Collection Agencies

PURPOSE: The comptroller of the currency has authorized national banks to operate collection agencies. To the extent that statechartered banks do not have the same power, they operate at a competitive disadvantage. In addition, these powers appear to be included in the express and incidental powers granted by law to state-chartered banks. This rule authorizes state-chartered banks to engage in collection agency activity. State-chartered banks, either directly or through a subsidiary, may collect overdue accounts receivable, either retail or commercial, provided the collection agency does not obtain the names of customers of competing collection agencies from an affiliated depository institution that maintains accounts for those agencies. AUTHORITY: sections 361.105 and 362.105.3, RSMo 1986.* This rule originally filed as 4 CSR 140-6.058. Original rule filed Jan. 5, 1987, effective April 1, 1987. Moved to 20 CSR 1140-6.058, effective Aug. 28, 2006. *Original authority: 361.105, RSMo 1967; and 362.105.3, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986.