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  370.390.  Foreign credit union may operate in state, requirements. — The director of the division of credit unions may authorize a foreign credit union to open an office in Missouri if he finds that the credit union has insurance of accounts comparable to that required of Missouri credit unions, the field of membership to be served is not now being adequately served, the credit union has designated a registered agent in Missouri, and reciprocal recognition is given by the chartering state of the credit union to Missouri credit unions.  If authorization is given, the foreign credit union must abide by Missouri limits on loan interest rates, pay all annual fees on assets held in Missouri as prescribed by section 370.107, follow all provisions of Missouri law relating to credit unions, and allow the director to examine its records and affairs.


(L. 1982 H.B. 1099)

---- end of effective   28 Aug 1982 ----

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