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Can you summarize MOCS Title 20, Division 1105?
Department of Commerce and Insurance > CREDIT UNION COMMISSION
Short Summary
The provided legal document content pertains to the Credit Union Membership and Chartering in Missouri. It defines several terms used in Missouri credit union law, including ‘well defined local neighborhood, community or rural district’, ‘immediate family’, ‘household’, ‘underserved community’, and ’low income area’. The document specifies the authority for this rule and its filing history. It also provides the criteria for determining whether an area qualifies as a low-income or underserved community for credit unions operating in Missouri. Additionally, the document outlines the criteria for adding additional groups to the membership of an existing credit union, as well as the criteria for establishing and maintaining a new credit union. It also establishes the criteria for credit unions seeking exemptions from limitations on groups. The document references the relevant sections of the Missouri Revised Statutes for authority. No specific exemptions or penalties are mentioned in this document. This rule governs the operation and description of the Credit Union Commission within the Missouri Department of Commerce and Insurance. The purpose of this rule is to comply with section 536.023, RSMo Supp. 1998, which requires each agency to adopt a rule describing its operation and how the public can obtain information or make submissions or requests. The Credit Union Commission is responsible for determining appeals from certain decisions of the director of the Division of Credit Unions, providing advice to the director on credit union matters, and approving or disapproving regulations proposed by the director. The commission consists of seven individuals appointed by the governor, including individuals with credit union experience, individuals not involved in financial institution administration, and one attorney. The commission meets to hear appeals related to credit union chartering, relocation, branching, or membership. The public can contact the Credit Union Commission for comments or information by writing to their designated address. The provided legal document establishes the rules of procedure for the Credit Union Commission. The Commission is responsible for various tasks, including approving or disapproving regulations proposed by the director of the Division of Credit Unions, hearing and determining appeals from the director’s orders or decisions regarding credit union chartering, relocation, branching, or membership, and advising the director on credit union organization, operation, and supervision. The document provides definitions for key terms used in the rules, such as director, commission, presiding officer, appellants, person, secretary, and intervenors. It also outlines the responsibilities of the secretary in maintaining records of commission proceedings and certifying orders and actions. The rules are to be liberally construed to ensure a just, speedy, and inexpensive determination of issues. The Commission has the authority to amend the rules at any time. The document does not mention any specific penalties or exemptions.
Whom does it apply to?
Credit unions operating in Missouri
What does it govern?
Credit Union Membership and Chartering in Missouri
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Missouri