Missouri Revised Statutes













Chapter 620

Department of Economic Development

←620.1060

Section 620.1063.1

620.1066→

August 28, 2015

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

620.1063. 1. A participating financial institution which withdraws from

the program may not recover any set-aside contributions which have been made

to a loss reserve account. If a program loan loss reserve account

continuously exceeds the outstanding balance of the institution's enrolled

loans for twenty-four consecutive months, the department may withdraw such

excess to reduce the program loss reserve account to an amount equal to one

hundred percent of such outstanding balance. Any funds withdrawn pursuant to

this subsection shall be placed in the Missouri capital access program fund.



2. The division of finance of the department of insurance, financial

institutions and professional registration is authorized to examine all

program loss reserve accounts maintained by financial institutions. No

financial institution may participate in the program unless such financial

institution agrees to allow the division of finance to conduct such

examinations.



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





1994



1994



620.1063. 1. A participating financial institution which

withdraws from the program may not recover any set-aside

contributions which have been made to a loss reserve account. If

a program loan loss reserve account continuously exceeds the

outstanding balance of the institution's enrolled loans for

twenty-four consecutive months, the department may withdraw such

excess to reduce the program loss reserve account to an amount

equal to one hundred percent of such outstanding balance. Any

funds withdrawn pursuant to this subsection shall be placed in

the Missouri capital access program fund.



2. The division of finance of the department of economic

development is authorized to examine all program loss reserve

accounts maintained by financial institutions. No financial

institution may participate in the program unless such financial

institution agrees to allow the division of finance to conduct

such examinations.



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