Effective - 28 Aug 1994
620.1053. Deposit of funds, interest — control of account — use of funds. — All amounts set aside by the financial institution, collected from the borrower and contributed by the department shall be deposited by the institution into a program loss reserve account established at a location in Missouri where the institution operates. The money deposited in this account shall bear interest at a rate at least equal to the institution's rate on the lower of passbook savings accounts, NOW accounts or interest-bearing checking accounts. The program loss reserve account for any financial institution shall be maintained by such institution but shall be the property of and under the control of the department of economic development of the state of Missouri. The program loss reserve account shall be dedicated and may only be used to cover losses on loans made pursuant to sections 620.1045 to 620.1063. All earnings, whether interest or other earnings, on any program loss reserve account shall be credited to the program loss account. At the end of each quarter, any accumulated interest on any program loss account shall be sent to the department for deposit in the Missouri capital access program fund which is created in section 620.1055.
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(L. 1994 H.B. 1248 & 1048 § 4)
Structure Missouri Revised Statutes
Title XL - Additional Executive Departments
Chapter 620 - Department of Economic Development
Section 620.015 - Administrative fund, uses, administration of.
Section 620.171 - Export development office created, purpose — powers and duties.
Section 620.450 - Executive department to promote tourism.
Section 620.455 - Tourism commission, members, qualifications, terms, reports required, expenses.
Section 620.465 - Powers of division.
Section 620.484 - Free public employment offices.
Section 620.490 - Rulemaking authority, coordination of state and federal job training resources.
Section 620.495 - Small business incubator program — definitions — tax credit.
Section 620.511 - Board established, purpose, meetings, members, terms, compensation for expenses.
Section 620.513 - Duties of the board, report — limitation on authority.
Section 620.552 - Citation of law.
Section 620.554 - Youth service and conservation corps established.
Section 620.556 - Definitions.
Section 620.558 - Programs — participation.
Section 620.560 - Community services and conservation program.
Section 620.562 - Summer employment program — at-risk participants, remediation.
Section 620.564 - Youth volunteer program.
Section 620.568 - Administration by project sponsor — administrative expenses.
Section 620.570 - Evaluation of programs — interagency cooperation — "Show-Me" employers.
Section 620.572 - Allocations for operation of corps.
Section 620.574 - Youth service and conservation corps fund created — sources, administration.
Section 620.580 - Citation of law.
Section 620.582 - Definitions.
Section 620.584 - Commission assigned to department of economic development — purpose of commission.
Section 620.586 - Commission members, terms, expenses, officers, meetings.
Section 620.588 - Commission powers and duties.
Section 620.590 - Information sharing and cooperation — coordination of effort, when.
Section 620.592 - Fund created, use of moneys — annual report.
Section 620.635 - Title of law.
Section 620.638 - Definitions.
Section 620.641 - Transfer of board duties to Missouri technology corporation.
Section 620.800 - Definitions.
Section 620.990 - Bylaws and rules authorized.
Section 620.1000 - Definitions.
Section 620.1003 - Centers, duties and powers.
Section 620.1007 - Annual report to whom.
Section 620.1020 - Business extension service team program created, purpose, duties — expenses.
Section 620.1025 - Director, duties.
Section 620.1027 - Teams, duties.
Section 620.1028 - Selection of team members — factors, provision of productivity assessment.
Section 620.1030 - New jobs fund created — sources, uses, conditions — conditional effective date.
Section 620.1045 - Citation of law.
Section 620.1048 - Definitions.
Section 620.1053 - Deposit of funds, interest — control of account — use of funds.
Section 620.1055 - Capital access program fund created.
Section 620.1058 - Use of loans — amount — limitation.
Section 620.1060 - Prohibited loans — definitions.
Section 620.1066 - Rulemaking procedure.
Section 620.1078 - Distribution of moneys — interest — categories of permissible loans.
Section 620.1081 - Determination of basic policy, rules.
Section 620.1210 - Commission duties and objectives — coordination with local film offices.
Section 620.1230 - Personnel provided by department of economic development.
Section 620.1240 - Administration by director, rulemaking authority.
Section 620.1580 - Advisory committee for electronic commerce established, members, terms, meetings.
Section 620.1875 - Title of law.
Section 620.1878 - Definitions.
Section 620.1884 - Rulemaking authority.
Section 620.1887 - Quality jobs advisory task force created, members.
Section 620.1890 - Report to the general assembly, contents.
Section 620.2000 - Citation of law.
Section 620.2005 - Definitions.
Section 620.2300 - Definitions — applications process.
Section 620.2400 - MERVN established, management of, purpose, requirements — report required.
Section 620.2450 - Program established, expanded access to broadband internet service — definitions.
Section 620.2452 - Eligible applicants.
Section 620.2453 - Application, contents.
Section 620.2455 - Prioritization of applications — ranking of applicants, system used.
Section 620.2457 - Grant application and award information to be posted on website.
Section 620.2458 - Rulemaking authority.
Section 620.2459 - Sunset provision.
Section 620.2465 - Program to increase high-speed internet access — rules.
Section 620.2468 - Site inspection.
Section 620.3100 - Office to be established, purpose, subject to appropriations.