
370.300. Loans, interest rate — charges — refunds to members. — 1. A credit union may lend to its members at reasonable rates of interest, which shall not exceed the maximum rate in similar classes allowed all other lenders under the laws of this state; however, a minimum interest charge not exceeding one dollar per month shall be allowable in all cases.
2. A credit union may charge a borrower expenses of making a loan including title examinations on real estate as defined in section 442.010, used as security for a loan, credit investigations, credit life insurance, and filing and recording fees by governmental agencies.
3. The board may at the close of a dividend period allocate a portion of receipts from interest on loans for the purpose of making an interest refund to members. The refund when made shall be made in proportion to the interest paid by members during the dividend period. The board may deny a refund to a member whose loans have been delinquent during the period. The board may limit the refund to interest from specific classes of loans and make the interest refund to members whose loans are included in such classes.
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(RSMo 1939 § 5534, A.L. 1941 p. 331, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 2010 S.B. 630)
Prior revision: 1929 § 5092
Effective 3-01-11
CROSS REFERENCE:
Uniform interest rates required, Const. Art. III § 44
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.