20 CSR 1140-20.025 - Types of Loans
(1) For the purpose of this chapter, an
association may originate, invest in, sell, purchase, participate or otherwise
deal in any loan it could make if it were incorporated and operating as a
federal association domiciled in this state, as long as the association
complies with all applicable regulations governing those activities by federal
associations.
(2) Election
Regarding Classification of Loans.
(A) If a
loan is authorized under more than one (1) section of the Missouri Savings and
Loan Law or these regulations, an association may designate under which section
the loan has been made. This loan may be apportioned among appropriate
categories, and may be moved, in whole or in part, from one (1) category to
another. To classify a loan as a real estate loan, an association must rely
substantially upon the real estate as the primary security for the
loan.
(B) For purposes of
determining whether aggregate loans or investments under the Missouri Savings
and Loan Law or these regulations exceed an applicable percentage-of-assets
limitation, a loan commitment shall be counted as an investment and shall be
included in total assets of an association only to the extent that funds have
been advanced (and not repaid) pursuant to the commitment. The term loan
commitment includes a loan in process, a letter of credit or any other
commitment to extend credit.
(C)
Loans sold to a third party shall be included in calculation of a percentage of
assets investment limitation only to the extent they are sold with
recourse.
(D) An association may
make a loan secured by assignment of loans to the extent that it could, under
applicable law and regulations, make or purchase the underlying assigned
loans.
(3) An association
may originate, invest in, sell, purchase, participate or otherwise deal in the
following types of loans:
(A) Residential real
estate loans-in accordance with 4 CSR 260-8.031 (relating to residential real
estate loans);
(B) Other real estate
loans-in accordance with 4 CSR 260-8.035 (relating to other real estate
loans);
(C) Commercial loans--in
accordance with 4 CSR 260-8.041 (relating to commercial loans);
(D) Consumer loans-in accordance with 4 CSR
260-8.046 (relating to consumer loans);
(E) Loans to officers, directors or employees
of the association-in accordance with 4 CSR 260-8.052 (relating to loans to
officers, directors and employees);
(F) Wrap-around real estate loans-in
accordance with 4 CSR 260-8.055 (relating to wrap-around real estate
loans);
(G) Education loans-in
accordance with 4 CSR 260-8.061 (relating to education loans);
(H) Manufactured home loans-in accordance
with 4 CSR 260-8.065 (relating to manufactured home loans);
(I) Alternative mortgage loans-in accordance
with 4 CSR 260-8.072 (relating to alternative mortgage loans);
(J) Line-of-credit construction loans-in
accordance with 4 CSR 260-8.075 (relating to line-of-credit construction
loans);
(K) Letters of credit-in
accordance with 4 CSR 260-8.083 (relating to letters of credit);
(L) Loans on cooperatives-in accordance with
4 CSR 260-8.085 (relating to loans on cooperatives);
(M) Loans secured by leasehold-in accordance
with 4 CSR 260-8.091 (relating to loans secured by leaseholds);
(N) Loans on securities-in accordance with 4
CSR 260-8.096 (relating to loans on securities);
(O) Loans to homeowners-in accordance with 4
CSR 260-8.100 (relating to loans to homeowners);
(P) Government insured or guaranteed
loans-without regard to any loan limitations or restrictions otherwise imposed
by this chapter, any loan, secured or unsecured, which is insured or guaranteed
in any amount by the United States or instrumentality of the United States;
and
(Q) Loans fully secured by
savings accounts owned or otherwise pledged for or by the
borrower.
Notes
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