Missouri Division of Finance

Question 1

What is the short name for the Missouri Division of Finance?

Answer 1

The Division

Question 2

Who does The Division regulate?

Answer 2

Mortgage professionals, state-chartered banks, trust companies, consumer credit facilities, and savings & loan institutions

Question 3

What are the primary objectives of The Division?

Answer 3

Ensure the safety and soundness of those institutions and to monitor compliance with laws and regulations

Question 4

Where is the Missouri Division of Finance located?

Answer 4

Within the Department of Insurance, Financial Institutions, and Professional Regulation

Question 5

Who is the head of The Division?

Answer 5

The Director

Question 6

What is another name for the Director?

Answer 6

The Commissioner

Question 7

Where is the Director’s office located?

Answer 7

Jefferson City

Question 8

Who appoints the Director of The Division?

Answer 8

The Governor with the consent of the Senate

Question 9

What are the qualifications for a person to become the Director of The Division?

Answer 9

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

Question 10

Who does the authority of The Director extend to?

Answer 10

Applies to any out-of-state bank operating in Missouri to the same extent as any Missouri bank

Question 11

What is the purpose of the Residential Mortgage Board?

Answer 11

1. To hear appeals stemming from the decisions of the Director in relation to issuance, denial, revocation, or suspension of MLO or MLB licenses
2. Approves mortgage brokering and originating rules promulgated by the Director

Question 12

Who is on the Residential Mortgage Board?

Answer 12

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

Question 13

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?

Answer 13

Annually with the Missouri Ethics Commission

Question 14

What is the purpose of the State Banking and Savings and Loan Board?

Answer 14

To hear appeals from license denials, license revocation, and other enforcement actions related to banking institutions and entities

Question 15

How many members are on the State Banking and Savings and Loan Board and who appoints them?

Answer 15

5 members and the Governor

Question 16

Who executes the laws of the state related to banks, trust companies, banking business, and credit unions?

Answer 16

The Division

Question 17

What is the purpose of the Missouri Real Estate Appraisers Commission?

Answer 17

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

Question 18

What is another name of the Missouri Real Estate Appraisers Commission?

Answer 18

The Commission

Question 19

What are some rulemaking powers of the Director?

Answer 19

1. Activities of licensees as necessary for the protection of MO consumers
2. Defining improper and/or fraudulent business practices
3. Defining, interpreting, implementing, and enforcing provisions of the law related to residential mortgage loan activity

Question 20

How long must the Director maintain records, reports, and papers?

Answer 20

For at least 10 years

Question 21

When records may be destroyed, what are the rules?

Answer 21

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

Question 22

What fees does the Director establish?

Answer 22

App fees, investigation fees, examination fees, contingent fees, fees collected by the NMLS

Question 23

Within the State Treasury, the Missouri SAFE Act creates what?

Answer 23

The Residential Mortgage Licensing Fund

Question 24

What is the purpose of the Residential Mortgage Licensing Fund?

Answer 24

Intended to be used for costs incurred by the Director in administering the Act

Question 25

Where must all fees collected by the Director for the Licensing Fund go?

Answer 25

Transmitted to the Director of Revenue, placed into an interest-bearing account in the State Treasury