Section 370.100

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

Effective - 28 Aug 2011   

  370.100.  Division director — powers — qualifications — examiners and assistants. — 1.  There is created within the state department of commerce and insurance, a director of the division of credit unions who shall have exclusive supervision of all credit unions operating under the laws of this state and may make necessary rules and regulations to carry out the provisions of this chapter.

  2.  The director of credit unions shall be appointed by the governor with the advice and consent of the senate to serve at his or her pleasure.

  3.  The director of credit unions shall maintain his or her office at Jefferson City, Missouri, and shall devote all of his or her time to the duties of his or her office.

  4.  No person shall be eligible to be appointed to the office unless he or she has had at least three years actual practical experience with credit union operation or unless he or she has served for the same period of time in the agency having charge of credit union operation in this or some other state of the United States, or in the national credit union administration.

  5.  The director may appoint a deputy director of credit unions and such examiners, assistant examiners and other employees and assistants as he or she shall deem necessary to properly discharge his or her duties as director.

  6.  The actual and necessary traveling and other divisional or office expenses of the director, the deputy director, and other assistants and employees shall be paid out of the state treasury as provided by law.

  7.  The examiners and any person appointed as deputy director shall possess the qualifications required for the director.

  8.  All persons appointed by the director as authorized herein shall perform the duties required of them by the director, and shall devote all of their time to their official duties.

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(RSMo 1939 § 5526, A.L. 1945 p. 689, A.L. 1945 p. 720, A. 1949 H.B. 2091, A.L. 1959 S.B. 127, A.L. 1967 p. 509, A.L. 1972 S.B. 502, A.L. 2011 S.B. 306)

Prior revision: 1929 § 5084

Revisor's Note:  Section 620.010 created a division of credit unions in the department of economic development and transferred all powers and duties of the state supervisor of credit unions to the division of credit unions and the office of the state supervisor of credit unions was abolished. That language in section 620.010 was repealed in 2008.