PURPOSE: This rule effectuates or aids of 20 CSR 200-4.010. in the interpretation of section 376.170, RSMo.

1. (i) Definitions.

   1. (A) The word current as used is defined to mean as of the approximate date of loan.
   2. (B) Mortgage loans as used in this rule ‘_ include promissory notes secured by deeds of trust or other lien instruments on real estate.
2. (2) All mortgage loans must be properly recorded.
3. (3) No second mortgage loan is acceptable for depository purposes.

4. (4) Mortgage Loans as Admissible Assets 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 and placing the mortgage loans on deposit with the Department of Insurance:

   1. (A) A completed proposal for deposit of mortgages and deeds-of kst; -
   2. (B) A current title policy or acceptable attorney’s legal opinion;
   3. (C) A current appraisal of mortgaged property made under the standards required by 20 CSR 200-13.100;
   4. (D) A certification by the county collector or an 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;
   5. (E) A photograph of the subject property if improved;
   6. (F) If subject property is improved, a fire insurance policy or a photocopy of the declara- -\ tion’s 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;
   7. (G) An affidavit by an officer of the insurance company that the amount of investment (mortgage) does not exceed one percent (1%) of its admitted assets or ten percent (10%) of its capital and surplus, whichever is greater as shown on its last annual statement preceding the date of acquisition as filed with the Department of Insurance;
   8. (H) Any other document that the insurance company is directed to maintain by the director of the Department of Insurance; and

   9. (I) A copy of written appraisal made under the standards of 20 CSR 200-13.100.

      Judith K. Moriarty secretxy Of state 20 CSR 200-7

Auth: sections 374.045, 376.170 and 376.300, RSMo (1986) and 379.080, RSMo (Cum. Supp. 1909).* This rule was previously filed as 4 CSR 190.11.040(l)-(4) and (6). Original rule filed Aug. 5, 1974, efjectiue Aug. 15, 1974. Amended: Filed Jan. 25, 1991, effective July 8, 1991. Amended: Filed Aug. 4, 1992, effectiue April 8, 1993. ‘Original authority: 374.045, RSMo (1967); 376.170, RSMo (1939); 376.300, RSMo (I%%?), amended 1943, 1945, 1949, 1953, 1961, 1963, 1973, 1979, 1982, 1985; and 379.080, RSMo (19391, amended 1943, 1947, 1963, 1977, 1981, 1982,1985,1987,1989.