Section 362.945

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 15 May 1986, see footnote   

  362.945.  Definitions — examinations, cooperative and reciprocal agreements to make examinations, when. — 1.  As used in this section, unless the context clearly indicates otherwise, the following terms shall mean:

  (1)  "Affiliate", shall have the meaning given the term by section 23A of the Federal Reserve Act (12 U.S.C. section 371c), as amended;

  (2)  "Bank", any bank, trust company, or national banking association which accepts deposits and makes loans, and which has its principal banking house outside of the state of Missouri;

  (3)  "Bank holding company", any company which has control, as determined by the provisions of subdivision (4) of section 362.910, over any bank or over any company that is a bank holding company;

  (4)  "Engage in the banking business", a company shall be deemed to engage in the banking business if it accepts deposits and makes loans in Missouri.

  2.  In the event that any bank holding company or bank is permitted, by operation of federal or state law, to engage directly or through an affiliate in the banking business in this state, the director may enter into cooperative and reciprocal agreements with the Federal Reserve Bank or with the bank regulatory authorities of any state or states in which such bank holding company or bank is organized or based for the periodic examination of bank holding companies, banks, and affiliates affected, and may accept reports of examination and other exchanges of information from such authorities in lieu of conducting his own examinations and compiling his own reports, and may provide reports of examination and other information to such authorities.  The director may enter into joint actions with other regulatory bodies having concurrent jurisdiction or may enter into such actions independently to carry out his responsibilities of assuring compliance with the laws of this state.

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(L. 1986 H.B. 1195)

Effective 5-15-86