362.106. Additional powers.
Additional powers.
362.106. In addition to the powers authorized by section 362.105:
(1) A bank or trust company may exercise all powers necessary, properor convenient to effect any of the purposes for which the bank or trustcompany has been formed and any powers incidental to the business ofbanking;
(2) A bank or trust company may offer any direct and indirectbenefits to a bank customer for the purpose of attracting deposits ormaking loans, provided said benefit is not otherwise prohibited by law, andthe income or expense of such activity is nominal;
(3) Notwithstanding any other law to the contrary, every bank ortrust company created under the laws of this state may, for a fee or otherconsideration, directly or through a subsidiary company, and upon complyingwith any applicable licensing statute, acquire and hold the voting stock ofone or more corporations the activities of which are managing or owningagricultural property, owning and leasing governmental structures except aslimited by other law, subdividing and developing real property and buildingresidential housing or commercial improvements on such property, andowning, renting, leasing, managing, operating for income and selling suchproperty; provided that, the total of all investments, loans and guaranteesmade pursuant to the authority of this subdivision shall not exceed fivepercent of the total assets of the bank or trust company as shown on thenext preceding published report of such bank or trust company to thedirector of finance, or obtained by the director pursuant to subsection 3of section 361.130, RSMo, unless the director of the division of financeapproves a higher percentage by regulation, but in no event shall suchpercentage exceed that allowed national banks by the appropriate regulatoryauthority, and, in addition to the investments permitted by thissubdivision, a bank or trust company may extend credit, not to exceed thelending limits of section 362.170, to each of the corporations in which ithas invested. No provision of this section authorizes a bank,nondepository trust company, or trust company to own or operate, directlyor through a subsidiary company, a real estate brokerage company;
(4) Notwithstanding any other law to the contrary except for bankregulatory powers in chapter 361, RSMo, powers incidental to the businessof banking shall include the authority of every Missouri bank, for a fee orother consideration, and upon complying with any applicable licensing andregistration law, to conduct any activity that national banks are expresslyauthorized by federal law to conduct, if such Missouri bank meets theprescribed standards, provided that powers conferred by this subdivision:
(a) Shall always be subject to the same limitations applicable to anational bank for conducting the activity;
(b) Shall be subject to applicable Missouri insurance law;
(c) Shall be subject to applicable Missouri licensing andregistration law for the activity;
(d) Shall be subject to the same treatment prescribed by federal law;and any enabling federal law declared invalid by a court of competentjurisdiction or by the responsible federal chartering agency shall beinvalid for the purposes of this subdivision; and
(e) May be exercised by a Missouri bank after that institution hasnotified the director of its intention to exercise such specific power atthe close of the notice period and the director, in response, has made adetermination that the proposed activity is not an unsafe or unsoundpractice and such institution meets the prescribed standards required forthe activity permitted national banks in the interpretive letter. Thedirector may either take no action or issue an interpretive letter to theinstitution more specifically describing the activity permitted, and anylimitations on such activity. The notice provided by the institutionrequesting such activity shall include copies of the specific lawauthorizing the power for national banks, and documentation indicating thatsuch institution meets the prescribed standards. The notice period shallbe thirty days but the director may extend it for an additional sixty days.After a determination has been made authorizing any activity pursuant tothis subdivision, any Missouri bank may exercise such power as provided insubdivision (5) of this section without giving notice;
(5) When a determination is made pursuant to paragraph (e) ofsubdivision (4) of this section, the director shall issue a publicinterpretative letter or statement of no action regarding the specificpower authorized pursuant to subdivision (4) of this section; suchinterpretative letters and statements of no action shall be made with thename of the specific institution and related identifying facts deleted.Such interpretative letters and statements of no action shall be publishedon the division of finance public Internet web site, and filed with theoffice of the secretary of state for ten days prior to effectiveness. Anyother Missouri bank may exercise any power approved by interpretativeletter or statement of no action of the director pursuant to thissubdivision; provided, the institution meets the requirements of theinterpretative letter or statement of no action and the prescribedstandards required for the activity permitted national banks in theinterpretive letter. Such Missouri bank shall not be required to give thenotice pursuant to paragraph (e) of subdivision (4) of this section. Forthe purposes of this subdivision and subdivision (4) of this section,"activity" shall mean the offering of any product or service or theconducting of any other activity; "federal law" shall mean any federalstatute or regulation or an interpretive letter issued by the Office of theComptroller of the Currency; "Missouri bank" shall mean any bank or trustcompany created pursuant to the laws of this state.
(L. 1981 S.B. 28, A.L. 1985 S.B. 52, A.L. 1990 H.B. 1456, A.L. 2001 H.B. 738 merged with S.B. 186, A.L. 2002 S.B. 895, A.L. 2003 H.B. 221 merged with S.B. 346)