Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1100 - Division of Credit Unions
Chapter 2 - State-Chartered Credit Unions
Section 20 CSR 1100-2.020 - Membership

Universal Citation: 20 MO Code of State Regs 1100-2.020

Current through Register Vol. 49, No. 6, March 15, 2024

PURPOSE: This rule establishes the minimum requirements for membership in a credit union (see section 370.080, RSMo, for statutory provisions).

(1) A member must establish one (1) full share in a share account within a specified time period as set by the board of directors; however, that period shall not be less than three (3) months and shall maintain this one (1) share to remain a member of the credit union. If a credit union lends to a member, the member shall maintain one (1) full share in a share account until the loan has been paid in full, has been determined to be a collection problem loan, has been referred to a third party for collection, or until the balance is charged to the reserve fund as a bad debt.

*Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.

Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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