620.1053. Deposit of funds, interest--control of account--use of funds.
Deposit of funds, interest--control of account--use of funds.
620.1053. All amounts set aside by the financialinstitution, collected from the borrower and contributed by thedepartment shall be deposited by the institution into a programloss reserve account established at a location in Missouri wherethe institution operates. The money deposited in this accountshall bear interest at a rate at least equal to the institution'srate on the lower of passbook savings accounts, NOW accounts orinterest-bearing checking accounts. The program loss reserveaccount for any financial institution shall be maintained by suchinstitution but shall be the property of and under the control ofthe department of economic development of the state of Missouri.The program loss reserve account shall be dedicated and may onlybe used to cover losses on loans made pursuant to sections620.1045 to 620.1063. All earnings, whether interest or otherearnings, on any program loss reserve account shall be creditedto the program loss account. At the end of each quarter, anyaccumulated interest on any program loss account shall be sent tothe department for deposit in the Missouri capital access programfund which is created in section 620.1055.
(L. 1994 H.B. 1248 & 1048 § 4)