SB 932 Modifies provisions relating to bonded entities
Sponsor: Cunningham
LR Number: 5992H.02T Fiscal Notes
Committee: Financial and Governmental Organizations and Elections
Last Action: 7/1/2016 - Signed by Governor Journal Page: S2327-2328
Title: HCS SB 932 Calendar Position:
Effective Date: August 28, 2016
House Handler: Dugger

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Current Bill Summary


HCS/SB 932 - This act modifies provisions relating to bonded entities.

FEDERAL CREDIT UNIONS (SECTION 370.230)

Under current law, a credit union supervisory committee is required to make a direct verification of members' share and loan accounts once every two years with a reasonable statistical sampling of members accounts being made in alternate years. This act removes that provision and instead requires that a credit union supervisory committee make a verification of members' share and loan accounts in the same manner and with the same frequency as required by federal law for federal credit unions.

This provision is identical to HB 1721 (2016).

FEDERAL HOME LOAN BANKS (SECTION 375.971)

This act modifies the Uniform Insurer's Liquidation Act by enacting new provisions relating to federal home loan banks.

Specifically, federal home loan banks may not be stayed or prohibited from exercising its rights regarding collateral pledged by an insurer-member. Furthermore, any federal home loan bank which does assert its rights in such circumstances is required to repurchase any outstanding stock that exceeds the amount of bank stock the insurer-member is required to hold as a minimum investment, provided that the bank determines in good faith that such repurchase is permissible under current law.

The act also requires federal home loan banks to establish a time line to govern the handling of collateral within ten days after a receiver’s appointment. The time line shall establish the release of certain collateral, redemption or repurchase of federal home loan bank stock and payment of fees owed by insurers regarding federal home loan bank accounts.

The act specifies that a receiver cannot void transfers or obligations to transfer any property associated with any federal home loan bank security agreement. However, the act provides an exception for when any transfer is made with intent to hinder, delay or defraud the insurer, the receiver or creditors.

These provisions are identical to HB 2397 (2016).

SECRETARY OF STATE DATABASE (SECTION 486.245)

The act further modifies provisions relating to notaries. Specifically, the Secretary of State is required to maintain a database that includes information that is contained on each notary's seal or any lost seal of a notary public.

This provision is identical to a provision in HCS/HB 1858 (2016) and substantially similar to SCS/HB 2257 (2016) and HB 2724 (2016).

ELECTRONIC SIGNATURE AS NOTARIZATION (SECTION 486.275)

The act also provides that a signature or record will be deemed notarized if the electronic signature of the notary is attached with the signature or record.

This provision is substantially similar to a provision in SCS/HB 2257 (2016).

REGISTRATION OF NOTARY SEALS (SECTION 486.285)

A manufacturer of a notary public's seal is required to register with the Secretary of State and communicate with the Secretary when the manufacturer issues a seal to a someone in Missouri, and failure to do so results in a one thousand dollar fine for each violation.

This provision is identical to a provision in HCS/HB 1858 (2016) and SCS/HB 2257 (2016).

LOST, MISPLACED, OR DESTROYED NOTARY SEALS (SECTION 486.305)

Any notary public who loses or misplaces their journal of notarial acts or official seal must immediately provide written notice of the fact to the Secretary of State. For a lost or misplaced official seal, upon receipt of the written notice, the Secretary of State is required to issue the notary a new commission number for the notary to order a new seal. The Secretary of State may post notice on the Secretary of State's website notifying the general public that the lost or misplaced notary seal and commission number of that notary is invalid and is not an acceptable notary commission number.

This provision is identical to a provision in HCS/HB 1858 (2016) and HB 2725 (2016).

If a notary public's official seal is destroyed, broken, damaged, or otherwise rendered inoperable, the notary must immediately provide written notice of that fact to the Secretary of State.

This provision is substantially similar to a provision in HCS/HB 1858 (2016).

CESSATION OF NOTARY DUTIES (SECTION 486.310)

If any notary public no longer desires to be a notary public, he or she must mail or deliver to the Secretary of State a letter of resignation and their notary seal, and their commission will cease to be in effect. The Secretary of State may post notice on the Secretary of State's website notifying the general public that the notary is no longer a commissioned notary public in the state of Missouri.

This provision is identical to a provision in HCS/HB 1858 (2016) and HB 2725 (2016).

IMPERSONATION OF A NOTARY PUBLIC (SECTION 486.375)

A person who unlawfully acts as a notary public is guilty of a Class E felony, rather than a misdemeanor punishable by a fine of less than five hundred dollars or by imprisonment for less than six months.

This provision is similar to a provision in HCS/HB 1858 (2016) and SCS/HB 2257 (2016).

SCOTT SVAGERA