Mo. Code Regs. tit. 20 § 1140-20.085
Current through Register Vol. 50, No. 1, January 2, 2025
Section 20 CSR 1140-20.085 - Loans on CooperativesPURPOSE: This rule authorizes associations to make blanket loans on cooperative housing developments and on individual cooperative units.
(1) Associations are authorized to originate, invest in, sell, purchase, participate or otherwise deal in loans on the security of cooperative housing developments provided that the cooperative housing development maintains reserves at least equal to those required for comparable developments insured by the Federal Housing Administration.(2) Associations are authorized to originate, invest in, sell, purchase, participate or other wise deal in loans on individual cooperative units. These loans may be made on the security of a security interest in stock, membership certificate or other evidence of ownership issued to a stockholder or member by a cooperative housing organization and an assignment of the borrower's interest in the proprietary lease or occupancy agreement issued by that organization. The provisions of 4 CSR 260-8.091 shall not apply to loans made pursuant to this section. AUTHORITY: sections 369.144, 369.229, 369.249 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-8.085. This rule previously filed as 4 CSR 140-20.085. Original rule filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-20.085, effective July 6, 1994. Moved to 20 CSR 1140-20.085, effective Aug. 28, 2006. *Original authority: 369.014, RSMo 1971, amended 1982, 1986, 1994; 369.224, RSMo 1971, amended 1983, 1989, 1994; and 369.299, RSMo 1971, amended 1994.