Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 21 - Association's Sources of Borrowed Money and Authorized Investments
Section 20 CSR 1140-21.040 - Development Finance Corporation Investments and Loans
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule complies with section 371.120.3(2), RSMo, which authorizes the director to adopt a rule to fix and prescribe limits under which a savings and loan association may invest in, become a member of, and lend to or commit to lend to a development finance corporation chartered and supervised by the commissioner of finance under Chapter 371, RSMo. Savings and loan associations are authorized to become members of these corporations pursuant to section 371.120, RSMo.
(1) An association whose fiscal year end net worth is in excess of five percent (5%) of its withdrawable accounts is authorized to invest in, to become a member of and lend to, or commit to lend to a development finance corporation chartered and supervised by the commissioner of finance under Chapter 371, RSMo. The aggregate amount of these investments, loans and commitments to lend of any such insured association outstanding at any time shall not exceed one-half of one percent (.5%) of the fiscal year end total assets of that insured association or two hundred fifty thousand dollars ($250,000), whichever is the lesser.
(2) Secured loans made or participated in, directly or indirectly, by an insured association to a development finance corporation shall not be included in computing the limit on investments, loans or commitments to lend as authorized in this rule.
*Original authority: 369.144(7) and (9), RSMo 1971, amended 1982, 1983, 1984, 1989, 1994; 369.299(2) and (6), RSMo 1971, amended 1994; and 371.120, RSMo 1961, amended 1963, 1978, 1994.
