HCS/SCS/SB 187 - This act modifies various provisions relating to financial affairs. This act is identical to HCS/HB 809 (2023). LINKED DEPOSITS (SECTION 30.753) Under current law, the state treasurer is permitted to invest in linked deposits in an amount up to $800 million at any one time. This act increases that threshold to $1 billion. Furthermore, the act modifies the total deposit for linked deposits that may be used for different borrowers as follows: · Up to 5% of the aggregate for eligible multitenant development enterprises; · Up to 5% of the aggregate for eligible property developers and eligible residential property owners; · Up to 20% of the aggregate for eligible job enhancement businesses; and · Up to 5% of the aggregate for eligible water systems. All other linked deposits not allocated to the above may be used as permitted by law. This provision is identical to provisions in SCS/HCS/HB 725 (2023), SCS/SB 657 (2023), HCS/HB 586, the perfected HCS/HB 809, and HCS/HB 1109 (2023). CAMPAIGN FINANCE (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 HB 234 and certain provisions in SCS/SB 238 (2023), HCS/HB 586 (2023), and the perfected HCS/HB 809 (2023). PERSONAL FINANCE ACADEMIC PERFORMANCE STANDARDS (SECTION 170.281) This act requires the Department of Elementary and Secondary Education (DESE) to convene a work group to develop and recommend academic performance standards relating to the one-half unit of credit in personal finance required for high school graduation. Members of the work group shall include educators who provide instruction in personal finance, a representative from the Missouri Association of Career and Technical Education, and others specified in the act. The State Board of Education shall adopt and implement academic performance standards for the 2024-25 school year and all subsequent school years. Every seven years, the State Board of Education shall review the academic performance standards to determine whether they should be updated to reflect trends and best practices in the current economy. Except as otherwise provided in the act, each school district must require each student who has completed the ninth grade to satisfactorily complete one-half unit of credit of personal finance before receiving a high school diploma or certificate of graduation. This provision is identical to a provision in the perfected HCS/HB 809 (2023) and substantially similar to SB 503 (2023). SHOW-ME MYRETIREMENT SAVINGS PLAN (SECTIONS 285.1000 TO 285.1055) This act establishes the Show-Me MyRetirement Savings Plan, which creates new provisions relating to retirement savings plans for private-sector employees. The act creates the Show-Me MyRetirement Savings Plan, which is a multi-employer retirement plan. The plan is to be designed, developed, and implemented by the Show-Me MyRetirement Savings Board in accordance with the limitations and requirements set forth by the act. The plan is required to be fully implemented no later than September 1, 2025. An annual audit is required to be conducted of the Show-Me MyRetirement Savings Plan, the Show-Me MyRetirement Savings Board, and the trust in which the assets of the plan are held. Such audit shall be completed by a certified public accountant and be submitted to the Governor, Treasurer, President Pro Tem of the Senate, and Speaker of the House of Representatives. The act creates the Show-Me MyRetirement Savings Board within the State Treasurer's office, of which the State Treasurer shall be the chair. With the exception of the Treasurer, all members of the Board are appointed by the Governor, the President Pro Tem of the Senate, or the Speaker of the House of Representatives. Such members shall serve at the pleasure of the appointing authority, but in no event longer than four years. The Board is required to conduct outreach to individuals, employers, stakeholders, and the public in general about the program. Such outreach shall include informing them of the benefits of tax-favored retirement saving and other information, as specified in the act. The Board is permitted to enter into intergovernmental memoranda of understanding with the state and any agency of the state for the purpose of services needed to implement the plan. The act provides that no employer shall be liable, or bear responsibility, for an employee's decision to participate in the plan or for any result, decision, or action as a result of an employee participating in the plan. Furthermore, the act exempts certain public entities from liability for any loss, deficiency, failure to realize gain, or other adverse consequences incurred as a result of participation in the plan by an employee. The act provides that certain individual account information under the plan shall be confidential and may only be disclosed as otherwise required under state or federal law, or at the request of the individual. These provisions are identical to provisions in the truly agreed to and finally passed CCS/SB 20 (2023), the perfected HCS/HB 809 (2023), and SCS/HCS/HB 934 (2023) and substantially similar to SB 1125 (2022), SB 1213 (2022), SCS/HCS/HB 1732 (2022), a provision in SCS/HB 2571 (2022), and SB 298 (2021). DIVISION OF FINANCE REGULATIONS (SECTIONS 361.020 THROUGH 408.500) This act modifies various provisions relating to the regulation of certain financial institutions. These provisions are substantially similar to the truly agreed to and finally passed SCS/SB 13 (2023), certain provisions in SCS/HB 585 (2023) and SCS/HCS/HB 725 (2023), HCS/HB 586 (2023), certain provisions in HCS/HB 809 (2023), SB 1096 (2022) and certain provisions in SCS/HB 2571 (2022). AUTHORITY OF THE DIVISION OF FINANCE - (Section 361.020) The act stipulates that the Division of Finance is in charge of the execution of the laws relating to banks, trust companies, and the banking business of the state; laws relating to persons and entities engaged in the small loan or consumer credit business in the state; the laws relating to persons and entities engaged in the mortgage business in the state; and the laws relating to persons and entities engaged in any other financial services related to business over which the Division of Finance is granted express authority. RESPONSIBILITIES OF THE DIVISION OF FINANCE - State Banking and Savings and Loan Board - (Section 361.098) The act provides that the compensation and necessary travel and other expenses of the members of the State Banking and Savings and Loan Board shall be paid out of the Division of Finance Fund. Current law provides that a majority of the members of the State Banking and Savings and Loan Board constitutes a quorum. This act provides that three members of the board shall constitute a quorum. The Division is permitted to provide administrative services to the Board to assist the Board with fulfilling its statutory responsibilities. BULLETINS AND INDUSTRY LETTERS ISSUED BY DIVISION OF FINANCE - (Section 361.106) The act permits the Division to issue bulletins addressing the business of individuals and entities licensed, chartered, or regulated by the Division. Bulletins do not have the force or effect of law and should not be considered statements of general applicability. The act also permits the Division to issue industry letters. Industry letters may be issued, in the discretion of the director of the Division, at the request of an individual or entity licensed, chartered, or regulated by the Division, and that seeks the Division's position on an application of law. The act details the requirements that must be met in issuing an industry letter. Industry letters are binding on the Division and the requesting party shall not be subject to any administrative proceeding or penalty for any acts or omissions done in reliance on an industry letter, provided there is no change in any material fact or law or the discovery of a material misrepresentation or omission made by the requesting party. REPORTS OF EXAMINATIONS OF BANKS AND TRUST COMPANIES - (Section 361.160) The act repeals an obsolete requirement that the result of all examinations of banks and trust companies during a biennial period be embodied in a report made by the Director of the Department of Commerce and Insurance to the General Assembly, such reporting requirement having previously been repealed. NOTICES OF CHARGES AND CEASE AND DESIST ORDERS - (Section 361.260) The act clarifies the requirements for issuing a notice of charges with respect to a director, officer, employee, agent, or other person participating in the affairs of a bank or trust company regulated by the Division under Chapter 361. Specifically, whenever the director has reason to believe from any examination or investigation made by the director or his or her examiners, that any such corporation, foreign corporation, or director, officer, employee, agent, or other person participating in the conduct of the affairs of such corporation is engaging in, has engaged in, or is about to engage in: An unsafe or unsound practice in conducting the business of such corporation; A violation of law, rule, or director-imposed written condition; A violation of any written agreement entered into with the director; or A violation of the corporation's charter, the director may issue and serve upon the corporation or such director, officer, employee, agent, or other person a notice of charges in respect thereof. Any cease and desist order issued by the Division in response to one of the above-described charges is subject to the following: It may require the corporation or its directors, officers, employees, agents, and other persons participating in the conduct of the affairs of such corporation to cease and desist from such actions, violations, or practices; It may require the corporation or its directors, officers, employees, agents, and other persons participating in the conduct of the affairs of such corporation to take affirmative action to correct the conditions resulting from any such actions, violations, or practices; It shall require that, if the director determines that the capital of the corporation is impaired, the corporation make good the deficiency forthwith or within a time specified in the order; It may, if the director determines that the corporation does not keep adequate records, determine and prescribe such books of account as the director, in his or her discretion, shall require of the corporation for the purpose of keeping accurate and convenient records of the transactions and accounts; and It shall, if the director determines that wrong entries or unlawful uses of the funds of the corporation have been made, order that the entries shall be corrected, and the sums unlawfully paid out be restored by the person or persons responsible for the wrongful or illegal payment thereof. NOTICE OF REMOVAL FROM OFFICE - (Section 361.262) The act modifies the process for serving a notice of intention to remove a person from office in a bank or trust company regulated by the Division under Chapter 361. FEES COLLECTED BY DIVISION OF FINANCE (Sections 361.715, 364.030, 364.105, 365.030, 367.140, 407.640, 408.500) The act modifies the following fees collected by the Division of Finance: · From $300 to $400, the annual fee paid by persons seeking a license to issue checks. (Section 361.715.2); · From $300 to $400, the maximum fee that may be charged for any application to amend and reissue an existing license to issue checks. (Section 361.715.3); · From $500 to $600, the annual license fee for each place of business of a financial institution licensed under state law. (Section 364.030.3); · From $500 to $600, the annual registration fee for a premium finance company. (Section 364.105.2); · From $500 to $600, the annual license fee for each place of business of a sales finance company. (Section 365.030.3); · From $500 to $600, the fee paid by lenders of consumer credit loans when filing an application for certificate of registration. (Section 367.140.1); · From $300 to $400, the maximum fee that may be charged a credit services organization when filing a registration statement with the Director of the Division. (Section 407.640.5); and · From $500 to $600, the annual license fee charged to lenders, other than banks, trust companies, credit unions, savings banks and savings and loan companies, in the business of making unsecured loans of $500 or less. (Section 408.500.1). ISSUANCE OF CREDIT CARDS BY LENDERS - (Section 408.145) Under current law, lenders issuing credit cards in Missouri are permitted to contract for, charge and collect fees for credit cards that are allowed in a contiguous state. This act modifies that provision by enabling issuance of credit cards under the same terms and conditions that are allowed in a contiguous state, rather than limiting the provision to only fees. This provision is identical to SB 12 (2023) and a provision in the perfected SCS/SB 13 (2023) and substantially similar to the perfected HB 585 (2023). COMMERCIAL FINANCING DISCLOSURE LAW (SECTION 427.300) This act creates the "Commercial Financing Disclosure Act". Under this act, any person who consummates more than 5 commercial financing products, as defined in the act, to a business located in this state in a calendar year is required to make certain disclosures to the business with regard to the product. Specifically, the provider is required to disclose the following: · The total amount of funds provided to the business under the terms of the commercial financing product; · The total amount of funds disbursed to the business under the terms of the commercial financing product, if less than the total amount of funds provided, as a result of any fees deducted or withheld at disbursement and any amount paid to a third party on behalf of the business; · The total amount to be paid to the provider pursuant to the commercial financing product agreement; · The total dollar cost of the commercial financing product under the terms of the agreement, derived by subtracting the total amount of funds provided from the total of payments; · The manner, frequency and amount of each payment; and · A statement of whether there are any costs or discounts associated with prepayment of the commercial financing product including a reference to the paragraph in the agreement that creates the contractual rights of the parties related to prepayment. The act requires registration with the Division of Finance prior to engaging in business as a commercial financial broker. Specifically, the act requires filing a registration form, submitting a fee of $100, and obtaining a surety bond in the amount of $10,000. A registration renewal is required every year, not later than January 31. Violations of this act are punishable by a fine of $500 per incident, not to exceed $20,000 for all aggregated violations. Any person who violates any provision of this act after receiving written notice of a prior violation from the Attorney General shall be punishable by a fine of $1,000 per incident, not to exceed $50,000 for all aggregated violations arising from the use of the transaction documentation or materials found to be in violation of this act. Violation of any provision of this act does not affect the enforceability or validity of the underlying agreement. This act does not create a private cause of action against any person or entity based upon noncompliance with this act. The Attorney General is given authority to enforce the provisions of this act. This act contains various exemptions. The registration and disclosure requirements of this act take effect either (1) 6 months after the Division of Finance finalizes promulgating rules, if the Division intends to promulgate rules; or (2) February 28, 2024, if the Division does not intend to promulgate rules. These provisions are identical to provisions in SCS/HB 585 (2023) and substantially similar to a provision in the perfected HCS/HB 809 (2023), HCS/HB 584 (2023), SCS/SB 963 (2022), a provision in SCS/HB 2571 (2022), and HB 2706 (2022). CRIMINAL OFFENSES - TELLER MACHINES (SECTIONS 569.010 THROUGH 570.030) This act modifies provisions relating to criminal offenses involving teller machines. This act adds to the offense of property damage in the first degree if such person knowingly damages, modifies, or destroys a teller machine or otherwise makes it inoperable. This offense is a class D felony unless committed for the purpose of executing any scheme or artifice to defraud or obtain any property, the value of which exceeds $750 or the damage to the teller machine exceeds $750, in which case it is a Class C felony. It shall be a Class B felony if committed for the purpose of obtaining the personal financial credentials of another person or if the person has committed a second or subsequent offense of damaging a teller machine. This act adds that the offense of stealing shall be a Class C felony if the property stolen is a teller machine or the contents of a teller machine including cash regardless of the value or amount stolen. These provisions are substantially similar to the perfected SCS/SB 186 (2023) and SCS/SB 831 (2022). SCOTT SVAGERA HA 1 - MODIFIES PROVISIONS RELATING TO TRUST COMPANIES. HA 2 - CREATES NEW PROVISIONS RELATING TO LENDER-PLACED INSURANCE. HA 3 - CREATES NEW PROVISIONS RELATING TO COVENANTS BETWEEN BUSINESS ENTITIES AND ITS OWNERS. HA 4 - CREATES NEW PROVISIONS RELATING TO MOTOR VEHICLE FINANCIAL PROTECTION PRODUCTS. HA 5 - MODIFIES PROVISIONS RELATING TO POOLED ESTATE ACCOUNTS BY PUBLIC ADMINISTRATORS AND VENUE IN GUARDIANSHIP AND CONSERVATORSHIP CASES. HA 1 TO HA 6 - CREATES NEW PROVISIONS RELATING TO EARNED WAGE ACCESS SERVICES AND CONSUMER LEGAL FUNDING. HA 6 - CREATES NEW PROVISIONS RELATING TO LEGAL TENDER, SPECIFICALLY GOLD AND SILVER AND DIGITAL ASSET MINING. HA 1 TO HA 7 - MODIFIES AND CREATES PROVISIONS RELATING TO THE UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT. HA 2 TO HA 7 - MODIFIES PROVISIONS IN THE UNDERLYING HCS RELATING TO THE USE OF CREDIT CARDS AND DEBIT CARDS BY CAMPAIGN COMMITTEES. HA 3 TO HA 7 - CREATES THE MONEY TRANSMISSION MODERNIZATION ACT OF 2023. HA 7 - CREATES NEW PROVISIONS RELATING TO THE SHARING OF INFORMATION FOR THE BENEFIT OF MARIJUANA FACILITIES. HA 8 - ENACTS PROVISIONS RELATING TO INSURANCE COVERAGE OF PHARMACY SERVICES.