620.1063. Withdrawal from program, effect--withdrawal of funds--examination of accounts authorized. - Missouri Statutes

Withdrawal from program, effect--withdrawal of funds--examination ofaccounts authorized.

620.1063. 1. A participating financial institution which withdrawsfrom the program may not recover any set-aside contributions which havebeen made to a loss reserve account. If a program loan loss reserveaccount continuously exceeds the outstanding balance of the institution'senrolled loans for twenty-four consecutive months, the department maywithdraw such excess to reduce the program loss reserve account to anamount equal to one hundred percent of such outstanding balance. Any fundswithdrawn pursuant to this subsection shall be placed in the Missouricapital access program fund.

2. The division of finance of the department of insurance, financialinstitutions and professional registration is authorized to examine allprogram loss reserve accounts maintained by financial institutions. Nofinancial institution may participate in the program unless such financialinstitution agrees to allow the division of finance to conduct suchexaminations.

(L. 1994 H.B. 1248 & 1048 § 8, A.L. 2008 S.B. 788)