443.845. Residential mortgage licensing fund created--purpose--fees to be deposited in interest-bearing account to credit of fund--amount in fund subject to lapse into general revenue.

MISSOURI STATUTES AND CODES

443.845. Residential mortgage licensing fund created--purpose--fees to be deposited in interest-bearing account to credit of fund--amount in fund subject to lapse into general revenue.

Residential mortgage licensing fund created--purpose--fees to bedeposited in interest-bearing account to credit of fund--amountin fund subject to lapse into general revenue.

443.845. 1. There is hereby created in the state treasury the"Residential Mortgage Licensing Fund" which shall be used, uponappropriation by the general assembly, for all costs incurred by thedirector in administering the provisions of sections 443.701 to 443.893.The director shall transmit all fees received by the director pursuant tosections 443.701 to 443.893 to the director of revenue for deposit in aninterest-bearing account in the state treasury to the credit of theresidential mortgage licensing fund. Any interest earned on the money inthis fund shall be credited to the residential mortgage licensing fund.

2. Notwithstanding the provisions of section 33.080, RSMo, to thecontrary, money in this fund shall not be transferred and placed to thecredit of general revenue until the amount in the fund at the end of thebiennium exceeds three times the amount of the appropriations from theresidential mortgage licensing fund for the preceding fiscal year. Theamount, if any, in the fund which shall lapse is that amount in the fundwhich exceeds the appropriate multiple of the appropriations from theresidential mortgage licensing fund for the preceding fiscal years.