Section 620.1045 – Citation of law.
Effective – 28 Aug 1994 620.1045. Citation of law. — Sections 620.1045 to 620.1063 shall be known and may be cited as the “Missouri Capital Access Program Act”. ——– (L. 1994 H.B. 1248 & 1048 § 1)
Section 620.1048 – Definitions.
Effective – 28 Aug 1994 620.1048. Definitions. — As used in sections 620.1045 to 620.1063, the following terms mean: (1) “Borrower”, any small business that receives a loan with respect to which an amount is added to a program loss reserve account as provided in sections 620.1045 to 620.1063; (2) “Department”, the Missouri department of […]
Section 620.1051 – Program loss reserve account set aside, amount — certification, transfer of amount — recovery of losses.
Effective – 28 Aug 1994 620.1051. Program loss reserve account set aside, amount — certification, transfer of amount — recovery of losses. — 1. When a financial institution originates a loan pursuant to sections 620.1045 to 620.1063 to a borrower, such financial institution shall set aside an amount into a program loss reserve account. Such […]
Section 620.1053 – Deposit of funds, interest — control of account — use of funds.
Effective – 28 Aug 1994 620.1053. Deposit of funds, interest — control of account — use of funds. — All amounts set aside by the financial institution, collected from the borrower and contributed by the department shall be deposited by the institution into a program loss reserve account established at a location in Missouri where […]
Section 620.1055 – Capital access program fund created.
Effective – 28 Aug 1994 620.1055. Capital access program fund created. — The state treasurer shall credit any moneys received from the department pursuant to sections 620.1045 to 620.1063 to the credit of the “Missouri Capital Access Program Fund”, which is hereby created in the state treasury. Notwithstanding the provisions of section 33.080 to the […]
Section 620.1058 – Use of loans — amount — limitation.
Effective – 28 Aug 1994 620.1058. Use of loans — amount — limitation. — Any loan made pursuant to the Missouri capital access program shall be used predominantly for business activities within the state of Missouri. No program loan when aggregated with other program loans by the same financial institution to the same borrower shall […]
Section 620.1060 – Prohibited loans — definitions.
Effective – 28 Aug 1994 620.1060. Prohibited loans — definitions. — 1. No financial institution shall make a loan pursuant to sections 620.1045 to 620.1063 to a borrower if the borrower is an executive officer, director or principal shareholder of the institution or is a member of the immediate family of an executive officer, director […]
Section 620.1063 – Withdrawal from program, effect — withdrawal of funds — examination of accounts authorized.
Effective – 28 Aug 2008 620.1063. Withdrawal from program, effect — withdrawal of funds — examination of accounts authorized. — 1. A participating financial institution which withdraws from the program may not recover any set-aside contributions which have been made to a loss reserve account. If a program loan loss reserve account continuously exceeds the […]
Section 620.1066 – Rulemaking procedure.
Effective – 28 Aug 1995 620.1066. Rulemaking procedure. — The department of economic development is authorized to adopt, promulgate, amend or repeal any rules or regulations necessary to carry out the provisions of sections 620.1045 to 620.1081. ——– (L. 1994 H.B. 1248 & 1048 § 9, A.L. 1995 S.B. 3)
Section 620.1069 – Microenterprise loan program — definitions, purpose — oversight committee, duties.
Effective – 23 Dec 1997 620.1069. Microenterprise loan program — definitions, purpose — oversight committee, duties. — 1. The department of economic development is authorized to administer a microenterprise loan program. For purposes of sections 620.1069 to 620.1081, the term “microenterprise” means a small business, with no more than ten employees, in which the owner, […]
Section 620.1072 – Microenterprise loan fund created — purpose — lapse into general revenue prohibited — percentage to be reserved for female-owned microenterprises.
Effective – 23 Dec 1997 620.1072. Microenterprise loan fund created — purpose — lapse into general revenue prohibited — percentage to be reserved for female-owned microenterprises. — 1. The “Microenterprise Revolving Loan Fund” is hereby created in the state treasury. The fund shall consist of all moneys appropriated to it by the general assembly, all […]
Section 620.1075 – Standards for eligibility of lenders and borrowers — rules promulgation procedure — rules invalid, when.
Effective – 23 Dec 1997 620.1075. Standards for eligibility of lenders and borrowers — rules promulgation procedure — rules invalid, when. — The department of economic development, with the advice of the oversight committee established pursuant to section 620.1069, may adopt and promulgate rules and regulations for determining eligible lenders and eligible borrowers pursuant to […]
Section 620.1078 – Distribution of moneys — interest — categories of permissible loans.
Effective – 23 Dec 1997 620.1078. Distribution of moneys — interest — categories of permissible loans. — The department of economic development shall distribute moneys, in the form of loans or grants to eligible lenders from the microenterprise revolving loan fund within the limits of appropriations made by the general assembly. The eligible lenders shall […]
Section 620.1081 – Determination of basic policy, rules.
Effective – 28 Aug 1994 620.1081. Determination of basic policy, rules. — The department of economic development shall determine the basic policies for the microenterprise loan program and shall promulgate rules and regulations, if necessary, to establish the loan program and implement the provisions of sections 620.1069 to 620.1081. Such rules and regulations shall be […]