Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 22 - Association's Savings Accounts
Section 20 CSR 1140-22.020 - Savings and Deposit Accounts

Universal Citation: 20 MO Code of State Regs 1140-22.020

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

PURPOSE: This rule authorizes associations to issue savings accounts or certificates.

(1) An association may accept savings accounts as determined by its board of directors and as permitted by federal or Missouri law. Each account shall be evidenced by a passbook or certificate or other evidence of account in a form approved by the board of directors of the association.

(2) An association may accept noninterest bearing demand accounts from those persons or organizations that have a business, corporate, commercial or agricultural loan relationship with the association and may also accept demand accounts from a commercial, corporate, business or agricultural entity for the sole purpose of effectuating payments by a nonbusiness customer. An association may extend secured or unsecured credit in the form of overdraft privileges in connection with such demand accounts.

(3) For purposes of section (2) of this regulation-

(A) A business, corporate, commercial or agricultural loan shall include any loan other than a home loan on borrower-occupied property or a loan to a natural person for personal, family or household use;

(B) A loan relationship is established if there is a line-of-credit, any outstanding loan (including a finance lease) or a previous loan and a reasonable expectation of the renewal of a lending relationship based on the usual and customary activities and needs of the borrower; and

(C) The extension of credit in the form of overdraft privileges in connection with the opening of a demand account may be deemed a business, corporate, commercial or agricultural loan relationship.

(4) In addition to the accounts authorized by this regulation, an association may accept any account as may be authorized from time-to-time for federal associations.

*Original authority: 369.204, RSMo 1971, amended 1994 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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