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 1100-2.070 - Completing Dissolution of Credit Union

Universal Citation: 20 MO Code of State Regs 1100-2.070

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

PURPOSE: This rule outlines the procedures for liquidating a credit union which enters dissolution either voluntarily or involuntarily (see section 370.350, RSMo, for more information regarding dissolutions).

(1) Immediately following the receipt of consent of dissolution from the director of the Division of Credit Unions, the liquidating agent will file with the director a list of all members holding accounts in the credit union, showing the number, name, and share and loan balances.

(2) The liquidating agent will begin filing the following quarterly reports with the director at the director's office in Jefferson City, Missouri:

(A) A financial and statistical report;

(B) A list of each loan account, showing number, name, total payments since last report, and balance. The agent shall also report action taken toward collection;

(C) Copy of the minutes of all board meetings since last report. Minutes shall show any court action for or against credit union; and

(D) Statement of total amount and rate of any refund or partial refund of shares to members before final distribution.

(3) The liquidating agent shall present plan of final distribution of funds to the director of the Division of Credit Unions for approval.

(4) Upon written approval of the director, the liquidating agent shall make final payment to members.

(5) The liquidating agent shall report to the director the date of final dissolution of the credit union and shall submit an analysis of the disposition of all funds to members.

(6) The liquidating agent shall report the location of the storage of the credit union's books and records for five (5) subsequent years.

*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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