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 1100-2.050 - Credit Union Inter-lending
Universal Citation: 20 MO Code of State Regs 1100-2.050
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule establishes the basic lending policies for credit unions who borrow or lend money to other credit unions (see section 370.070(8), RSMo for statutory provisions).
(1) State-chartered credit unions having surplus funds over and above their need in making loans to their members may lend to other credit unions, provided the following guidelines and conditions are followed:
(A) The borrowing credit union must submit to
the lending credit union and to the director of Division of Credit Unions a
current financial and statistical report and a copy of the resolution of the
board of directors authorizing the request for the loan signed by the chief
executive officer and secretary; and
(B) The terms of the loans are not to exceed
a period of one (1) year and can be repaid in part or in full at any time
before the date due.
*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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