Mo. Code Regs. Ann. tit. 20, § 200-13.200
Mortgage Loans as Admissible Assets
Effective Apr 8, 1993sections 374.045, 376.170 and 376.300, RSMo 1986 and 379.080, RSMo Supp. 1989.* This rule was previously filed as 4 CSR 190-11.040(1)–(3), (5) and (6), and 20 CSR 200-1.090. Original rule filed Aug. 5, 1974, effective Aug. 15, 1974. Amended: Filed Jan. 25, 1991, effective July 8, 1991. Amended: Filed Aug. 4, 1992, effective April 8, 1993. *Original authority: 374.045, RSMo 1967; 376.170, RSMo 1939; 376.300, RSMo 1939, amended 1943, 1945, 1949, 1953, 1961, 1963, 1973, 1979, 1982, 1985; and 379.080, RSMo 1939, amended 1943, 1947, 1963, 1977, 1981, 1982, 1985, 1987, 1989Insurance Solvency and Company Regulation
PURPOSE: This rule effectuates or aids in the interpretation of sections 376.300(9) and 379.080.1(2)(f), RSMo.
(1) Definitions.
- (A) Current, as used in this rule, is defined to mean as of the approximate date of loan.
- (B) Mortgage loans, as used in this rule, include promissory notes secured by deeds of trust or other lien instruments on real estate.
- (2) All mortgage loans must be properly recorded.
- (3) No second mortgage loan is acceptable for depository purposes.
(4) Mortgage Loans as Admissible Assets Not Placed on Deposit With the Department of Insurance. The following documents shall be maintained for each mortgage loan by all insurance companies holding mortgage loans as admissible assets, but not placing the mortgage loans on deposit with the Department of Insurance:
- (A) A current title policy or acceptable attorney’s legal opinion;
- (B) If so requested by the director of the Department of Insurance, a current appraisal of mortgaged property made under the standards required by 20 CSR 200-13.100;
- (C) A certificate by county collector or affidavit by an officer of the insurance company that no property taxes are in arrears or a certification on the title policy or legal opinion that current taxes have been paid;
- (D) A photograph of the subject property if improved;
- (E) If subject property is improved, a fire insurance policy, a photocopy of the declarations page of the policy or an affidavit by an officer of the insurance company that fire coverage has been obtained or a photocopy of an insurance certificate by a loan correspondent;
- (F) Any other document that the insurance company is directed to maintain by the director of the Department of Insurance; and
- (G) A copy of the written appraisal made under the standards of 20 CSR 200-13.100.
- (5) Each of the documents required to be maintained for mortgage loans under the provisions of section (4) of this rule shall be maintained in accordance with the provisions of 20 CSR 200-4.010.
AUTHORITY: sections 374.045, 376.170 and 376.300, RSMo 1986 and 379.080, RSMo Supp. 1989.* This rule was previously filed as 4 CSR 190-11.040(1)–(3), (5) and (6), and 20 CSR 200-1.090. Original rule filed Aug. 5, 1974, effective Aug. 15, 1974. Amended: Filed Jan. 25, 1991, effective July 8, 1991. Amended: Filed Aug. 4, 1992, effective April 8, 1993. *Original authority: 374.045, RSMo 1967; 376.170, RSMo 1939; 376.300, RSMo 1939, amended 1943, 1945, 1949, 1953, 1961, 1963, 1973, 1979, 1982, 1985; and 379.080, RSMo 1939, amended 1943, 1947, 1963, 1977, 1981, 1982, 1985, 1987, 1989.