Consumer Loans

PURPOSE: This rule authorizes associations to make secured or unsecured loans for personal, family, home improvement or household purposes and loans reasonably incident to them. (1) An association may originate, invest in, sell, purchase, participate or otherwise deal in secured or unsecured consumer loans as follows: (A) Direct or indirect consumer loans that may be either open-end or closed-end credit; and (B) Loans to dealers in consumer goods for inventory financing, floor planning and leasing. (2) The total investment under this rule shall not exceed thirty percent (30%) of the association’s assets. AUTHORITY: sections 369.144, 369.229, 369.249 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-8.046. This rule previously filed as 4 CSR 14020.046. Original rule filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-20.046, effective July 6, 1994. Moved to 20 CSR 1140-20.046, effective Aug. 28, 2006. *Original authority: 369.144, RSMo 1971, amended 1982, 1983, 1984, 1989, 1994; 369.229, RSMo 1971, amended 1983, 1994; and 369.249 and 369.299, RSMo 1971, amended 1994.