Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 20 - Association Loans
Section 20 CSR 1140-20.061 - Education Loans
Universal Citation: 20 MO Code of State Regs 1140-20.061
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule authorizes associations to make loans for educational purposes and to prescribe the conditions and limitations on those loans.
(1) An association may originate, invest in, sell, purchase, participate or otherwise deal in loans made for the purpose of paying educational expenses.
(2) Terms and Conditions.
(A) No association shall make any investment
in loans under this regulation if the aggregate amount of its investment in
those loans (exclusive of any investment which is or which at the time of its
making was otherwise authorized) would exceed five percent (5%) of the assets
of the association; and
(B) The
borrower shall certify to the association that the proceeds of the loan are to
be used solely for the payment of educational expenses.
*Original authority: 369.229, RSMo 1971, amended 1983, 1994; and 369.249 and 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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