SB 813
Modifies provisions relating to financial transactions
LR Number:
Last Action:
5/18/2012 - In Conference--SB 813-Richard, with HCS, as amended
Journal Page:
HCS SB 813
Calendar Position:
Effective Date:
August 28, 2012
House Handler:

Current Bill Summary

HCS/SB 813 - This act modifies provisions relating to financial transactions.


Under current law, political subdivisions and other public entities may invest certain funds in certificates of deposits. This act provides that the funds may be deposited in deposit accounts rather than in certificates of deposits.

Current law also provides that the financial institution receive the same amount of deposits from customers of other financial institutions at the same time the public funds are deposited and the certificates of deposit are issued. This act requires the financial institution to receive the same amount of deposits on the same date the public funds are deposited.

This provision is identical to HB 1400 (2012).

GAMBLING BOAT LINES OF CREDIT (313.800 to 313.817)

This act allows licensed gambling boats to provide lines of credit for tokens or chips for those who completed a credit application and qualify for credit of $5,000 or more.

REAL ESTATE APPRAISING (Sections 339.500 - 339.549)

This act modifies provisions regarding real estate appraisers and appraisal management companies. The Missouri Certified and Licensed Real Estate Appraisers Act is renamed the Missouri Certified and Licensed Real Estate Appraisers and Appraisal Management Company Regulation Act.

The following trainee licenses are created: state-licensed appraiser trainee, state-certified residential appraiser trainee, and state-certified general appraiser trainee. The Missouri Real Estate Appraisers Commission is required to adopt rules and procedures for issuing and regulating the three appraiser trainee licenses. To renew a trainee license, the individual must request an extension at least 30 days before the expiration of the license. Licensed trainees must place their license number beside their title on reports or other documents used in conducting appraisals. Licensed trainees must disclose their addresses to the Commission and any change in address. The Commission may cause complaints to be filed with the Administrative Hearing Commission against licensed trainees. Licensed trainees must comply with the Uniform Standards of Professional Appraisal Practice.

The Missouri Real Estate Appraisers Fund is renamed the Missouri Real Estate Appraisers and Appraisal Management Company Fund. The authority is removed for the Missouri Real Estate Appraisers Commission to extend the terms of certificates or licenses for individuals that failing to renew. The Commission can only issue inactive certificates or licenses for state-certified real estate appraisers or state-licensed real estate appraisers.

The requirement that the signature of the chairman of the Commission and a certificate or assigned license number be on each certificate or license is removed.

Appraisal management companies are exempted from certain licensing and examination requirements. Appraisal management companies must disclose their license numbers on engagement letters. They must notify the Commission of a change in their controlling person, agent of record, ownership, or address within 30 days of a change. The Commission may cause complaints to be filed with the Administrative Hearing Commission against appraisal management companies other than natural persons. Appraisal management company records must be retained for five years and made promptly available to the Commission for inspection and copying. It will be a Class B misdemeanor for any company or controlling person to practice any deception or fraud in its identity in connection with an application or holding out to the public or representation as a licensed appraisal management company when it is not. The Commission is required to maintain a registry of the names and addresses of appraisal management companies .

The act adds influencing the development, reporting, or review of an appraisal through certain methods as a reason for the Commission to file a complaint.

These provisions are contained in HCS/SB 677 (2012) and are similar to HCS/HB 1988 (2012).