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SCS/HCS/HB 1400 - Currently, political subdivisions and public entities can invest funds not immediately needed in certificates of deposit. The act allows such entities to invest the funds in any deposit account. The Division of Finance is required to establish an internal policy to ensure the professional conduct of Division employees who participate in examinations or who make determinations about the operations of persons or entities under the Division's jurisdiction. The policy shall include procedures to mitigate conflicts of interest. The act allows disclosure of facts and information obtained in the course of the Division's examinations and investigations when undergoing a state audit when the Director of Finance has entered an agreement of confidentiality with the State Auditor. Such agreement shall provide for the redaction of certain information including nonpublic personal or proprietary commercial and financial information, trade secrets, information that could prejudice the performance or security of the Division, information protected under any recognized privilege, and identifying bank information. Currently, security interests in property subject to certain federal or state filing requirements can only be perfected by following such requirements. There is an exception for property held as inventory by a person in the business of selling or leasing goods of that kind. This act removes persons in the business of leasing goods of that kind from the exception. The following provisions of this act relate to mortgage loan brokers making loans on manufactured homes or modular units. The restriction against charging points or fees on residential real estate loans shall no longer apply to these individuals. Missouri licensed residential mortgage loan brokers with 75% or more of their gross income in Missouri coming from loans secured by manufactured homes or modular units will not be required to maintain an office in the state. They still must obtain a certificate of authority from the Secretary of State and file an irrevocable consent to Missouri venue for actions brought against them. The Division of Finance may assess reasonable costs for certain investigations against mortgage loan brokers conducting business but not having an office in the state. The act contains an emergency clause. This act is similar to SB 890 (2012), HB 1309 (2012), and SB 726 (2012). MIKE HAMMANN
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