408.590. Division directors to make determinations--regulations authorized--annual reports required, contents.
Division directors to make determinations--regulationsauthorized--annual reports required, contents.
408.590. 1. Each division director shall cause each statefinancial institution which he supervises, licenses or chartersand which has an office within a county or a city, such county orcity having a population in excess of two hundred fifty thousand,to be examined periodically during which examination thefollowing shall be determined:
(1) The number and total dollar amount of residential realestate loans originated, purchased, or foreclosed by thefinancial institution after January 1, 1980, in each of thefollowing categories:
(a) Loans secured by residential real estate located outsidethe state of Missouri other than in counties contiguous to thestate of Missouri;
(b) Loans secured by residential real estate located inthe state of Missouri or in the counties of other states whichcounties are contiguous to the border of the state of Missouri,which number and dollar amount shall be further reported by thecounty in which the property is located;
(2) The number of residential real estate loan applicationsdenied by the institution in which the real estate which was tosecure the loan is situated in a county or city with a populationin excess of two hundred and fifty thousand by such county orcity;
(3) By a method to be determined by each division director,such facts as will enable the division director to concludewhether or not the institution has engaged or is engaged in anypractice in violation of sections 408.570 to 408.600.
2. Each division director may issue such regulations as arenecessary to require the maintenance of records from which theconclusions required by this section can be determined.
3. Each division director shall report annually to thegovernor and the director of the department his findings made inaccordance with the provisions of this section and which shall includeinformation reported under the provisions of the FederalHome Mortgage Disclosure Act (12 U.S.C. 2801 et seq.), whichfindings shall be made as to the total industry he regulates, andby each county or city with a population in excess of two hundredfifty thousand. This report shall be maintained by the divisionas a public document for a period of five years.
4. The annual reports of the division directors shall statethe method or methods used by the division director to reach hisconclusions both in examination and analysis; and shall containsuch facts as he deems necessary to support those conclusions,including but not limited to:
(1) The information required to be obtained by theprovisions of subsection 1 of this section;
(2) The number and type of violations of sections 408.570*to 408.600 which are found to have occurred, a statement of theaction or actions taken to enforce the provisions of saidsections, and the names of the financial institutions which havebeen found upon a hearing to have violated the provisions of saidsections;
(3) The number and nature of all complaints received by thedepartment or division regarding alleged violations of anyprovision of sections 408.570 to 408.600 and the action taken oneach complaint by the division.
(L. 1979 S.B. 305)Effective 1-1-80
*Original rolls contain section number 409.570.