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Current as of January 01, 2025 | Updated by Findlaw Staff
Notwithstanding any other provision of law to the contrary, an industrial loan company or industrial bank is prohibited from establishing or maintaining any deposit production office, loan production office, or one or more bank branches for the purpose of conducting any banking business within this state, whether by de novo charter, branching, or merger with another institution. As used in this section, the terms “industrial loan company” and “industrial bank” include any company chartered under the laws of any state that:
(1) Is insured or regulated by the Federal Deposit Insurance Corporation;
(2) Engages in one or more banking activities; and
(3) Is owned, directly or indirectly, by a commercial entity that is not a bank holding company or a financial holding company subject to regulation under the Federal Bank Holding Company Act of 1956.
Cite this article: FindLaw.com - Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 362.078. Industrial loan companies and banks prohibited from maintaining facilities for banking purposes, definitions - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xxiv-business-and-financial-institutions/mo-rev-st-362-078/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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