PURPOSE: The comptroller of the currency, with a brief interruption, has authorized national banks to maintain loan production offices since 1966. This rule extends that power to state-chartered banks.

1. (1) Any bank, whether organized or established under the laws of this state or of another state, or under the laws of the United States, subject to the provisions of this rule, may establish one (1) or more loan production offices in Missouri.
2. (2) Loans which are originated at a loan production office must be approved or denied at the main office or branch office of the lending bank and the proceeds of these loans must be disbursed from the main office or a branch office of the lending bank; disbursement may not be effected by or through the loan production office. No payments may be accepted at a loan production office.
3. (3) It shall be a condition of the right to establish and maintain a loan production office in Missouri that each bank which does so, by January 1 of each year, must report to the 20 CSR 1140-6

commissioner of finance stating the location of the loan production office maintained, the volume of income generated by each loan production office, the number of officers and other personnel employed at each location, as well as the address of the office at which loans are approved or denied and disbursement made. In addition, all loan production offices presently operating in Missouri shall file a report containing this information within sixty (60) days (January 14, 1985) of the effective date of this rule (November 15, 1984). Reports shall be filed with the Commissioner of Finance, Division of Finance, P.O. Box 716, Jefferson City, MO 65102.

AUTHORITY. sections 361.105, RSMo 1986 and 362.105, RSMo Supp. 1991.* Moved to 20 CSR 1140-6.075, effective Aug. 28, 2006. This rule originally filed as 4 CSR 140-6.075. Original rule filed June 12, 1984, effective Nov. 15, 1984. Amended: Filed Aug. 7, 1992, effective Feb. 26, 1993. Moved to 20 CSR 1140-6.075, effective Aug. 28, 2006.

*Original authority: 361.105, RSMo 1967; and 362.105, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991.