Regulatory Boards and Commissions
The State Banking and Savings and Loan Board was created on July 8, 2011, when Gov. Nixon signed HB 464, which consolidated the State Banking Board and the State Savings and Loan Commission. Board members were reduced from 10 to five: one must be an attorney and member of the Missouri Bar in good standing; two must have at least five years of active bank management experience in this state; one must have at least five years of active savings and loan management experience in this state; and one must not be involved in the administration of a financial institution. The bipartisan judicial body handles appeals from certain decisions and orders of the commissioner of finance.
The Residential Mortgage Board was created in 1996 to hear appeals of decisions of the commissioner of finance relating to mortgage brokers. This bipartisan commission is composed of five members: one must be a lawyer; three must be experienced in mortgage brokering; and one must not have a financial interest in any mortgage brokering business.