Mo. Code Regs. Ann. tit. 20, § 1140-2.081
Legal Loan Limit— Limited Partnerships
Effective Aug 28, 2006sections 361.105, RSMo 1986 and 362.170, RSMo Supp. 1989.* This rule originally filed as 4 CSR 140-2.081. Original rule filed June 12, 1984, effective Nov. 15, 1984. Moved to 20 CSR 1140-2.081, effective Aug. 28, 2006. *Original authority: 361.105, RSMo 1967 and 362.170, RSMo 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981, 1983, 1985, 1986, 1989Division of Finance
PURPOSE: This rule removes the confusion surrounding the legal loan limit as it relates to limited partnerships and certain joint ventures, eliminates any lingering effects of earlier interpretations (rulings number 19 and 37) and states this division’s policy toward this subject.
- (1) While loans to general partnerships shall be considered, for legal loan limit purposes, loans to each member of the partnership, this rule does not apply to limited partners in limited partnerships unless limited partners act as general partners by undertaking duties or responsibilities associated with running the business.
- (2) This rule shall not be construed to limit attribution which would be required by application of 4 CSR 140-2.080 Legal Loan Limit.
- (3) A corporation or other entity serving as a general partner in any limited or general partnership shall be attributed any loan made to or for the benefit of the partnership.
AUTHORITY: sections 361.105, RSMo 1986 and 362.170, RSMo Supp. 1989.* This rule originally filed as 4 CSR 140-2.081. Original rule filed June 12, 1984, effective Nov. 15, 1984. Moved to 20 CSR 1140-2.081, effective Aug. 28, 2006. *Original authority: 361.105, RSMo 1967 and 362.170, RSMo 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981, 1983, 1985, 1986, 1989.