20 CSR 1100-2.020 - Membership

PURPOSE: This rule establishes the minimum requirements for membership in a credit union (see section 370.080, RSMo, for statutory provisions).

(1) A member must establish one (1) full share in a share account within a specified time period as set by the board of directors; however, that period shall not be less than three (3) months and shall maintain this one (1) share to remain a member of the credit union. If a credit union lends to a member, the member shall maintain one (1) full share in a share account until the loan has been paid in full, has been determined to be a collection problem loan, has been referred to a third party for collection, or until the balance is charged to the reserve fund as a bad debt.

Notes

20 CSR 1100-2.020

AUTHORITY: section 370.100, RSMo Supp. 2011.* This rule originally filed as 4 CSR 100-2.020. Original rule filed Jan. 15, 1968, effective Jan. 25, 1968. Amended: Filed Dec. 15, 1975, effective Dec. 25, 1975. Amended: Filed June 8, 1976, effective Sept. 11 , 1976. Emergency amendment filed Feb. 14, 1984, effective Feb. 24, 1984, expired June 23, 1984. Amended: Filed March 12, 1984, effective June 11 , 1984. Moved to 20 CSR 1100-2.020, effective Aug. 28, 2006. Amended: Filed May 14, 2012, effective Nov. 30, 2012.

*Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.