|SB 0215||Updates for Banks and Trust Companies|
|Last Action:||07/12/95 - Signed by Governor|
|Effective Date:||August 28, 1995|
HCS/SB 215 - This act regulates banks and trust companies.
Section 148.064 determines the ordering and limit reductions for certain taxes and tax credits which may be used as credits against various taxes paid or payable by banking institutions.
A new subsection is added to section 362.105. This new subsection allows banks or trust companies with assets of at least $200,000,000 to invest up to their legal loan limit in a building or buildings suitable for the convenient conduct of bank or trust company business. Section 362.170 is amended to include limits upon the loans which bank and trust companies can make to limited liability companies. Section 362.950.4 attempts to implement the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994 by authorizing banks or trust companies to enter into banking contracts with out-of-state banks or trust companies.
Lastly, the debtor financing statement detailed in section 400.9-402 is expanded to include limited liability companies and is not considered "seriously misleading" as a result of the merger, consolidation, share exchange or conversion of a debtor from one type of legal entity (corporation, partnership, etc.) into another type of legal entity. RONALD J. LEONE