370.390. Foreign credit union may operate in state, requirements. - Missouri Statutes

Foreign credit union may operate in state, requirements.

370.390. The director of the division of credit unions mayauthorize a foreign credit union to open an office in Missouri ifhe finds that the credit union has insurance of accountscomparable to that required of Missouri credit unions, the fieldof membership to be served is not now being adequately served,the credit union has designated a registered agent in Missouri,and reciprocal recognition is given by the chartering state ofthe credit union to Missouri credit unions. If authorization isgiven, the foreign credit union must abide by Missouri limits onloan interest rates, pay all annual fees on assets held inMissouri as prescribed by section 370.107, follow all provisionsof Missouri law relating to credit unions, and allow the directorto examine its records and affairs.

(L. 1982 H.B. 1099)