Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 6 - Interpretive Rulings
Section 20 CSR 1140-6.090 - Securing Private Deposits

Universal Citation: 20 MO Code of State Regs 1140-6.090

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

PURPOSE: This rule publicizes an interpretation of law which has long been followed by the Division of Finance. The statutes repeatedly authorize and direct banks to pledge securities to support public deposits. The lack of any such authorization or direction concerning private deposits is a strong indication that banks lack that power. It is noted that national banks are likewise prohibited from pledging securities to support the deposits of private individuals or enterprises.

(1) No bank may pledge assets to secure or collateralize deposits other than deposits of public moneys held by or for the benefit of a public officer or a political subdivision.

*Original authority: 30.270 1939, amended 1945, 1957, 1959, 1965, 1969, 1973, 1975, 1979, 1983; 110.060, RSMo 1939, amended 1953; 361.105, RSMo 1967; 362.170, RSMo 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981, 1983, 1985; and 362.190 and 362.490, RSMo 1939.

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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