Missouri Revised Statutes
Chapter 361
Division of Finance and Powers of Director of Finance
←361.150
Section 361.160.1
361.170→
August 28, 2015
Examination of banks and trust companies.
361.160. 1. The director of finance at least once each year, either
personally or by a deputy or examiner appointed by the director, shall
visit and examine every bank and trust company organized and doing business
under the laws of this state, and every other corporation which is by law
required to report to the director; except, for banks or trust companies
receiving a Camel/MOECA 1 or Camel/MOECA 2 rating from the division of
finance, the director of finance at least once each eighteen calendar
months, or for a private trust company at least once each thirty-six
months, either personally or by a deputy or examiner appointed by the
director, shall visit and examine such bank or trust company, and the
director of finance, at the director's discretion, may conduct the
director's examination, or any part thereof, on the basis of information
contained in examination reports of other states, the Federal Deposit
Insurance Corporation or the Federal Reserve Board or in audits performed
by certified public accountants. For purposes of this subsection, a
private trust company is one that does not engage in trust company business
with the general public or otherwise hold itself out as a trustee or
fiduciary for hire by advertising, solicitation, or other means and instead
operates for the primary benefit of a family, relative of same family, or
single family lineage, regardless of whether compensation is received or
anticipated. The director shall be afforded prompt and free access to any
workpapers upon which a certified public accountant bases an audit. A
certified public accountant shall retain workpapers for a minimum of three
years after the date of issuance of the certified public accountant's
report to the bank or trust company. The director or the director's agent
may concentrate the examinations on institutions which the director
believes have safety or soundness concerns.
2. The director, or the deputy or examiners designated by the
director for that purpose, shall have power to examine any such corporation
whenever, in the director's judgment, it may be deemed necessary or
expedient, and shall have power to examine every agency located in this
state of any foreign banking corporation and every branch in this state of
any out-of-state bank, for the purpose of ascertaining whether it has
violated any law of this state, and for such other purposes and as to such
other matters as the director may prescribe.
3. The director and the director's deputy and examiners shall have
power to administer oaths to any person whose testimony may be required in
such examination or investigation of any such corporation or agency, and to
compel the appearance and attendance of any person for the purpose of any
such examination or investigation.
4. On every such examination inquiry shall be made as to the
condition and resources of such corporation, the mode of conducting and
managing its affairs, the actions of its directors or trustees, the
investment of its funds, the safety and prudence of its management, the
security afforded to its creditors, and whether the requirements of its
charter and of law have been complied with in the administration of its
affairs, and as to such other matters as the director may prescribe.
5. The director may also make such special investigations as the
director deems necessary to determine whether any individual or corporation
has violated any of the provisions of this law.
6. Such examination may be made and such inquiry instituted or
continued in the discretion of the director after the director has taken
possession of the property and business of any such corporation, until it
shall resume business or its affairs shall be finally liquidated in
accordance with the provisions of this chapter.
7. The result of each examination shall be certified by the director
or the examiner upon the records of the corporation examined and the result
of all examinations during the biennial period shall be embodied in the
report to be made by the director of the department of insurance, financial
institutions and professional registration to the legislature.
8. The director may contract with regulators in other states to
provide for the examination of Missouri branches of out-of-state banks and
branches of banks whose home state is Missouri. The agreements may provide
for the payment by the home state of the cost of examinations conducted by
the host state at the request of the home state regulators.
(RSMo 1939 § 7895, A. 1949 H.B. 2084, A.L. 1977 S.B. 420, A.L. 1995
H.B. 63, et al. merged with S.B. 178, A.L. 1996 H.B. 1432, A.L.
2003 H.B. 221 merged with S.B. 346, A.L. 2008 S.B. 788, A.L. 2013
H.B. 329)
Prior revisions: 1929 § 5301; 1919 § 11689; 1909 § 1080
*Effective 10-11-13, see § 21.250. H.B. 329 was vetoed July 2, 2013.
The veto was overridden on September 11, 2013.
2008
2003
1996
2008
361.160. 1. The director of finance at least once each year, either
personally or by a deputy or examiner appointed by the director, shall visit
and examine every bank and trust company organized and doing business under
the laws of this state, and every other corporation which is by law required
to report to the director; except, for banks or trust companies receiving a
Camel 1 or Camel 2 rating from the division of finance, the director of
finance at least once each eighteen calendar months, either personally or by a
deputy or examiner appointed by the director, shall visit and examine such
bank or trust company, and the director of finance, at the director's
discretion, may conduct the director's examination, or any part thereof, on
the basis of information contained in examination reports of other states, the
Federal Deposit Insurance Corporation or the Federal Reserve Board or in
audits performed by certified public accountants. The director shall be
afforded prompt and free access to any workpapers upon which a certified
public accountant bases an audit. A certified public accountant shall retain
workpapers for a minimum of three years after the date of issuance of the
certified public accountant's report to the bank or trust company. The
director or the director's agent may concentrate the examinations on
institutions which the director believes have safety or soundness concerns.
2. The director, or the deputy or examiners designated by the director
for that purpose, shall have power to examine any such corporation whenever,
in the director's judgment, it may be deemed necessary or expedient, and
shall have power to examine every agency located in this state of any foreign
banking corporation and every branch in this state of any out-of-state bank,
for the purpose of ascertaining whether it has violated any law of this
state, and for such other purposes and as to such other matters as the
director may prescribe.
3. The director and the director's deputy and examiners shall have power
to administer oaths to any person whose testimony may be required in such
examination or investigation of any such corporation or agency, and to compel
the appearance and attendance of any person for the purpose of any such
examination or investigation.
4. On every such examination inquiry shall be made as to the condition
and resources of such corporation, the mode of conducting and managing its
affairs, the actions of its directors or trustees, the investment of its
funds, the safety and prudence of its management, the security afforded to its
creditors, and whether the requirements of its charter and of law have been
complied with in the administration of its affairs, and as to such other
matters as the director may prescribe.
5. The director may also make such special investigations as the director
deems necessary to determine whether any individual or corporation has
violated any of the provisions of this law.
6. Such examination may be made and such inquiry instituted or continued
in the discretion of the director after the director has taken possession of
the property and business of any such corporation, until it shall resume
business or its affairs shall be finally liquidated in accordance with the
provisions of this chapter.
7. The result of each examination shall be certified by the director or
the examiner upon the records of the corporation examined and the result of
all examinations during the biennial period shall be embodied in the report
to be made by the director of the department of insurance, financial
institutions and professional registration to the legislature.
8. The director may contract with regulators in other states to provide
for the examination of Missouri branches of out-of-state banks and branches
of banks whose home state is Missouri. The agreements may provide for the
payment by the home state of the cost of examinations conducted by the host
state at the request of the home state regulators.
2003
361.160. 1. The director of finance at least once each year, either
personally or by a deputy or examiner appointed by the director, shall
visit and examine every bank and trust company organized and doing business
under the laws of this state, and every other corporation which is by law
required to report to the director; except, for banks or trust companies
receiving a Camel 1 or Camel 2 rating from the division of finance, the
director of finance at least once each eighteen calendar months either
personally or by a deputy or examiner appointed by the director, shall
visit and examine such bank or trust company, and the director of finance,
at the director's discretion, may conduct the director's examination, or
any part thereof, on the basis of information contained in examination
reports of other states, the Federal Deposit Insurance Corporation or the
Federal Reserve Board or in audits performed by certified public
accountants. The director shall be afforded prompt and free access to any
workpapers upon which a certified public accountant bases an audit. A
certified public accountant shall retain workpapers for a minimum of three
years after the date of issuance of the certified public accountant's
report to the bank or trust company. The director or the director's agent
may concentrate the examinations on institutions which the director
believes have safety or soundness concerns.
2. The director, or the deputy or examiners designated by the
director for that purpose, shall have power to examine any such corporation
whenever, in the director's judgment, it may be deemed necessary or
expedient, and shall have power to examine every agency located in this
state of any foreign banking corporation and every branch in this state of
any out-of-state bank, for the purpose of ascertaining whether it has
violated any law of this state, and for such other purposes and as to such
other matters as the director may prescribe.
3. The director and the director's deputy and examiners shall have
power to administer oaths to any person whose testimony may be required in
such examination or investigation of any such corporation or agency, and to
compel the appearance and attendance of any person for the purpose of any
such examination or investigation.
4. On every such examination inquiry shall be made as to the
condition and resources of such corporation, the mode of conducting and
managing its affairs, the actions of its directors or trustees, the
investment of its funds, the safety and prudence of its management, the
security afforded to its creditors, and whether the requirements of its
charter and of law have been complied with in the administration of its
affairs, and as to such other matters as the director may prescribe.
5. The director may also make such special investigations as the
director deems necessary to determine whether any individual or corporation
has violated any of the provisions of this law.
6. Such examination may be made and such inquiry instituted or
continued in the discretion of the director after the director has taken
possession of the property and business of any such corporation, until it
shall resume business or its affairs shall be finally liquidated in
accordance with the provisions of this chapter.
7. The result of each examination shall be certified by the director
or the examiner upon the records of the corporation examined and the result
of all examinations during the biennial period shall be embodied in the
report to be made by the director of the department of economic development
to the legislature.
8. The director may contract with regulators in other states to
provide for the examination of Missouri branches of out-of-state banks and
branches of banks whose home state is Missouri. The agreements may provide
for the payment by the home state of the cost of examinations conducted by
the host state at the request of the home state regulators.
1996
361.160. 1. The director of finance at least once each year, either
personally or by a deputy or examiner appointed by the director, shall
visit and examine every bank and trust company organized and doing business
under the laws of this state, and every other corporation which is by law
required to report to the director; except, for banks or trust companies
receiving a Camel 1 or Camel 2 rating from the division of finance, the
director of finance at least once each eighteen calendar months either
personally or by a deputy or examiner appointed by the director, shall
visit and examine such bank or trust company, and the director of finance,
at the director's discretion, may conduct the director's examination, or
any part thereof, on the basis of information contained in examination
reports of other states, the Federal Deposit Insurance Corporation or the
Federal Reserve Board or in audits performed by certified public
accountants. The director or the director's agent may concentrate the
examinations on institutions which the director believes have safety or
soundness concerns.
2. The director, or the deputy or examiners designated by the
director for that purpose, shall have power to examine any such corporation
whenever, in the director's judgment, it may be deemed necessary or
expedient, and shall have power to examine every agency located in this
state of any foreign banking corporation and every branch in this state of
any out-of-state bank, for the purpose of ascertaining whether it has
violated any law of this state, and for such other purposes and as to such
other matters as the director may prescribe.
3. The director and the director's deputy and examiners shall have
power to administer oaths to any person whose testimony may be required in
such examination or investigation of any such corporation or agency, and to
compel the appearance and attendance of any person for the purpose of any
such examination or investigation.
4. On every such examination inquiry shall be made as to the
condition and resources of such corporation, the mode of conducting and
managing its affairs, the actions of its directors or trustees, the
investment of its funds, the safety and prudence of its management, the
security afforded to its creditors, and whether the requirements of its
charter and of law have been complied with in the administration of its
affairs, and as to such other matters as the director may prescribe.
5. The director may also make such special investigations as the
director deems necessary to determine whether any individual or corporation
has violated any of the provisions of this law.
6. Such examination may be made and such inquiry instituted or
continued in the discretion of the director after the director has taken
possession of the property and business of any such corporation, until it
shall resume business or its affairs shall be finally liquidated in
accordance with the provisions of this chapter.
7. The result of each examination shall be certified by the director
or the examiner upon the records of the corporation examined and the result
of all examinations during the biennial period shall be embodied in the
report to be made by the director of the department of economic development
to the legislature.
8. The director may contract with regulators in other states to
provide for the examination of Missouri branches of out-of-state banks and
branches of banks whose home state is Missouri. The agreements may provide
for the payment by the home state of the cost of examinations conducted by
the host state at the request of the home state regulators.
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