Section 361.106 - Bulletins and industry letters - definitions - issued when - written request, contents - confidentiality - publication of letters, when1. For purposes of this section, the following terms mean:(1)"Bulletin", an informal written communication to inform or educate individuals or entities licensed, chartered, or regulated by the division of finance and the general public about a regulatory topic or issue. A bulletin is informational in nature and is not an evaluation of specific facts and circumstances;(2)"Industry letter", a written communication from the director of finance in response to a specific individual or entity chartered, licensed, or regulated by the division of finance, and that provides the division of finance's position on a particular regulatory topic or issue with respect to a specific set of facts and circumstances.2. Notwithstanding any other provision of law to the contrary, the director of finance may at his or her discretion issue bulletins addressing the business of the individuals and entities licensed, chartered, or regulated by the division in this state. Bulletins do not have the force or effect of law and shall not be considered statements of general applicability that would require promulgation by rule.3. Notwithstanding any other provision of law to the contrary, the director of finance may at his or her discretion issue industry letters in response to a written request from an individual or entity licensed, chartered, or regulated by the division, and that seeks the division's position on an application of law. In addition to any materials or information requested by the division, the written request shall include: (1) A brief summary of the applicable laws and rules that pertain to the request;(2) A detailed factual representation concerning every relevant aspect of the proposed business activity or activities, transaction, event, or circumstance;(3) A discussion of current statutes, rules, and legal principles relevant to the facts set forth;(4) A statement by the person requesting the industry letter of the person's own opinion in the matter and the basis for such opinion; and(5) A representation that the proposed business or transaction in question have not commenced or, if they have commenced, the present status of the proposed business or transaction.4. With respect to the requesting party, an industry letter is binding on the division, and the requesting party shall not be subject to any administrative proceeding or penalty for any acts or omissions done in reliance on an industry letter, so long as there is no change in any material fact or law or the discovery of a material misrepresentation or omission made by the requesting party.5. An industry letter request and response shall be confidential, but a resulting industry letter, if published by the director, may contain nonidentifying facts and information derived from the request.6. After redacting all identifying information, the director may publish industry letters for informational purposes. Because the division may have a different position in response to similar but nonidentical facts and circumstances, published industry letters do not have the force or effect of law, are not binding on the division, and shall not be considered statements of general applicability that would require promulgation by rule.7. Industry letters issued under this section are distinct from letters issued by the director under subdivision (5) of section 362.106, which shall be governed by that section.Added by 2023 Mo. Laws, SB 13,s A, eff. 8/28/2023.