20 CSR 1140-22.020 - Savings and Deposit Accounts
PURPOSE: This rule authorizes associations to issue savings accounts or certificates.
(1) An association may accept savings
accounts as determined by its board of directors and as permitted by federal or
Missouri law. Each account shall be evidenced by a passbook or certificate or
other evidence of account in a form approved by the board of directors of the
association .
(2) An association may
accept noninterest bearing demand accounts from those persons or organizations
that have a business, corporate, commercial or agricultural loan relationship
with the association and may also accept demand accounts from a commercial,
corporate, business or agricultural entity for the sole purpose of effectuating
payments by a nonbusiness customer. An association may extend secured or
unsecured credit in the form of overdraft privileges in connection with such
demand accounts.
(3) For purposes
of section (2) of this regulation-
(A) A
business, corporate, commercial or agricultural loan shall include any loan
other than a home loan on borrower-occupied property or a loan to a natural
person for personal, family or household use;
(B) A loan relationship is established if
there is a line-of-credit, any outstanding loan (including a finance lease) or
a previous loan and a reasonable expectation of the renewal of a lending
relationship based on the usual and customary activities and needs of the
borrower; and
(C) The extension of
credit in the form of overdraft privileges in connection with the opening of a
demand account may be deemed a business, corporate, commercial or agricultural
loan relationship.
(4)
In addition to the accounts authorized by this regulation, an association may
accept any account as may be authorized from time-to-time for federal
associations.
Notes
*Original authority: 369.204, RSMo 1971, amended 1994 and 369.299, RSMo 1971, amended 1994.
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