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SB 102 - Under this act, any bank or trust company organized under Missouri law may acquire or convey real property for the purpose of leasing that property to a public entity. Under current law, banks and trust companies are limited in the types of services for which they can contract. This act stipulates that any bank or trust company may contract with any other bank or trust company, bank service corporation or other partnership, corporation, association or person to render or receive any banking or trust services authorized by law. Further, any entity that provides services to a bank or trust company shall be subject to regulation and examination by the Division of Finance. Banks and trust companies are also required to provide a list of all persons and entities that provide services to the bank or trust entity. Banks and trust companies are only permitted to purchase and hold stock in a corporation if it is the only purpose of that corporation to purchase, lease, hold, or convey real property in the same manner that the bank and trust company is permitted to deal with real property. The act further repeals a requirement that the purchase and holding of such stock receive written approval from the director of the bank or trust company. Provisions requiring an annual examination of certain bank and trust companies are repealed by this act. SCOTT SVAGERA
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