Effective - 07 Mar 1991
370.362. Insurance required, contents — failure to obtain or maintain, effect — exceptions — limitations of insurers. — 1. Every credit union incorporated under this chapter and not currently insured by the National Credit Union Share Insurance Fund (NCUSIF) shall, within ninety days of March 7, 1991, make application for insurance with the NCUSIF. Such application for NCUSIF insurance shall be filed with the division of credit unions and forwarded to the National Credit Union Administration. The director may suspend the charter, merge, liquidate, or take possession of any credit union which fails to comply with this section or which loses or allows such coverage to lapse. All newly chartered credit unions shall obtain NCUSIF coverage prior to commencing business. All credit unions chartered and existing under this chapter shall maintain their current share insurance during the conversion process, but if a nonfederal insurer which is providing share insurance for a credit union in this state discontinues providing such insurance for the credit union during the period allowed in subsection 2 of this section for the conversion from nonfederal share insurance to NCUSIF insurance, the credit union cannot be forced to discontinue doing business in this state during the time period allowed for such conversion if the credit union is complying with all other provisions of chapter 370 and rules and regulations promulgated by the director of the division of credit unions and such credit union provides satisfactory evidence to the director of the division of credit unions that the credit union is making and has made good faith efforts to acquire NCUSIF share insurance.
2. Every credit union incorporated under this chapter shall obtain a certificate of insurance from the NCUSIF within twenty-four months of March 7, 1991. The director may extend, for a period not to exceed twelve months, the date by which a credit union must secure such certificate upon satisfactory evidence that the credit union has made and is making good faith efforts to acquire the coverage. Any credit union that fails to comply with this subsection shall be liquidated by the director, unless the director approves the merger or consolidation of a credit union with an NCUSIF insured credit union.
3. A credit union shall forward a copy of the certificate of insurance to the director promptly and in no event later than thirty days after receipt.
4. Every credit union organized under this chapter shall take every action legally required to maintain NCUSIF insurance coverage in full force and effect, and shall refrain or desist from taking any action that is likely to cause termination of NCUSIF insurance coverage. The director shall order the merger, consolidation or liquidation of any credit union whose NCUSIF insurance is terminated.
5. This act* shall not apply to any credit union organized pursuant to section 370.365.
6. When a credit union that has been insured by a nonfederal insurer converts its share insurance to the National Credit Union Share Insurance Fund the nonfederal insurer shall immediately return to such credit union the amount of unearned premiums, paid-in capital contribution and special assessments that the credit union has paid to such nonfederal insurer, unless the credit unions, which are members of such nonfederal insurer subsequent to March 7, 1991, agree otherwise.
7. No bylaw amendment of any nonfederal insurer shall be binding upon any Missouri credit union unless and until approved by the Missouri division of credit unions.
8. No special assessment or fee may be imposed upon any Missouri credit union by any nonfederal insurer unless and until approved by the Missouri division of credit unions.
9. Nothing in this chapter shall preclude a nonfederal insurer from issuing private share insurance in this state in amounts in excess of the basic share insurance required by NCUSIF if the credit union desiring such insurance is insured and continues to be insured for the basic share insurance required by NCUSIF.
--------
(L. 1991 H.B. 180)
Effective 3-07-91
*"This act" (H.B. 180, 1991) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
(1993) Where statute may impair contractual obligations of parties and is retrospective in operation, statute does not violate state or federal constitution's contract clause because it has significant and legitimate public purpose to remedy broad general, social or economic problem and enactment of section was proper exercise of inherent police power of state. Educational Employees Credit Union v. Mutual Guaranty Corporation, 821 F.Supp. 1294 (E.D. Mo.).
(1995) Where statute requires nonfederal insurers of Missouri credit unions to return capital contributions and special assessments upon credit union's withdrawal from membership, statute may violate Contract Clause, U. S. Const. Art. I, Sec. 10, if other similarly situated credit union members will be deprived of pro rata protection of basic share insurance fund. Educational Employees Credit Union v. Mutual Guaranty Corp., 50 F.3d 1432 (8th Cir.).
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.