Missouri Division of Finance Flashcards
What is the short name for the Missouri Division of Finance?
The Division
Who does The Division regulate?
Mortgage professionals, state-chartered banks, trust companies, consumer credit facilities, and savings & loan institutions
What are the primary objectives of The Division?
Ensure the safety and soundness of those institutions and to monitor compliance with laws and regulations
Where is the Missouri Division of Finance located?
Within the Department of Insurance, Financial Institutions, and Professional Regulation
Who is the head of The Division?
The Director
What is another name for the Director?
The Commissioner
Where is the Director’s office located?
Jefferson City
Who appoints the Director of The Division?
The Governor with the consent of the Senate
What are the qualifications for a person to become the Director of The Division?
Must have at least 5 years of actual practical experience in general banking business and/or served an equivalent period of time in the Division with responsibility for banks and banking or in a federal agency with supervisory authority over banks, national banking associations, or trust companies
Who does the authority of The Director extend to?
Applies to any out-of-state bank operating in Missouri to the same extent as any Missouri bank
What is the purpose of the Residential Mortgage Board?
- To hear appeals stemming from the decisions of the Director in relation to issuance, denial, revocation, or suspension of MLO or MLB licenses
- Approves mortgage brokering and originating rules promulgated by the Director
Who is on the Residential Mortgage Board?
Consists of five members - one attorney, three people with experience in mortgage brokering, and one person with no financial interest in any mortgage brokering business
How often and with whom must members of the Residential Mortgage Board file a statement of the member’s current business transactions in order to avoid conflicts of interest?
Annually with the Missouri Ethics Commission
What is the purpose of the State Banking and Savings and Loan Board?
To hear appeals from license denials, license revocation, and other enforcement actions related to banking institutions and entities
How many members are on the State Banking and Savings and Loan Board and who appoints them?
5 members and the Governor
Who executes the laws of the state related to banks, trust companies, banking business, and credit unions?
The Division
What is the purpose of the Missouri Real Estate Appraisers Commission?
To establish educational programs and projects related to real estate appraisal, establish administrative procedures for processing apps, and issuing trainee licenses, adopting standards for the development and communication of real estate appraisals
What is another name of the Missouri Real Estate Appraisers Commission?
The Commission
What are some rulemaking powers of the Director?
- Activities of licensees as necessary for the protection of MO consumers
- Defining improper and/or fraudulent business practices
- Defining, interpreting, implementing, and enforcing provisions of the law related to residential mortgage loan activity
How long must the Director maintain records, reports, and papers?
For at least 10 years
When records may be destroyed, what are the rules?
Destruction must occur in the presence of a committee consisting of four members of the state’s House of Reps and two members of the Senate
What fees does the Director establish?
App fees, investigation fees, examination fees, contingent fees, fees collected by the NMLS
Within the State Treasury, the Missouri SAFE Act creates what?
The Residential Mortgage Licensing Fund
What is the purpose of the Residential Mortgage Licensing Fund?
Intended to be used for costs incurred by the Director in administering the Act
Where must all fees collected by the Director for the Licensing Fund go?
Transmitted to the Director of Revenue, placed into an interest-bearing account in the State Treasury
