362.078. Industrial loan companies and banks prohibited from maintaining facilities for banking purposes, definitions. - Missouri Statutes

Industrial loan companies and banks prohibited from maintainingfacilities for banking purposes, definitions.

362.078. Notwithstanding any other provision of law to the contrary,an industrial loan company or industrial bank is prohibited fromestablishing or maintaining any deposit production office, loan productionoffice, or one or more bank branches for the purpose of conducting anybanking business within this state, whether by de novo charter, branching,or merger with another institution. As used in this section, the terms"industrial loan company" and "industrial bank" include any companychartered under the laws of any state that:

(1) Is insured or regulated by the Federal Deposit InsuranceCorporation;

(2) Engages in one or more banking activities; and

(3) Is owned, directly or indirectly, by a commercial entity that isnot a bank holding company or a financial holding company subject toregulation under the Federal Bank Holding Company Act of 1956.

(L. 2006 S.B. 892)