External Deposits

PURPOSE: This rule limits the possibility of several types of unsafe and unsound uses of deposits from external sources. (1) For purposes of this rule only the following definitions shall apply: (A) Nonmember shall mean any natural person or legal entity, whether or not eligible for membership, not belonging to the credit union into which a deposit is being made; and (B) Nonnatural person shall mean any legal entity such as a governmental unit, corporation, credit union, association or other similar entity other than a natural person. (2) Any credit union which receives deposits from nonmember nonnatural persons must notify the director of credit unions, in writing, within ten (10) days of the balance of all such deposits exceeding five percent (5%) of total shares and deposits. AUTHORITY: section 370.100, RSMo 2000.* This rule originally filed as 4 CSR 100-2.220. Emergency rule filed May 11, 1984, effective May 21, 1984, expired Sept. 18, 1984. Original rule filed May 11, 1984, effective Aug. 11, 1984. Amended: Filed Dec. 15, 2000, effective June 30, 2001. Moved to 20 CSR 1100-2.220, effective Aug. 28, 2006. *Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.