427.110. Collateral protection act--audit for compliance. - Missouri Statutes

Collateral protection act--audit for compliance.

427.110. Sections 427.110 to 427.190 may be cited as the "CollateralProtection Act". As a part of their regular audit, state regulators mayaudit creditors that elect coverage under sections 427.110 to 427.190; whenthe creditor is primarily regulated by the state, the state agencycurrently authorized to examine such creditor shall be the exclusive agencypermitted to audit such creditor for compliance. When the creditor ischartered by the federal government or any agency thereunder, or isunregulated, the Missouri attorney general may audit such creditor forcompliance and shall be the exclusive agency to monitor compliance, exceptit may delegate such audit power to the division of finance.

(L. 1997 H.B. 257)