SS/SCS/SB 98 - This act modifies various provisions relating to financial institutions. USE OF DEBIT AND CREDIT CARDS BY CAMPAIGN COMMITTEES (SECTIONS 130.011 THROUGH 130.041) For purposes of campaign finance law, the act permits the use of credit cards and debit cards by committees that are authorized and paid for through the official depository account. The records and accounts of each committee, required to be maintained by the treasurer of the committee, shall contain the credit card statements and records. Furthermore, expenditure reports made to the Missouri Ethics Commission must indicate the total dollar amount of expenditures made by credit card or debit card. These provisions are identical to provisions in the perfected HB 707 (2025), HB 1158 (2025), HCS/HB 2087 (2024), the perfected HCS/HB 1504 (2024), provisions in HCS/HB 809 (2023), HB 234 (2023), certain provisions in SCS/SB 238 (2023), HCS/SCS/SB 187, as amended (2023), and HCS/HB 586 (2023). TAXABLE INCOME OF TRUSTS AND ESTATES (SECTIONS 143.081 & 143.341) Beginning January 1, 2026, an income tax deduction shall be included for the amount in the Missouri taxable income of the estate or trust that would not be included as Missouri taxable income if the estate or trust were considered a nonresident estate or trust. This deduction shall only apply to the extent it is not a determinant of the federal distributable net income of the estate or trust. Additionally, current law authorizes a taxpayer to claim a tax credit for income tax paid to another state on income that is also taxable in Missouri. This act provides that such credit shall be allowed with respect to any estate or trust of which the Missouri adjusted gross income is excluded from Missouri taxable income according to this act. These provisions are identical to provisions in the truly agreed to SS/SCS/HB 754 (2025) and SCS/HCS/HB 1259 (2025). MONEY TRANSMISSION MODERNIZATION ACT OF 2024 - PAYROLL PROCESSING SERVICE EXEMPTION (SECTION 361.909) The Money Transmission Modernization Act of 2024 shall not apply to any person appointed as an agent of payor for payroll processing services who would otherwise need to be licensed by the Director of the Division of Finance within the Department of Commerce and Insurance if certain conditions specified in the act apply. This provision is identical to a provision in the truly agreed to SS/SCS/HB 754 (2025) and HB 707 (2025) and substantially similar to a provision in SS/SB 61 (2025). VIRTUAL CURRENCY KIOSK CONSUMER PROTECTION ACT (Section 361.1100) This act creates the "Virtual Currency Kiosk Consumer Protection Act" which establishes certain requirements pertaining to and regulations governing virtual currency kiosk operators. Each virtual currency kiosk operator must meet the following requirements: • Operators must make certain disclosures upon establishing a relationship with a customer or prior to opening an account for a new customer, indicating the material risks associated with the products, services, and activities offered, as well as the terms and conditions of the services provided; • Upon completing a transaction, an operator shall provide a receipt containing specific information, as detailed in the act; • Operators shall operate live customer service weekdays between 8:00 a.m. and 10:00 p.m.; • Operators must take steps to prevent fraud, as specified in the act, including by establishing and maintaining a written anti-fraud policy and by the use of blockchain analytics; • Operators must maintain, implement, and enforce a written "Enhanced Due Diligence Policy"; • Operators must designate and employ a compliance officer with responsibilities as described in the act, and maintain, implement, and enforce written compliance policies and procedures; • Operators must designate and employ a consumer protection officer, with responsibilities as described in the act. Virtual currency kiosk operators are required to submit quarterly reports to the Division of Finance detailing the location of each virtual currency kiosk located in the state. Virtual currency kiosk operators are deemed to be money transmitters and are required to be licensed under and comply with the Money Transmission Modernization Act of 2024. The Director of the Division of Finance is permitted to request evidence showing compliance with this act as reasonably necessary or appropriate to administer the act. An operator is required to provide the Director with any records so requested. All information or reports obtained by the Division from a virtual currency kiosk operator, and all information contained in or related to an examination, investigation, operating report, or condition report are confidential and not subject to disclosure under the Sunshine Law. These provisions are identical to a provision in the truly agreed to SS/SCS/HB 754 (2025), SB 779 (2025), and HB 1428 (2025). ARTICLES OF AGREEMENT (Section 362.020) The act allows the articles of agreement for any bank or trust company to provide for the issuance of additional shares of capital stock or other classes of stock pursuant to the same procedures and conditions as provided under current law, provided that such terms and procedures are acceptable to the Director of Finance and provided that any notice or other approval required to be given or obtained from the State of Missouri shall be given or obtained from the Director of the Division of Finance. These provisions are identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), SS/SCS/SB 97 (2025), and the perfected HB 707 (2025). BOARD MEETINGS (Section 362.247 and 362.275) The act allows directors to attend board meetings by phone or video unless otherwise specifically prohibited by law or by a memorandum of understanding entered into with the Director of Finances related to bank safety and soundness. Additionally, a requirement that a fourth list required to be presented at board meetings related to tracking loans to directors, officers, and employees is repealed. These provisions are identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), SS/SCS/SB 97 (2025), and the perfected HB 707 (2025). PUBLICATION OF FINANCIAL REPORTS (Section 362.295) A provision requiring certain financial reports of a bank or trust company to be published in a newspaper is repealed and a provision is created in its place requiring a bank or trust company to provide a paper or electronic copy of any regular periodic report required to be filed with the Director of Finance to each customer that requests it. These provisions are identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), SS/SCS/SB 97 (2025), and the perfected HB 707 (2025). TRUSTED CONTACTS (Sections 362.424 and 370.245) This act allows any bank, as that term is defined in the act, and any credit union to report suspected fraudulent activity or financial exploitation targeting any of its customers or members to a federal, state, county, or municipal law enforcement agency or any appropriate public protective agency and shall be immune from civil liability in doing so. Banks and credit unions are additionally allowed to offer a trusted contact program to its customers and members who desire to designate one or more trusted contacts for the bank to contact under certain circumstances delineated in the act. The trusted contact program is subject to restrictions as described in the act. A bank or credit union shall not be liable for the actions of a trusted contact and shall not be civilly liable for implementing or not implementing a trusted contact program or for actions or omissions related to providing or administering a trusted contact program. A person designated as a trusted contact who acts in good faith and exercises reasonable care shall be immune from liability. These provisions are identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), SB 99 (2025), SS/SCS/SB 97 (2025), and HB 1049 (2025) and substantially similar to HB 229 (2025) and the perfected HB 707 (2025). SINGLE BANK POOLED COLLATERAL (Section 362.490) This act creates an alternative for banking institutions serving as depositaries for public funds to secure their deposits in lieu of the method provided by current law, known as the "single bank pooled method." This method allows a banking institution to secure the deposit of public funds of one or more government entities through a pool of eligible securities held in custody and safe-keeping with one or more other banking institutions or safe depositaries, to be held subject to the order of the Director of the Division of Finance or an administrator, appointed as provided in the act, for the benefit of the government entities having public funds deposited with such banking institution. The act prohibits the use of the single bank pooled method absent the appointment of an administrator for that purpose, as provided in the act. Furthermore, the administrator may be required to post a surety bond in an amount up to $100,000. The administrator of the single bank pooled method may establish such procedures and reporting requirements as necessary for depository banking institutions and their safe keeping banks or depositaries to confirm the amount of insured public fund deposits, the pledge of securities to the administrator to secure the deposit of public funds, as agent for each participating banking institution, and to monitor the market value of pledged securities as reported by the custody agents, and to add, substitute or remove securities held in the single bank pool as directed by the depository banking institution. In the event of the failure and insolvency of a banking institution using the single bank pooled method, subject to any order of the director, the administrator shall direct the safe keeping banks or depositaries to sell the pledged securities and direct proceeds to the payment of the uninsured public fund deposits or to transfer the pledged securities to that banking institution's primary supervisory agency or the duly appointed receiver for the banking institution to be liquidated to pay out the uninsured public fund deposits. These provisions are identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), SB 657 (2025), SS/SCS/SB 97 (2025), HB 1313 (2025), and the perfected HB 707 (2025). USE OF CERTIFIED FUNDS (Section 381.410) This act modifies the definition of "certified funds" for purposes of a statute regulating the use of certain funds by real estate settlement agents and title insurance agents. This provision is identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), SB 488 (2025), and to provisions in HCS#2/SS/SCS/SB 835 (2024) and substantially similar to SCS/SB 836 (2024). COMMERCIAL FINANCING DISCLOSURE LAW (Section 427.300) Current law contains various exemptions from the Commercial Financing Disclosure Law. This act adds commercial financing products that are premium finance agreements, as defined in current law, offered or entered into by a provider that is a registered premium finance company to that list. This provision is identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), a provision in SS/SCS/SB 97 (2025), and a provision in the perfected HB 707 (2025). DORMANT ACCOUNTS (Section 447.200) The act repeals a provision of law relating to dormant accounts that requires certain financial institutions to notify the account holder of such dormancy. These provisions are identical to certain provisions in the truly agreed to SS/SCS/HB 754 (2025), SS/SCS/SB 97 (2025), and a provision in the perfected HB 707 (2025). SCOTT SVAGERA