Missouri § 620.1053 Deposit of funds, interest — control of account — use of funds.

Missouri Statutes

§ 620.1053 — Deposit of funds, interest — control of account — use of funds.

Missouri § 620.1053

Title XLADDITIONAL EXECUTIVE DEPARTMENTS

Ch. 620Department of Economic Development

This text of Missouri § 620.1053 (Deposit of funds, interest — control of account — use of funds.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 620.1053 (2026).

Text

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 the institution operates.  The money deposited in this account shall bear interest at a rate at least equal to the institution's rate on the lower of passbook savings accounts, NOW accounts or interest-bearing checking accounts.  The program loss reserve account for any financial institution shall be maintained by such institution but shall be the property of and under the control of the department of economic development of the state of Missouri.  The program loss reserve account shall be dedicated and may only be used to cover losses on loans made pursuant to 

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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 the institution operates. The money deposited in this account shall bear interest at a rate at least equal to the institution's rate on the lower of passbook savings accounts, NOW accounts or interest-bearing checking accounts. The program loss reserve account for any financial institution shall be maintained by such institution but shall be the property of and under the control of the department of economic development of the state of Missouri. The program loss reserve account shall be dedicated and may only be used to cover losses on loans made pursuant to sections 620.1045 to 620.1063 . All earnings, whether interest or other earnings, on any program loss reserve account shall be credited to the program loss account. At the end of each quarter, any accumulated interest on any program loss account shall be sent to the department for deposit in the Missouri capital access program fund which is created in section 620.1055 .