Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 16 - Association Branches and Other Facilities
Section 20 CSR 1140-16.030 - Agency

Universal Citation: 20 MO Code of State Regs 1140-16.030

Current through Register Vol. 49, No. 18, September 16, 2024

PURPOSE: This regulation requires an association to file an application for an agency office prior to the establishment of an agency.

(1) Application. Upon written approval of the director, an association may establish an agency office. The application for permission to establish an agency office which may be by letter must show-

(A) The proposed location of the agency;

(B) The functions to be performed at the agency;

(C) The estimated volume of business at the agency;

(D) The estimated annual expense of the agency;

(E) The mode of payments for the agency; and

(F) Such additional matters as the director may require.

(2) An agency office may only service and originate (but not approve) loans; accept applications for (but not approve) savings accounts; accept receipt of payments on savings accounts and loans and other obligations to the association, or such other services as may be approved upon application to the director.

(3) At any time after the filing of an application for an agency office, but not later than one hundred eighty (180) days following the final order approving the agency office, the association and the applicant agent shall file with the division an application for agent's license on a form prescribed by the director. The director shall approve or disapprove the agent's application within thirty (30) days after receipt, provided that the agency office has been approved.

(4) Renewals. An agent's license shall be renewed annually on or before December 31 and shall be submitted on a form prescribed from time-to-time by the director.

(5) Fees. The annual fee for each agent's license or renewal of agent's license shall be twenty-five dollars ($25).

(6) Approval. Upon approval of the application by the director, the agent's license shall be issued.

*Original authority: 369.299, RSMo 1971, amended 1994.

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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