369.329. Branch offices and agencies, approval required, exceptions--application for approval, contents--approval, when--hearing, procedures. - Missouri Statutes

Branch offices and agencies, approval required,exceptions--application for approval, contents--approval,when--hearing, procedures.

369.329. No association may establish or maintain a branchoffice or agency without the prior written approval of thedirector of the division of finance, except that temporary andincidental agencies may be created for individual transactionsand for special temporary purposes without such approval. Eachapplication for approval of the establishment and maintenance ofa branch office or one or more agencies shall state the proposedlocation of the branch office or agency, the functions to beperformed at the office or agency, the estimated volume ofbusiness at the branch office or agency, the estimated annualexpense of the branch office or agency and the mode of paymentsfor the branch office or agency and such additional matters asthe director of the division of finance by regulation mayrequire. Each such application shall be accompanied by a budgetof the association for the current earnings period and for thenext succeeding semiannual period, which reflects the estimatedadditional expense of the maintenance of each such branch officeor agency. No branch application shall be granted if, in theopinion of the director or a majority of the members of thecommission on appeal, the policies, condition or operation of theapplicant afford a basis for supervisory objection to theapplication. The director of the division of finance may hold ahearing at the director's discretion on the application inaccordance with such procedures as the director by regulation mayrequire.

(L. 1971 S.B. 3 § 65, A.L. 1983 H.B. 570, A.L. 1994 H.B. 1165)

Effective 7-6-94