Mo. Code Regs. tit. 20 § 1140-26.011

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

Section 20 CSR 1140-26.011 - Transactions of Business in Missouri by Foreign Associations

PURPOSE: This regulation establishes the guidelines for a foreign association to transact business within the state of Missouri.

(1) Definitions. The words and terms shown as follows when used in this regulation shall have the following meaning:

(A) Foreign association shall mean any federally-chartered or state-chartered association with its principal office located outside Missouri; and

(B) Transact business shall mean transacting the business of a savings and loan association, but shall not include the activities set forth in section 362.423, RSMo or permissible conduct authorized by 4 CSR 140-25.020.

(2) A foreign association may transact business in this state only with prior written approval of the director. In applying for approval, a foreign association shall submit the following to the director:

(A) A written application on a branch application form that may be obtained from the division;

(B) Written documentation indicating that the applicant has received authority from its regulatory agency to transact business in Missouri;

(C) A certified copy of its Articles of Incorporation or charter and bylaws;

(D) A certified copy of a Certificate of Good Standing from the secretary of state or similar office in the foreign association's home state;

(E) A certified copy of a Certificate to do Business in Missouri as a Foreign Corporation from the Missouri secretary of state;

(F) An estimate of the number of personnel to be employed at the proposed business location(s); and

(G) Any additional information the director may in his/her discretion require.

(3) An application fee of two hundred fifty dollars ($250) must accompany any application under this regulation. This fee shall be made payable to the director of revenue and will be processed only if the application is approved by the director. No application shall be approved if, in the opinion of the director or a majority of the members of the State Savings and Loan Commission on appeal, the policies, condition or operation of the applicant afford a basis for supervisory objection to the application. The director may hold a hearing at his/her discretion on the application in accordance with such procedures as s/he may require.

(4) No foreign association shall be authorized to transact business in this state unless its home state shall allow Missouri-chartered associations to transact business of substantially the same type in that state.

(5) A foreign association authorized to transact business in the state of Missouri shall be subject to the following:

(A) All rules applicable to Missouri chartered associations;

(B) Permit and pay the costs of such examinations as the director from time-to-time deems necessary; and

(C) Any further requirements or restrictions imposed by its state on Missouri-chartered associations as a condition of doing business in that state.

(6) This regulation does not apply to the activities authorized by section 369.361, RSMo.

20 CSR 1140-26.011

AUTHORITY: sections 369.299 and 369.359, RSMo 1994.* This rule originally filed as 4 CSR 260-14.011. This rule previously filed as 4 CSR 140-26.011. Original rule filed Nov. 4, 1986, effective Jan. 30, 1987. Amended: Filed Dec. 1, 1988, effective Feb. 15, 1989. Changed to 4 CSR 140-26.011, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 1140-26.011, effective Aug. 28, 2006.

*Original authority: 369.299, RSMo 1971, amended 1994 and 369.359, RSMo 1971, amended 1986, 1994.