☰ Revisor of Missouri


Chapter 620

< > Effective - 28 Aug 2008    bottom

  620.1063.  Withdrawal from program, effect — withdrawal of funds — examination of accounts authorized. — 1.  A participating financial institution which withdraws from the program may not recover any set-aside contributions which have been made to a loss reserve account.  If a program loan loss reserve account continuously exceeds the outstanding balance of the institution's enrolled loans for twenty-four consecutive months, the department may withdraw such excess to reduce the program loss reserve account to an amount equal to one hundred percent of such outstanding balance.  Any funds withdrawn pursuant to this subsection shall be placed in the Missouri capital access program fund.

  2.  The division of finance of the department of commerce and insurance is authorized to examine all program loss reserve accounts maintained by financial institutions.  No financial institution may participate in the program unless such financial institution agrees to allow the division of finance to conduct such examinations.


(L. 1994 H.B. 1248 & 1048 § 8, A.L. 2008 S.B. 788)

---- end of effective  28 Aug 2008 ----

use this link to bookmark section  620.1063

Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Missouri Senate
State of Missouri
Missouri House