361.105. Director of finance authorized to issue rules with approval of state banking board--rulemaking procedure. - Missouri Statutes

Director of finance authorized to issue rules with approval of statebanking board--rulemaking procedure.

361.105. 1. The director of finance, with the approval of the statebanking board, shall have power to adopt, promulgate, amend and repealrules and regulations necessary or desirable to carry out the dutiesassigned to the division by law relating to banks and trust companies andwhich are not inconsistent with the constitution or laws of this state. Acopy of every rule and regulation shall be mailed to each bank and trustcompany, postage prepaid, at least fifteen days in advance of its effectivedate; except that the failure of a bank or trust company to receive a copyof a rule or regulation shall not exempt it from the duty of compliancewith a rule or regulation lawfully promulgated hereunder. The director, inthe exercise of the power to make rules and regulations hereunder, shallact in the interests of promoting and maintaining a sound banking systemand sound trust companies, the security of deposits and depositors andother customers, the preservation of the liquid position of banks and inthe interest of preventing injurious credit expansions and contractions.

2. No rule or portion of a rule promulgated under the authority ofthis chapter shall become effective unless it has been promulgated pursuantto the provisions of section 536.024, RSMo.

(L. 1967 p. 445, A.L. 1993 S.B. 52, A.L. 1994 H.B. 1165, A.L. 1995 S.B. 3)