Missouri Senate

Senate Committee Substitute

POWER OF BANKS AND TRUST COMPANIES - REAL ESTATE

Under this act, any bank or trust company organized under Missouri law may acquire or lease real property for the purpose of leasing that property to a public entity.

SERVICES CONTRACTED FOR BY A BANK OR TRUST COMPANY

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 examination by the Division of Finance, except for an entity that is:

• examined under federal law; and

• a founding member and represented on the executive committee of the Payment Card Industry Security Standards Council.

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.

PURCHASING OF STOCK

The act repeals a requirement that the purchase and holding of stock in a corporation by a bank or trust company receive written approval from the director of such bank or trust company.

CONVENIENCE FEES

The act further permits banks, holders of retail time contracts, lenders of certain small loans, and holders of retail installment contracts to charge a convenience fee for accepting a payment using an alternative payment channel that accepts a debit or credit card not present, non-face-to-face payment, provided that:

• The person making the payment is notified that they are being charged the fee; and

• The convenience fee is fixed or flat.

ANNUAL EXAMINATIONS

Provisions requiring an annual examination of certain bank and trust companies are repealed by this act.

This act is substantially similar to SCS/SB 102 (2017).

SCOTT SVAGERA