Missouri Laws 362.950 – Affiliated entity of holding companies, transactions authorized — ..
1. Notwithstanding any other law to the contrary, any bank or trust company is authorized to conduct at the main banking house or any branch of such bank or trust company any one or more of the following transactions if so authorized by such affiliated entity:
(1) Receiving deposits from, or renewing deposits of, customers of such affiliated entity;
Terms Used In Missouri Laws 362.950
- 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
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) Cashing or issuing checks, drafts or money orders for the account of customers of such affiliated entity;
(3) Closing and servicing loans and receiving loan payments and other payments due from customers of such affiliated entity.
2. Any bank or trust company intending to conduct or to authorize an affiliated entity to conduct any such transactions shall provide not less than thirty days’ prior written notice thereof to the director of the division of finance.
3. For purposes of this section, the term “affiliated entity” means any bank or trust company of which at least eighty percent of the voting stock is owned or otherwise controlled, directly or indirectly, by a bank holding company, any individual or a group of individuals, or any other legal entity which also owns or otherwise controls, directly or indirectly, eighty percent of the voting stock of the bank or trust company conducting any such transactions.
4. Any bank or trust company may enter into an agreement with one or more out-of-state banks, trust companies, or both banks and trust companies, as a principal, agent, or both principal and agent, for the transactions authorized in this section. The provisions of this subsection are enacted to authorize state chartered banks and trust companies the same interstate agency authority that a national banking association is provided in Title I, Section 101, of the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328.