Definitions

PURPOSE: This rule defines several terms that are used in Missouri credit union law, Chapter 370, RSMo, in the manner that they will be used by the Credit Union Commission and the Division of Credit Unions when implementing Chapter 370, RSMo. (1) “Well defined local neighborhood, community or rural district” is defined as a city, township, county, telephone area code, zip code, or other geographical areas with clearly defined boundaries, and/or an area which includes persons who have common interests. (2) “Immediate family” is defined as spouse, child, sibling, parent, grandparent, grandchild, aunt, uncle, niece, nephew, first cousin or legal guardian and includes step, in-law, and legally adoptive relationships. (3) “Household” is defined as persons living in the same residence who maintain a single economic unit. Included in this definition is any person who is a member of and participates in the maintenance of the household. (4) “Underserved community” is defined as a local neighborhood, community or rural district that has insufficient access to credit union services. (5) “Low income area” is defined as an area with a majority of residents who make less than eighty percent (80%) of the average for all wage earners as established by the Bureau of Labor Statistics or have annual household income at or below eighty (80%) percent of the median household income for the nation as established by the Census Bureau. AUTHORITY: sections 370.063, 370.080.2 and 370.081.3, RSMo Supp. 1998.* This rule originally filed as 4 CSR 105-3.010. Emergency rule filed July 1, 1999, effective July 12, 1999, expired Jan. 7, 2000. Original rule filed July 1, 1999, effective Jan. 30, 2000. Moved to 20 CSR 1105-3.010, effective Aug. 28, 2006. *Original authority: 370.063, RSMo 1998; 370.080, RSMo 1939, amended 1984, 1985, 1991, 1998; 370.081, RSMo 1998.