Missouri Laws 362.385 – Rate of interest
Terms Used In Missouri Laws 362.385
- Bank: means any corporation soliciting, receiving or accepting money, or its equivalent, on deposit as a business, whether the deposit is made subject to check, or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, and specifically a commercial bank chartered under this chapter or a national bank located in this state. See Missouri Laws 362.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- United States: includes such district and territories. See Missouri Laws 1.020
No bank or trust company shall pay any interest on any deposits of money, public or private, which are payable on demand, at a rate of interest in excess of the current rate of interest authorized by the laws of the United States of America or by regulations issued under authority of these laws, to be paid on the deposits by member banks of the Federal Reserve System or by banks or trust companies whose deposits are insured by the Federal Deposit Insurance Corporation; and no bank or trust company wherein any deposits of such moneys shall be made shall become obligated or liable on account thereof except for the safekeeping thereof and for the payment of the amount of the deposits with interest thereon, if any, lawfully payable under the provisions of this chapter.