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Can you summarize MOCS Title 20, Division 1140, Chapter 10?
DIVISION OF FINANCE > Bank Holding Companies
Short Summary
The provided legal document outlines the obligations and requirements for holding companies that intend to acquire a bank in Missouri. It specifies that holding companies must comply with section 362.915, RSMo, which sets a maximum size for growth through acquisition. The director of finance is responsible for determining if the proposed acquisition is permitted under section 362.915, RSMo and must provide findings within 30 days of receiving the necessary information. Holding companies are required to provide the director with the required information, regardless of whether an application is required by the Board of Governors of the Federal Reserve System. The director will also consider the impact of the proposed acquisition on the soundness of the banking system and the holding company. Any objections will be filed with the Board of Governors of the Federal Reserve System within 30 days. The authority for this rule is sections 361.105, 362.915, and 362.920, RSMo 2000, and 362.105.1, RSMo Supp. 2001.
Whom does it apply to?
Holding companies
What does it govern?
Obligations and requirements for holding companies wishing to acquire a Missouri-based bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Missouri