Accounting Procedures

PURPOSE: This regulation establishes accounting and recordkeeping procedures of a savings and loan association, including the maintenance of records by means of data processing services and notification of the director in the event records are maintained at a location other than the home office, or if a savings and loan association converts recordkeeping to a data processing system. (1) Each association shall use the forms and follow accounting practices as the director may from time-to-time require. (2) An association shall maintain a complete record of all business transacted by it, and shall maintain either at its home office, or at a branch or service office located within one hundred (100) miles of the home office, all general accounting records, including all control records, of all business transacted by the association at each of its offices and agencies. Records produced by electronic data processing may be maintained at the data processing center. Neither the general accounting or control records nor the maintenance of the records shall be transferred by an association from its home office to its branch or service office, from a branch or service office to its home office or to another branch or service office until— (A) The board of directors of the association, by resolution, has authorized that transfer or maintenance; and (B) The association has sent a certified copy of the resolution to the director. (3) An association which determines to maintain any of its records by means of data processing services shall so notify the director in writing at least ninety (90) days prior to the date on which the maintenance of records will begin. An association maintaining any of its records by means of data processing services at the effective date of this rule shall serve a similar notice within ninety (90) days from the effective date of this rule (October 7, 1971) (January 5, 1972) identifying only those records as to which no previous notice has been given. The notification shall include identification of the records to be maintained by data processing services and a statement as to the location at which those records will be maintained. Any contract, agreement or arrangement made by an association pursuant to which data processing services are to be performed for that association shall be in writing and shall expressly provide that the records to be maintained by those services shall be available at all times for examination and audit. (4) All business of the association shall be accounted for in accordance with generally accepted accounting principles or regulatory accounting principles as are permitted by federal laws and regulations. AUTHORITY: section 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-3.010. This rule previously filed as 4 CSR 14015.010. Original rule filed Sept. 28, 1971, effective Oct. 7, 1971. Amended: Filed Nov. 4, 1986, effective Jan. 30, 1987. Amended: Filed June 14, 1988, effective Aug. 29, 1988. Changed to 4 CSR 140-15.010, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 114015.010, effective Aug. 28, 2006. *Original authority 1971, amended 1994.