Loan Office

PURPOSE: This regulation allows an association to file an application to establish a loan office. (1) Application. Upon written approval from the director, an association may establish a loan office. The application for permission to establish a loan office must be on a branch application form and must include the same information as that required for a branch, tandem branch, mobile facility or agency. (2) A loan office may only service and originate (but not approve) loans using association personnel and documentation, and provide other limited services as may be approved by the director upon application. Savings activities by a loan office are prohibited. (3) An association may establish a loan office under this rule through an authorized service corporation. In these cases, parent corporation documentation is permitted. (4) The application to establish and maintain this loan office shall be approved without a public hearing if the director shall find affirmatively from the data furnished with the application, the director’s official records and any other evidence presented to him/her that— (A) The applying association has no serious supervisory problems which would affect its ability to operate the office; and (B) The applying association has adequate income to support the proposed operation. (5) The director shall act upon an application for a loan office within thirty (30) days. If the director approves or conditionally approves the application, s/he shall give written notice to the association. The association has one hundred eighty (180) days in which to open this office. (6) All supporting documentation for statements of fact tendered to the director in connection with an application for a loan office shall be maintained at the association’s home office in such a manner as could be verified by an examination performed by the division. AUTHORITY: section 369.299, RSMo 1994.* This rule originally filed as 4 CSR 2604.035. This rule previously filed as 4 CSR 140-16.035. Original rule filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-16.035, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 1140-16.035, effective Aug. 28, 2006. *Original authority: 369.299, RSMo 1971, amended 1994. 20 CSR 1140-16.040 Drive-In or Pedestrian Facility PURPOSE: This regulation permits an association to establish a single drive-in or pedestrian facility for the home office or each branch office of an association. An application for permission to establish a drive-in or pedestrian facility need not be filed where this facility is within five hundred feet of a home or branch office, but an application must be filed with the director if the facility is more than five hundred feet and the requirements for an application are stated. (1) An association, without prior approval of the director, may establish a single drive-in or pedestrian facility, in conjunction with the home office and each branch office of the association, which is not more than five hundred feet (500’) from a public entrance to the office and which is closer to the entrance than it is to a public entrance of another association. The functions which may be performed at any such facility shall be limited to the ordinary functions performed at a teller window of the association. (2) A drive-in or pedestrian facility that does not qualify under the preceding section may only be established with the specific approval of the director. Any application for such approval must contain a statement of the need for and a design of the facility and a map showing the location of the facility in relation to the office which it supplements and of all offices, located in the same vicinity, of any other association or federal association. AUTHORITY: section 369.299, RSMo 1994.* This rule originally filed as 4 CSR 2604.040. This rule previously filed as 4 CSR 140-16.040. Original rule filed Sept. 28, 1971, effective Oct. 8, 1971. Changed to 4 CSR 140-16.040, effective July 6, 1994. Moved to 20 CSR 1140-16.040, effective Aug. 28, 2006. *Original authority: 369.299, RSMo 1971, amended 1994.