Mo. Code Regs. tit. 20 § 1140-2.090

Current through Register Vol. 49, No. 24, December 16, 2024

Section 20 CSR 1140-2.090 - Originating Trustees

PURPOSE: This amendment updates requirements for originating trustee applicants and deletes the outdated thirty- (30-) year-old form included with this rule.

(1) Application. Applications to act as an originating trustee are to be in a form prescribed by the commissioner and shall be accompanied by a certified copy of the contracting trustee's authorization to act as a trustee, a copy of the contract between the originating trustee and the contracting trustee and a copy of the board resolution calling for the establishment of the contract.

(2) Criteria. In considering an application to become an originating trustee, the commissioner will consider the following:

(A) Whether the contracting trustee is supervised by either a state or federal bank regulatory agency; and

(B) Whether termination provisions in the contract will protect the customer which, for purposes of this rule, shall mean the grantor, known beneficiaries or any other interested party. These provisions shall include prohibiting termination unless-

1) a successor trustee has accepted appointment as trustee,

2) the customer has rescinded the trust,

3) a court has appointed a successor trustee or

4) any other provision providing comparable protections.

20 CSR 1140-2.090

AUTHORITY: sections 361.105 and 362.116, RSMo 1986.* This rule originally filed as 4 CSR 140-2.090. Original rule filed Aug. 15, 1983, effective Nov. 11, 1983. Moved to 20 CSR 1140-2.090, effective Aug. 28, 2006.

Amended by Missouri Register August 16, 2021/Volume 46, Number 16, effective 9/30/2021

*Original authority: 361.105, RSMo 1967 and 362.116, RSMo 1983, amended 1984.