Missouri Laws 570.220 – Check kiting — collected funds defined — penalty
1. A person commits the offense of check kiting if he or she, with intent to defraud, obtains money from a financial institution by drawing a check against an account in which there is not sufficient collected funds to pay the check and, he or she purports to cover that check by depositing in such account another check drawn against insufficient collected funds.
2. For purposes of this section, the term “collected funds” means that portion of a deposit account representing checks and other credits as to which the depositary has directly and affirmatively verified that final payment has been made or, in the alternative, with respect to checks as to which at least ten business days have elapsed, without return of the checks, since presentation for payment.
Attorney's Note
Under the Missouri Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class E felony | up to 4 years | up to $10,000 |
Terms Used In Missouri Laws 570.220
- Check: a check or other similar sight order or any other form of presentment involving the transmission of account information for the payment of money. See Missouri Laws 570.010
- Financial institution: a bank, trust company, savings and loan association, or credit union. See Missouri Laws 570.010
- Kiting: Writing a check in an amount that will overdraw the account but making up the deficiency by depositing another check on another bank. For example, mailing a check for the mortgage when your checking account has insufficient funds to cover the check, but counting on receiving and depositing your paycheck before the mortgage company presents the check for payment. Source: OCC
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
3. The offense of check kiting is a class E felony.