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 1140-16.035 - Loan Office

(1) Application. Upon written approval from the director, an association may establish a loan office. The application for permission to establish a loan office must be on a branch application form and must include the same information as that required for a branch, tandem branch, mobile facility or agency.

(2) A loan office may only service and originate (but not approve) loans using association personnel and documentation, and provide other limited services as may be approved by the director upon application. Savings activities by a loan office are prohibited.

(3) An association may establish a loan office under this rule through an authorized service corporation. In these cases, parent corporation documentation is permitted.

(4) The application to establish and maintain this loan office shall be approved without a public hearing if the director shall find affirmatively from the data furnished with the application, the director's official records and any other evidence presented to him/her that-

(5) The director shall act upon an application for a loan office within thirty (30) days. If the director approves or conditionally approves the application, s/he shall give written notice to the association. The association has one hundred eighty (180) days in which to open this office.

(6) All supporting documentation for statements of fact tendered to the director in connection with an application for a loan office shall be maintained at the association's home office in such a manner as could be verified by an examination performed by the division.