Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 20 - Association Loans
Section 20 CSR 1140-20.085 - Loans on Cooperatives
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule authorizes associations to make blanket loans on cooperative housing developments and on individual cooperative units.
(1) Associations are authorized to originate, invest in, sell, purchase, participate or otherwise deal in loans on the security of cooperative housing developments provided that the cooperative housing development maintains reserves at least equal to those required for comparable developments insured by the Federal Housing Administration.
(2) Associations are authorized to originate, invest in, sell, purchase, participate or other wise deal in loans on individual cooperative units. These loans may be made on the security of a security interest in stock, membership certificate or other evidence of ownership issued to a stockholder or member by a cooperative housing organization and an assignment of the borrower's interest in the proprietary lease or occupancy agreement issued by that organization. The provisions of 4 CSR 260-8.091 shall not apply to loans made pursuant to this section.
*Original authority: 369.014, RSMo 1971, amended 1982, 1986, 1994; 369.224, RSMo 1971, amended 1983, 1989, 1994; and 369.299, RSMo 1971, amended 1994.
