Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 6 - Interpretive Rulings
Section 20 CSR 1140-6.060 - Purchase of Bank Employee's Residence
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This amendment fixes an incorrect citation found in section (2).
(1) A bank or trust company, to facilitate the transfer of an employee, may purchase the employee's residence. Any residence so acquired should be sold as soon after that as possible and, in no event, no later than six (6) years from the date of purchase.
(2) Any residence purchased shall be entered on the bank's books as Other Real Estate at a value as would be permissible under 20 CSR 1140-2.070 if it were formerly used for bank premises.
*Original authority: 361.105, RSMo 1967; 362.105 RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986; and 362.165, RSMo 1939, amended 1967, 1983.
