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Can you summarize MORS 362.950?
Banks and Trust Companies > Affiliated entity of holding companies, transactions authorized out-of-state transactions.
Short Summary
This legal document authorizes banks and trust companies to conduct certain transactions at their main banking house or branches, provided they are authorized by an affiliated entity. The authorized transactions include receiving and renewing deposits from customers of the affiliated entity, cashing or issuing checks, drafts or money orders for the account of customers of the affiliated entity, and closing and servicing loans and receiving loan payments and other payments due from customers of the affiliated entity. Prior written notice of such transactions must be provided to the director of the division of finance at least thirty days in advance. The term ‘affiliated entity’ refers to a bank or trust company that is at least eighty percent owned or controlled by a bank holding company, individual(s), or another legal entity that also owns or controls at least eighty percent of the voting stock of the bank or trust company conducting the authorized transactions. Additionally, banks and trust companies are allowed to enter into agreements with out-of-state banks or trust companies for the authorized transactions. This provision aims to grant state-chartered banks and trust companies the same interstate agency authority as national banking associations under the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994.
Whom does it apply to?
Banks and trust companies
What does it govern?
Transactions authorized for affiliated entities of banks and trust companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri