SB 835
Modifies provisions relating to financial transactions
Sponsor:
LR Number:
3810H.10C
Last Action:
5/17/2024 - S Bills with H Amendments
Journal Page:
Title:
HCS#2 SS SCS SB 835
Effective Date:
August 28, 2024
House Handler:

Current Bill Summary

HCS#2/SS/SCS/SB 835 - This act modifies provisions relating to financial transactions.

TASK FORCE ON GOLD AND SILVER (SECTION 30.267)

The act creates the "Task Force on Gold and Silver," beginning July 1, 2025. The task force shall examine the practicality of issuing gold and silver coinage as specie in a manner consistent with the United States Constitution and examine the possibility of the state accepting gold and silver in payment of obligations to the state. This provision expires July 1, 2027.

This provision is identical to a provision in HCS/SB 736 (2024) and HCS/HBs 1955 & 2257 (2024) and similar SCS/SB 1028 (2024).

PACE Act (Sections 67.2800 - 67.2840)

The act modifies certain provisions of the "Property Assessment Clean Energy Act".

Certain provisions of the act shall not apply to any assessment contract, project, or PACE program entered into, or established for any residential property.

A clean energy development board shall have the power to accept certain things of value, including the acquisition of loans or assessment contracts from other states or their municipalities and political subdivisions for the purpose or financing any project.

Certain terms of an assessment contract and any bond issued by a clean energy development board shall not exceed a period of thirty years, instead of twenty years.

Certain provisions of the act shall only apply to the residential PACE programs of clean energy development boards and participating municipalities from, instead of after, January 1, 2022, to August 28, 2024. As of August 28, 2024, all residential properties shall be exempt from certain provisions of the act and no assessment contract, project, or PACE program shall be entered into, undertaken, or established for any residential property.

Certain provisions of the act shall be effective and apply only to residential PACE assessment contracts entered into before August 28, 2024.

These provisions are identical to provisions in HCS/SB 736 (2024) and HCS/HB 2756 (2024).

DEPOSITORY INSTITUTIONS FOR MUNICIPALITIES (Sections 110.075, 95.280, 95.285, and 95.355)

This act provides that municipalities shall select a municipal depository with a state-chartered or federally chartered banking institution through a competitive process. Each municipality shall develop requirements for a request for proposals, as provided in the act, to provide to banking institutions interested in becoming a municipal depository.

The governing body of a municipality shall select a banking institution and shall enter into a contract outlining the terms and conditions of the depository relationship.

Finally, this act repeals provisions relating to procedures for third and fourth class cities selecting banking institutions to be depositories for the municipality.

These provisions are identical to SB 1292 (2024) and HB 2526 (2024).

CAMPAIGN FINANCE (SECTIONS 130.011 THROUGH 130.041)

For purposes of campaign finance law, the act permits the use of credit cards and debit cards by committees that are authorized and paid for through the official depository account. The records and accounts of each committee, required to be maintained by the treasurer of the committee, shall contain the credit card statements and records. Furthermore, expenditure reports made to the Missouri Ethics Commission must indicate the total dollar amount of expenditures made by credit card or debit card.

These provisions are identical to the perfected HCS/HB 1504 (2024), provisions in HCS/HB 2087 (2024), provisions in HCS/HB 809 (2023), HB 234 (2023), certain provisions in SCS/SB 238 (2023), HCS/SCS/SB 187, as amended (2023), and HCS/HB 586 (2023).

INCOME TAX DEDUCTION - GAIN IN INTEREST ON MUNICIPAL BONDS (Section 143.121)

For all tax years beginning on or after January 1, 2025, an income tax deduction is created for 100% of the amount of any gain in interest derived from municipal bonds or any other debt derived from sources in another state of the United States, or a political subdivision thereof, or the District of Columbia shall be subtracted from the taxpayer's federal adjusted gross income. This amount shall apply only if, at the time such derived interest was earned on such municipal bonds or any other debt obligation in such other state or the District of Columbia, either:

• This state had adopted a reciprocal agreement exempting such state's residents from taxes imposed on interest earned on such out-of-state bonds or any other out-of-state debt obligation; or

• No reciprocal agreement exists, but at the time such interest was earned on any out-of-state bonds or debt obligation, no tax was imposed by the originating state on any such Missouri bonds or debt obligation.

TRUST AND ESTATE ADMINISTRATION (SECTION 214.330)

The act exempts certain private trust companies from residency requirements governing board of directors of a corporation as described in the act.

This provision is identical to a provision in HCS/HB 1725 (2024) and the perfected HB 1987 (2024).

MONEY TRANSMISSION MODERNIZATION ACT (Sections 361.900 to 361.1035)

This act repeals the Sale of Checks Law and creates in its stead the "Money Transmission Modernization Act of 2024". The act regulates money transmission, defined as any of the following:

· Selling or issuing payment instruments to a person located in Missouri;

· Selling or issuing stored value to a person located in Missouri;

· Receiving money for transmission from a person located in Missouri; or

· Payroll processing services.

Money transmission does not include the provision solely of online or telecommunications services or network access.

The Director of the Division of Finance within the Department of Commerce and Insurance is responsible for administering this act.

LICENSURE OF MONEY TRANSMITTERS

The act prohibits any person from engaging in the business of money transmission or advertising, soliciting, or holding itself out as providing money transmission unless the person has been licensed pursuant to this act. Licenses last for no more than one calendar year and are not transferable or assignable. Applications must be on forms required by the Director and shall be accompanied by an application fee, as determined by the Director.

Additionally, certain individuals in control of a licensee, seeking to control a licensee, and any key individual, as that term is defined in the act, are required to furnish background materials to the Director, including fingerprints, criminal background checks, and employment history, among other things listed in the act.

The Director is permitted to implement the licensure process in such a way as to make it consistent with other states and nationwide protocols, to the extent consistent with this act. The Director is additionally permitted to collaborate with the Nationwide Multistate Licensing System and Registry developed by the Conference of State Bank Supervisors (NMLS) as provided in the act.

CONFIDENTIALITY OF INFORMATION

The act provides that all information provided to the Director is considered confidential except basic identifying information of the licensee as detailed in the act. Exceptions are included with respect to disclosures to certain government agencies.

ACQUISITION OF CONTROL

Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Director prior to acquiring control. An application must be submitted in a form prescribed by the Director along with a fee, as determined by the Director.

REPORTING AND RECORDS

Each licensee is required to submit to the Director the following reports:

· A report of condition each calendar quarter;

· An audited financial statement prepared by an independent certified public accountant at the end of the fiscal year; and

· A report of authorized delegates at the end of each calendar quarter.

A licensee shall file a report with the Director within one business day if the licensee has reason to know of:

· The filing of a petition by or against the licensee under the federal United States Bankruptcy Code;

· The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or

· The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.

A licensee shall file a report with the Director within three business days if the licensee has reason to know of:

· A conviction of the licensee or of a key individual or person in control of the licensee for a felony; or

· A conviction of an authorized delegate for a felony.

A licensee shall maintain the following records, for determining its compliance with this act for at least three years:

· A record of each outstanding money transmission obligation sold;

· A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;

· Bank statements and bank reconciliation records;

· Records of outstanding money transmission obligations;

· Records of each outstanding money transmission obligation paid within the three-year period;

· A list of the last known names and addresses of all of the licensee's authorized delegates; and

· Any other records the director reasonably requires by rule.

PRUDENTIAL STANDARDS

Licensees are required to maintain at all times a tangible net worth more than $100,000, or 3% of total assets for the first $100,000,000, 2% of additional assets between $100,000,000 and $1 billion, and 0.5% of additional assets over $1 billion. Additionally, licensees shall maintain security consisting of a surety bond in an amount based on the licensee's average daily money transmission liability and tangible net worth.

The act establishes requirements for permissible investments of a licensee.

ADMINISTRATIVE, CRIMINAL, AND CIVIL ENFORCEMENT MECHANISMS

The act allows the Director to suspend or revoke licenses and designations of authorized delegates under circumstances and using procedures as described in the act. The Director is also permitted to issue cease and desist orders and enter into consent decrees for the resolution of matters arising under this act.

The act creates the following criminal penalties associated with money transmission:

· A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained pursuant to this act or that intentionally makes a false entry or omits a material entry in such a record is guilty of a class E felony;

· A person that knowingly engages in an activity for which a license is required pursuant to this act without being licensed and who receives more than $500 in compensation within a 30-day period from this activity is guilty of a class E felony;

· A person that knowingly engages in an activity for which a license is required pursuant to this act without being licensed and who receives no more than $500 in compensation within a 30-day period from this activity is guilty of a Class A misdemeanor.

The Director is also permitted to assess civil penalties not to exceed $1,000 per day for each violation of this act.

These provisions are identical to provisions in HCS/SB 736 (2024), HCS/SS/SB 1359 (2024), and HCS/HB 2087 (2024) and substantially similar to SB 737 (2024), HB 2780 (2024), SB 633 (2023), and HB 1340 (2023).

PRIVATE TRUST COMPANIES (SECTION 362.245)

The act exempts certain private trust companies from certain residency requirements governing board of directors of a corporation as described in the act.

This provision is identical to HB 1938 (2024) and a provision in HCS/HB 1725 (2024).

MISSOURI FAMILY TRUST COMPANY ACT (SECTIONS 362.1010-362.1117)

Currently, a family trust company is not permitted to conduct business in Missouri without first registering with the Secretary of State. This act provides that a family trust company shall instead file, with the Director of the Division of Finance, the initial registration and original filing fee along with the relevant proposed business filings and fees required by the Secretary. The family trust company shall not conduct business until it has received an order approving the application from the Director, who shall file with the Secretary the order, the proposed business filings, and required filing fees. Any family trust company that was in good standing with the Secretary as of August 28, 2024, shall be deemed to have complied with the requirements of this act. Furthermore, the Director shall enforce the provisions of this act and carry out the duties and functions originally assigned to the Secretary.

These provisions are identical to provisions in HCS/SB 736 (2024) and HB 2798 (2024) and substantially similar to SB 1482 (2024).

METHODS OF REIMBURSEMENT TO HEALTH CARE PROVIDERS (Section 376.1345)

Currently, if a health carrier initiates or changes the method used to reimburse a health care provider to a method that requires the provider to pay a fee or remit some other form of remuneration, the carrier must notify the provider of the cost, provide clear instructions as to how to select an alternative payment method, and use that alternative method if requested by the provider. This act requires the health carrier or entity acting on its behalf to first receive approval from the health care provider before reimbursing the health care provider with such payment method. If a health carrier is currently reimbursing a health care provider with a payment method, the health care provider can send one notice to the health carrier for all the health care provider's patients covered by such health carrier stating that the health care provider declines to be reimbursed with a payment method. The notice will remain in effect for the duration of the contract unless the health care provider requests otherwise. All payments made by the health carrier to the health care provider after receipt of the notice declining to be reimbursed with a payment method cannot require the health care provider to pay a fee, discount the amount of the provider's claim for reimbursement, or remit any other form of remuneration in order to redeem the amount of the provider's claim for reimbursement.

This provision is identical to provisions in HCS/SB 736 (2024) and HCS/HB 2087 (2024).

SELF-SERVICE STORAGE PROVIDERS (SECTION 379.1640)

This act increases, from $5,000 to $15,000, the maximum insurance coverage that may be offered by limited lines self-service storage insurance producers and their associates.

This provision is identical to SB 927 (2024) and provisions in HB 2780 (2024), the perfected HB 2440 (2024), HCS/SS/SB 1359 (2024), and HCS/SB 736 (2024).

CERTIFIED FUNDS - REAL ESTATE SETTLEMENT AGENTS (SECTION 381.410)

The act modifies the definition of "certified funds" for purposes of a statute regulating the use of certain funds by real estate settlement agents and title insurance agents.

This provision is substantially similar to SCS/SB 836 (2024).

REAL ESTATE LOANS - AGRICULTURE ACTIVITY (Section 408.035)

Current law prohibits parties from agreeing in writing to any rate of interest, fees, and other terms and conditions in connection with any loan of less than $5,000 secured by real estate used for agricultural activity. This act repeals that prohibition.

This provision is identical to a provision in HCS/SB 736 (2024), HCS/HB 2086 (2024), HCS/HB 2087 (2024), and HCS/SS/SB 1359 (2024).

CHARGES FOR COST OF CREDIT REPORTS (Section 408.140)

The act permits lenders making loans pursuant to the Missouri Consumer Loan Act to charge consumers for the cost of a credit report.

This provision is identical to a provision in HCS/SB 736 (2024), HCS/HB 2086 (2024), HCS/HB 2087 (2024), and HCS/SS/SB 1359 (2024).

SALE OF STORED PROPERTY (SECTION 415.415)

The act modifies the requirements of notice for sale by an operator of a self-service storage facility for the sale of personal property of an occupant in default by permitting the operator to advertise in the classified section of a newspaper prior to sale or advertise in any other commercially reasonable manner. An advertisement is commercially reasonable if at least three independent bidders attend the sale.

This provision is identical to provisions in HCS/SB 736 (2024), HCS/HBs 1948, 2066, 1721, & 2276 (2024), and HB 2780 (2024) and substantially similar to SB 938 (2024).

COMMERCIAL FINANCING DISCLOSURE LAW (Section 427.300)

This act creates the "Commercial Financing Disclosure Law". Under this act, any person who consummates more than 5 commercial financing transactions, as defined in the act, to a business located in this state in a calendar year is required to make certain disclosures to the business with regard to the transaction. Specifically, the provider is required to disclose the following:

• The total amount of funds provided to the business under the terms of the commercial financing transaction;

• The total amount of funds disbursed to the business under the terms of the commercial financing transaction, if less than the total amount of funds provided, as a result of any fees deducted or withheld at disbursement and any amount paid to a third party on behalf of the business;

• The total amount to be paid to the provider pursuant to the commercial financing transaction agreement;

• The total dollar cost of the commercial financing transaction under the terms of the agreement, derived by subtracting the total amount of funds provided from the total of payments;

• The manner, frequency and amount of each payment; and

• A statement of whether there are any costs or discounts associated with prepayment of the commercial financing transaction including a reference to the paragraph in the agreement that creates the contractual rights of the parties related to prepayment.

The act requires registration with the Division of Finance prior to engaging in business as a broker for commercial financing. Specifically, the act requires filing a registration form, submitting a fee of $100, and obtaining a surety bond in the amount of $10,000. A registration renewal is required every year, not later than January 31st.

Violations of this act are punishable by a fine of $500 per incident, not to exceed $20,000 for all aggregated violations. Any person who violates any provision of this act after receiving written notice of a prior violation from the Attorney General shall be punishable by a fine of $1,000 per incident, not to exceed $50,000 for all aggregated violations arising from the use of the transaction documentation or materials found to be in violation of this act.

Violation of any provision of this act does not affect the enforceability or validity of the underlying agreement.

This act does not create a private cause of action against any person or entity based upon noncompliance with this act.

The Attorney General is given exclusive authority to enforce the provisions of this act.

This act contains various exemptions.

The registration and disclosure requirements of this act take effect either (1) 6 months after the Division of Finance finalizes promulgating rules, if the Division intends to promulgate rules; or (2) February 28, 2025, if the Division does not intend to promulgate rules.

This provision is identical to a provision in HCS/SB 736 (2024) and SB 753 (2024) and substantially similar to provisions in HCS/SS/SB 1359 (2024), HB 2063 (2024), HCS/HB 2087 (2024), HB 2780 (2024), HCS/SCS/SB 187 (2023), SCS/HB 585 (2023), a provision in the perfected HCS/HB 809 (2023), HCS/HB 584 (2023), SCS/SB 963 (2022), a provision in SCS/HB 2571 (2022), and HB 2706 (2022).

REAL ESTATE TRANSACTIONS - WOMAN'S STATUS AS WIFE (Section 442.210)

A provision of law is repealed requiring description of a woman's status as "wife" when executing a certificate of acknowledgment form in the course of a real estate transaction with her husband.

This provision is identical to provisions in HCS/SB 736 (2024), HCS/HB 2086 (2024), and HCS/HB 2087 (2024).

QUALIFIED SPOUSAL TRUSTS (SECTION 456.950)

This act modifies the definition of "qualified spousal trust" to include the provision of terms that provide during the life of a sole surviving settlor, in addition to terms of which provide for the joint lives of settlors.

This act additionally provides that all property, except for written financial obligations, written guarantees, or secure or unsecured transactions, held in a qualified spousal trust shall continue to be immune and exempt from attachment during the life of the surviving settlor to the extent that the property was held in a qualified spousal trust prior to the death of the first settlor and remains in a qualified spousal trust. Furthermore, property may be held in or transferred to a settlor's joint or separate share of a trust by designation under the current trust terms, pursuant to the specified titling of property or other designation that refers to such joint or separate share, or designation to the trustee as the owner as provided in current law.

This provision is substantially similar to a provision in SCS/SBs 1221 & 988 (2024), HB 1782 (2024), and a provision in HCS/HB 1886 (2024).

MISSOURI UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT (SECTIONS 469.401-469.807)

This act establishes the "Missouri Uniform Fiduciary Income and Principal Act" which applies to trusts or estates in which this state is the principal place of administration and life estates or other term interest in which the interest of one or more persons will be succeeded by the interest of another and in which the place where the property is located.

This act provides requirements for fiduciaries when making an allocation or determination or exercising discretion pursuant to this act, including acting in good faith and administering the trust or estate impartially and in terms of the trust and this act. Furthermore, the fiduciary shall add a receipt and charge disbursement to principal to the extent neither the terms of the trust nor this act allocate receipt or disbursement between income and principal. As provided in this act, the fiduciary may exercise the power to adjust, convert an income trust to a unitrust, change the percentage or method used to calculate a unitrust amount, or convert a unitrust to an income trust, if the fiduciary determines the exercise of the power will assist the fiduciary to administer the trust or estate impartially.

The court shall not order a fiduciary to change a decision unless the court determines that there was an abuse of discretion, upon which the court may order a remedy authorized by law and as provided in the act to place the beneficiaries in the positions as if there was not an abuse of discretion. A fiduciary may petition the court for instruction on whether a proposed fiduciary decision will result in an abuse of discretion. If the petition meets the requirements of this act, the beneficiaries have the burden to establish that a fiduciary decision will result in an abuse of discretion.

This act modifies provisions relating to fiduciary determinations of net income upon the death of an individual resulting in the creation of an estate or trust or termination of an income interest in a trust, relating to rights of beneficiaries to receive a share of net income, and relating to dates on which income interests begin, assets become subject to a trust, and fiduciary allocation of an income receipt or disbursement to principal. This act also modifies provisions relating to mandatory income interests and undistributed income.

Under this act, a fiduciary shall allocate to income money received in an entity distribution, as that term is defined in the act, and tangible personal property of nominal value received from the entity. A fiduciary shall also allocate to principal certain moneys and other property received in an entity distribution. The act further provides factors for a fiduciary to determine or estimate that money received in an entity distribution is a capital distribution.

The fiduciary, instead of the trustee, shall also allocate to income an amount received as a distribution of income, including a unitrust distribution, from a trust or estate in which the fiduciary, instead of the trust, has an interest, other than an interest the fiduciary purchased in a trust that is an investment entity, and shall allocate to principal an amount received as a distribution of principal from the trust or estate. Furthermore, this act makes changes to the provisions relating to businesses or other activity conducted by a fiduciary if the fiduciary determines that in the interests of the beneficiaries to account separately for the business or other.

This act modifies provisions relating to allocations to principal by the fiduciary instead of the trustee, allocations of rental property income, allocations of amounts received as interest or from the sale, redemption, or other disposition on an obligation to pay money, and allocations of proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary. If a fiduciary, instead of a trustee, determines that an allocation between income and principal is insubstantial, the fiduciary may allocate the entire amount to principal. The act further modifies the factors for a fiduciary to presume an allocation is insubstantial. Additionally, such power may be exercised by a co-fiduciary or may be released or delegated as provided by law.

This act repeals provisions relating to payment characterized as a distribution to the trustee allocated as income and instead provides rules for separate funds, as defined in the act, and requirements of fiduciaries of marital trusts. Furthermore, this act modifies provisions relating to liquidating assets and when the fiduciary does not account for receipts from the interests in minerals, water, or other natural resources, from the sale of timber and related products, or for transactions in derivatives. This act also contains modifications to the provisions relating to marital deductions, including qualifications for such deductions, and allocations of receipts from or related to an asset-backed security to income. Furthermore, this act provides that a fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this act.

This act modifies provisions relating to required disbursements from income and principal by fiduciaries, rather than trustees, and transfers to principal of the net cash receipts from a principal asset that is subject to depreciation. This act also provides that a fiduciary may transfer an appropriate amount from principal to income in an accounting period to reimburse income if the fiduciary makes or expects to make an income disbursement, as described in the act. Furthermore, this act makes modifications to the provision regarding when a fiduciary may transfer an amount from income in an accounting period to reimburse principal or to provide a reserve for future principal disbursements.

Additionally, this act repeals the existing provision relating to adjustments between principal and income and provides that a fiduciary may make an adjustment between income and principal to offset the shifting of economic interests or tax benefits between current income beneficiaries and successor beneficiaries that arises from:

(1) An election or decision the fiduciary makes regarding a tax matter, other than a decision to claim an income tax deduction;

(2) An income tax or other tax imposed on the fiduciary or a beneficiary as a result of a transaction involving the fiduciary or a distribution by the fiduciary; or

(3) Ownership by the fiduciary of an interest in an entity, a part of whose taxable income, whether or not distributed, is includable in the taxable income of the fiduciary or a beneficiary.

This act further provides that a fiduciary may offset a charge to each beneficiary that benefits from a decrease in an income tax to reimburse the principal from which the increase in estate tax is paid by obtaining payment from the beneficiary, withholding an amount from future distributions to the beneficiary, or adopting another method.

This act modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, except for certain provisions relating to consumer disclosures, and does not authorize electronic delivery of certain notices.

Additionally, this act repeals existing provisions relating to unitrust amounts and establishes new provisions relating to unitrusts, which is defined as a trust for which net income is an amount computed by multiplying a determined value of a trust by a determined percentage. The act provides for the conversion of an income trust to a unitrust and for the determination of the rate used to compute the unitrust amount.

Furthermore, this act provides for certain requirements for a unitrust policy. The policy shall provide the unitrust rate or method for determining such rate, the method for determining the applicable value of assets, and rules for the administration of the unitrust. Additionally, the unitrust policy shall provide the period used for the determination of the rate and value, which may be a calendar year, a twelve-month period other than a calendar year, a calendar quarter, a three-month period other than a calendar quarter, or another period. The unitrust policy may also provide standards for using fewer preceding periods if certain circumstances exist and prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.

Additionally, a unitrust policy may provide methods and standards for determining the timing of distributions, making distributions in cash or in kind, or correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount, or may provide other standards and rules to serve the interest of the beneficiaries. This act also provides that if a trust qualifies for a special tax benefit or a fiduciary is not an independent person, the unitrust rate shall not be less than three percent or more than five percent and only certain provisions of this act apply.

Finally, this act repeals certain provisions relating to the statute of limitations on claims of a breach of trustee's duty to impartially administer a trust.

The provisions of this act apply to trusts and estates existing or created on or after August 28, 2024, except as otherwise expressly provided in the terms of the trust or by this act.

These provisions are similar to HCS/HB 1725 (2024), HB 1987 (2024), HCS/HB 968 (2023) and HB 2839 (2022).

This act contains a severability clause.

SCOTT SVAGERA

HA 1 - MODIFIES PROVISIONS RELATING TO THE MONEY TRANSMISSION MODERNIZATION ACT OF 2024.

HA 2 - INCLUDES PROVISIONS RELATING TO CENTRAL BANK DIGITAL CURRENCY AND MODIFIES PROVISIONS OF THE UNIFORM COMMERCIAL CODE.

HA 3 - INCLUDES PROVISIONS RELATING TO FINANCIAL STATEMENTS OF POLITICAL SUBDIVISIONS.

HA 4 - MODIFIES PROVISIONS RELATING TO PAYMENTS MADE BY INSURERS TO PROVIDERS FOR HEALTH CARE SERVICES.