COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.:5286H.07T Bill No.:Truly Agreed To and Finally Passed HCS for SS for SB 1359 Subject:Business and Commerce; Insurance - General; Insurance - Life; Banks and
Financial Institutions
Type:Original Date:June 7, 2024Bill Summary:This proposal modifies business standards for certain financial institutions.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDFUND AFFECTEDFY 2025FY 2026FY 2027General Revenue
Fund($2,669,667)($7,536,946)($8,009,224)
Total Estimated Net
Effect on General
Revenue($2,669,667)($7,536,946)($8,009,224)
ESTIMATED NET EFFECT ON OTHER STATE FUNDSFUND AFFECTEDFY 2025FY 2026FY 2027Division of Finance
Fund (0550)*
(Unknown) to
Unknown
(Unknown) to
Unknown
(Unknown) to
Unknown
Total Estimated Net
Effect on Other State
Funds
(Unknown) to
Unknown
(Unknown) to
Unknown
(Unknown) to
Unknown
*Oversight assumes the Department of Commerce and Insurance – Division of Finance will
charge and collect fees sufficient to cover their cost to administer the new Money Modernization
Act of 2024. Oversight assumes the net difference between fees and costs each year will not
reach the $250,000 threshold.
Numbers within parentheses: () indicate costs or losses. L.R. No. 5286H.07T
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ESTIMATED NET EFFECT ON FEDERAL FUNDSFUND AFFECTEDFY 2025FY 2026FY 2027Federal Funds*$0$0$0Total Estimated Net
Effect on All Federal
Funds $0$0$0
* Income and costs are estimated to be $14 million annually beginning in FY 2026 and net to
zero.
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)FUND AFFECTEDFY 2025FY 2026FY 2027Total Estimated Net
Effect on FTE 000
☒ Estimated Net Effect (expenditures or reduced revenues) expected to exceed $250,000 in any
of the three fiscal years after implementation of the act or at full implementation of the act.
☐ Estimated Net Effect (savings or increased revenues) expected to exceed $250,000 in any of
the three fiscal years after implementation of the act or at full implementation of the act.
ESTIMATED NET EFFECT ON LOCAL FUNDSFUND AFFECTEDFY 2025FY 2026FY 2027Local Government$0 or Unknown$0 or Unknown$0 or Unknown L.R. No. 5286H.07T
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FISCAL ANALYSIS
ASSUMPTION
Section 208.151 - MO HealthNet benefits for persons who have been diagnosed with breast or
cervical cancer
Officials from the Department of Social Services (DSS), MO HealthNet Division (MHD)
state this legislation amends Chapter 208 and adds one new section that would create additional
pathways for Breast and Cervical Cancer Treatment (BCCT) participants to be screened. This
legislation would apply to the MO HealthNet (MHD) Fee-for-Service state plan. MHD identified
1,365 potential eligible participants that could enroll in this program. MHD projected that within
the first year (FY25), this population would ramp up over the first 10 months. An average
monthly cost of $1,238 for BCCT participants was determined. A 6.3% medical inflation rate
was used for FY26 and FY27.
FY25: Total – $7,625,957 (GR - $2,645,444; Federal - $4,980,512)
FY26: Total – $21,555,633 (GR - $7,477,649; Federal - $14,077,984)
FY27: Total – $22,913,638 (GR - $7,948,741; Federal - $14,964,897)
Oversight does not have information to the contrary and therefore, Oversight will reflect the
estimates as provided by the DSS, MHD.
In response to a similar proposal from this year (HB 2875), officials from the Newton County
Health Department assumed the proposal will have no fiscal impact on their organization.
Oversight does not have any information to the contrary. Therefore, Oversight will reflect a zero
impact in the fiscal note for these agencies.
§§303.425 - 303.440 - Motor Vehicle Financial Responsibility
Officials from the Department of Revenue assume no fiscal impact from the proposal. DOR
states the bill extends the implementation date of the provisions, and has some clean-up
measures to ensure optimal implementation.
Officials from the Department of Commerce and Insurance (DCI) believe the costs of this bill
can be absorbed within current appropriations. However, should the cost be more than
anticipated, the department would request an increase in FTE and/or appropriations as
appropriate through the budget process.
Oversight does not have any information to the contrary. Therefore, Oversight will reflect a zero
impact in the fiscal note. L.R. No. 5286H.07T
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Repeal of Sections 361.700- 361.727 and enactment of Sections 361.900– 361.1035 – Money
Transmitter
Officials from the Department of Commerce and Insurance (DCI) – Division of Finance
(DOF) assume the following:
DOF assumes these sections these sections authorize the commissioner of the Division of
Finance (DOF) to administer, interpret, and enforce Sections 361.900-361.1035. It provides
rulemaking authority for the DOF and addresses confidentiality of information submitted by
licensees and applicants. It further permits the commissioner to enforce sections and regulations
pertaining to money transmitters, and outlines required submissions by applicants for a money
transmitter license.
All revenue and expenses would be deposited and deducted from the Division of Finance Fund
(0550).
Revenue Estimate
Money transmitter companies are currently licensed under Sections 361.700-361.727. If passed
these sections would be repealed and replaced by Sections 361.900-361.1035. For the purposes
of this estimate, DOF assumes all of the 171 entities currently licensed under 361.700-361.727
would convert their license to that which is authorized by Sections 361.900-361.1035.
Section 361.921
This section allows DOF to charge each money transmitter licensed under these sections for
costs associated with their annual examinations. DOF assumes the commissioner will set
licensure and renewal fees at a level to sustain the program without charging for licensee
examinations.
Section 361.936
An Initial Application Fee and a License Fee set by the commissioner is required with the
submission of an application for license. The fee would be set based on the cost to sustain
operation of the licensure program. Licenses would be effective on the date of issuance by DOF
and would expire on December 31 of each year. Annual renewal fees would be set by the
commissioner based on the total operating expenses of the program.
Section 361.951
A fee set by the commissioner is required to accompany a request to acquire control of a licensee
along with an application for acquisition. DOF estimates that 10%, or 9 such transactions would
take place each year. The fee would be set at an amount sufficient to sustain operation of the
program based on estimated operating costs.
Section 361.1026
This section authorizes the director to assess civil penalties for violations of 361.900-361.1035. L.R. No. 5286H.07T
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Revenue Loss
Since all of those currently licensed under Sections 361.700-361.727 are assumed to transition to
these new licenses, DOF expects a loss of revenue from renewals under 361.700-361.727. The
fee for renewals is $400 annually, resulting in a revenue loss of an estimated $68,400.
Expense Estimate
Expense estimates include a 2% annual inflation rate.
Section 361.921.1(1)
DOF assumes this section authorizes examinations of licensees which would be conducted by a
Senior Consumer Credit Examiner. Regular examinations would take place biennially, with half
of the licensees examined each year. This would require an estimated 86 examinations be
performed each year. It is estimated that a Senior Consumer Credit Examiner would spend an
average of forty hours to complete an examination. Completed examinations would be submitted
to the central office of the Division for compilation and formatting by an Administrative Office
Support Assistant (AOSA). Examinations would be reviewed and approved by the Supervisor of
Consumer Credit, estimated to take three hours for each examination.
Based on the average salaries of $53.15 for a Senior Consumer Credit Examiner; $19.91 per hour
for an AOSA; and $64.46 for the Supervisor of Consumer Credit. The personal service cost for
each examination is estimated at $2,339. Travel expenses are estimated at $500 - $2,500 per
examination depending on the location of the licensee. For this estimate, the median of $1,500
per exam was used.
Applications submitted pursuant to Section 361.936 would be reviewed by a Senior Consumer
Credit Examiner, requiring an estimated 8 hours each; the Supervisor of Consumer Credit would
spend an average of 1 hour reviewing recommendations of the Senior Consumer Credit
Examiner regarding licensure approval or denial. It would take an average of 1 hour for the
AOSA to process the approval or denial of each application.
Renewal of licenses for money transmitters would be completed on an annual basis, beginning
January 1 after of the date of original issuance. Because the number of money transmitters has
been fairly stable, it is estimated that ten would opt not to renew their licenses in FYs 2026 and
2027, but would be replaced by new licensees. Renewal requests would be reviewed by a Senior
Consumer Credit Examiner, taking an average of 6 hours each. Review of the recommendation
for approval or denial would be handled by the Supervisor of Consumer Credit taking
approximately one hour. The AOSA would then process the renewal license or denial at one hour
per license.
Those entities seeking to acquire control of a money transmitter license are required to submit an
application for acquisition. DOF assumes approximately 10% of licenses would have an
acquisition application filed each year. For these 9 applications, an average of eight hours would
be required for review by a Senior Consumer Credit Examiner, one hour of review of the
recommendation of approval or denial by the Supervisor of Consumer Credit, and one hour to L.R. No. 5286H.07T
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process the approval or denial of the acquisition.
Sections 361.957 – 361.963
DOF assumes these sections require money transmitters to submit several reports to the Division
including financial statements, reports of condition, and special events that affect the licensee.
DOF estimates it would take a Senior Consumer Credit Examiner six hours to review each report
and the Supervisor of Consumer Credit an average of one hour each to address any concerns
identified by the Examiner.
Fringe Benefits are estimated at the standard rate. Supplies and expenses for employees assigned
to this program are estimated at $11,261 per FTE annually. Because the majority of Consumer
Credit examination staff are telecommuters, rent and janitorial expenses would only be necessary
for the AOSA and Supervisor positions.
DOF administrative support services, including general administration, training, human
resources, accounting, budget, legal, and information technology services are covered in a 15%
administrative overhead rate. This includes promulgation of rules and development of forms and
websites to support these sections.
Cost Savings
Since those currently licensed under Sections 361.700-361.727 would transition to these new
licenses, DOF expects that 171 renewals will not be processed, saving an estimated $68,400.
DOF assumes that this workload would be picked up by existing staff since repealed Sections
361.700-361.727 would eliminate some existing workload.
Because the commissioner determines the fees associated with licensures and renewals under
361.900-361.1035, DOF assumes the fees would be set at a level sufficient to sustain the
operations of the program. Therefore, the net effect on the Division of Finance Fund (0550)
would be $0.
Listed below is a summary revenue and expenses expected by DCI-DOF as a result of this
proposal.
FY 2025FY 2026FY 2027Revenue – Money Transmitter Fees$680,533 $694,144$708,028Cost Avoidance$68,400$68,400$68,400FTE Expense($680,533)($694,144)($708,028)Licensing Fees Loss($68,400)($68,400)($68,400)Total$0$0$0 L.R. No. 5286H.07T
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Oversight notes the cost related to the FTE expense provided by DOF is for existing staff and
not additional FTE. Oversight assumes DOF will have some additional expense related to the
proposal, however, Oversight also assumes DOF will set the associated fees of the newly created
license sufficient enough to sustain the program without any additional cost or loss to the
department. Oversight will reflect an unknown revenue and an unknown cost to the Division of
Finance Fund (0550), roughly netting to zero.
DOF assumes all of the 171 entities currently licensed under 361.700-361.727 would convert
their license to that which is authorized.
Therefore, Oversight will reflect the fiscal estimate to the Division of Finance Fund (0550) as a
net revenue of Unknown.
Officials from the Department of Corrections (DOC) state the proposal modifies provisions
relating to financial transactions.
DOC assumes section 361.981 includes one class E felony penalty and one class A misdemeanor
penalty applicable to instances in which an authorized delegate fails to remit money in
accordance with the written contract required by subsection 2 of section 361.1275 or as
otherwise directed by the licensee or required by law.
DOC assumes section 361.1023 associates two class E felony penalties and one class A
misdemeanor penalty with violations of requirements under sections 361.900 to 361.1035.
Misdemeanor penalties are not generally within the purview of the department.
The bill creates three new class E felonies.
For each new nonviolent class E felony, the department estimates one person could be sentenced
to prison and two to probation. The average sentence for a nonviolent class E felony offense is
3.4 years, of which 2.1 years will be served in prison with 1.4 years to first release. The
remaining 1.3 years will be on parole. Probation sentences will be 3 years.
The cumulative impact on the department is estimated to be 6 additional offenders in prison and
21 additional offenders on field supervision by FY 2027. L.R. No. 5286H.07T
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* If this impact statement has changed from statements submitted in previous years, it could be
due to an increase/decrease in the number of offenders, a change in the cost per day for
institutional offenders, and/or an increase in staff salaries.
If the projected impact of legislation is less than 1,500 offenders added to or subtracted from the
department’s institutional caseload, the marginal cost of incarceration will be utilized. This cost
of incarceration is $26.545 per day or an annual cost of $9,689 per offender and includes such
costs as medical, food, and operational E&E. However, if the projected impact of legislation is
1,500 or more offenders added or removed to the department’s institutional caseload, the full
cost of incarceration will be used, which includes fixed costs. This cost is $99.90 per day or an
annual cost of $36,464 per offender and includes personal services, all institutional E&E,
medical and mental health, fringe, and miscellaneous expenses. None of these costs include
construction to increase institutional capacity.
DOC’s cost of probation or parole is determined by the number of P&P Officer II positions that
are needed to cover its caseload. The DOC average district caseload across the state is 51
offender cases per officer. An increase/decrease of 51 cases would result in a cost/cost avoidance
equal to the salary, fringe, and equipment and expenses of one P&P Officer II.
Increases/decreases smaller than 51 offender cases are assumed to be absorbable.
In instances where the proposed legislation would only affect a specific caseload, such as sex
offenders, the DOC will use the average caseload figure for that specific type of offender to
calculate cost increases/decreases.
A summary of DOC cost is provided in the table below:
C
hange in prison admissions and probation openings with legislation
F
Y2025
F
Y2026
F
Y2027
F
Y2028
F
Y2029
F
Y2030
F
Y2031
F
Y2032
F
Y2033
F
Y2034
N
ew Admissions
C
urrent Law
0 0 0 0 0 0 0 0 0 0
A
fter Legislation
3 3 3 3 3 3 3 3 3 3
P
robation
C
urrent Law
0 0 0 0 0 0 0 0 0 0
A
fter Legislation
6 6 6 6 6 6 6 6 6 6
C
hange (After Legislation - Current Law)
A
dmissions
3 3 3 3 3 3 3 3 3 3
P
robations
6 6 6 6 6 6 6 6 6 6
C
umulative Populations
P
rison
3 6 6 6 6 6 6 6 6 6
P
arole
0 0 3 3 3 3 3 3 3 3
P
robation
6 1
2
1
8
1
8
1
8
1
8
1
8
1
8
1
8
1
8
I
mpact
P
rison Population
3 6 6 6 6 6 6 6 6 6
F
ield Population
6 1
2
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
P
opulation Change
9 1
8
2
7
2
7
2
7
2
7
2
7
2
7
2
7
2
7 L.R. No. 5286H.07T
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# to
prison
Cost per
year
Total Costs for
prison
# to
probation
& parole
Cost per
year
Total cost
for
probation
and parole
Grand Total -
Prison and
Probation
(includes 2%
inflation)
Year 13($9,499)($24,223)0absorbed$0($24,223)Year 26($9,499)($59,297)0absorbed$0($59,297)Year 36($9,499)($60,483)0absorbed$0($60,483)Year 46($9,499)($61,692)0absorbed$0($61,692)Year 56($9,499)($62,926)0absorbed$0($62,926)Year 66($9,499)($64,185)0absorbed$0($64,185)Year 76($9,499)($65,468)0absorbed$0($65,468)Year 86($9,499)($66,778)0absorbed$0($66,778)Year 96($9,499)($68,113)0absorbed$0($68,113)Year 106($9,499)($69,476)0absorbed$0($69,476)
Oversight does not have any information to the contrary. Therefore, Oversight will reflect
estimate provided by DOC to the General Revenue Fund for FY 2025, FY 2026 and FY 2027.
Officials from the Office of the State Courts Administrator (OSCA) assume there may be
some impact but there is no way to quantify that currently. Any significant changes will be
reflected in future budget requests.
Oversight does not have any information to the contrary. Therefore, Oversight will reflect a zero
impact in the fiscal note.
In response to a similar proposal from this year (HCS/HB 2087), officials from the Office of
Budget & Planning stated this proposal creates new class E felonies and class A misdemeanors.
To the extent that any related fines are deposited into the state treasury, this proposal could
increase total state revenue by an unknown amount.
The Division of Finance has previously assumed that all of the entities currently licensed would
convert their license to that which is authorized under the new sections. Because the
commissioner determines the fees associated with licensures and renewals under this legislation,
DOF has previously assumed the fees would be set at a level sufficient to sustain the operations
of the program and furthermore assumed the net effect on the fund balance would be $0. B&P
notes that TSR may be impacted if fees and revenues are set at a level where the net impact on
the fund is not $0.
Officials from the Missouri Sheriffs' Retirement System stated that this legislation may have a
negative impact if this legislation passes. The Retirement System hires investment managers to
invest its assets based on the investment policy. Setting constraints on investment guidelines has L.R. No. 5286H.07T
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a potential of limiting investment earnings used to finance the retirement system. At the time the
negative impact is unknown.
Oversight assumes because the potential of limiting investment earnings is speculative that the
Missouri Sheriffs' Retirement System will not incur significant cost related to this proposal.
Therefore, Oversight will reflect a zero impact in the fiscal note.
Sections 362.1010 – 362.1117 - Missouri Family Trust Company Act
Officials from the Department of Commerce and Insurance (DCI) assume this bill transfers
oversight of Family Trusts and Foreign Family Trusts from the Missouri Secretary of State’s
Office to the DCI's Division of Finance (DOF).
Sections 362.1010-362.1117 assign oversight of Family Trust and Foreign Family Trusts to the
Director or Designee of DOF. This would include registration of new trusts and annual renewal
of existing trusts. According to the Secretary of State, there are currently three active Trusts in
Missouri. Since those trusts will not be required to submit an initial application, DOF assumes
that only an annual registration report accompanied by a $1,000 filing fee would be collected
from each of these trusts, resulting in an income of $3,000 annually. This funding would be used
to provide oversight of Family and Foreign Family Trusts in Missouri. DOF does not anticipate
any new trusts filings. The net fiscal impact for this section would be $0.
The Director of DOF or Designee may perform examinations and investigate allegations of
violations of these sections and may charge the trust company for salary and expenses of the
examiner or investigator. Since the amount charged would be limited to actual expenses, this
section’s fiscal impact would net to $0.
The Director may impose penalties and late fees and suspend registrations of a trust for failure to
submit a timely registration report. Reinstatement of a trust would occur by submission of the
annual registration report, a late fee, and any penalty imposed by the Director. DOF does not
anticipate any reports will be submitted late, resulting in fiscal impact for this section as $0.
The Director shall issue a fee schedule based on the time and resources required to issue certified
copies of documents as prescribed in Section 362.110. The section’s fiscal impact would net to
$0.
All fees and penalties would be deposited to the Family Trust Company Fund (0810) and
expenses relating to oversight of these companies would be paid from this fund via a transfer to
the Division of Finance Fund (0550). Therefore, DOF assumes the net impact of this proposal is
$0.
Oversight does not have any information to the contrary. Therefore, Oversight will reflect a zero
impact in the fiscal note. L.R. No. 5286H.07T
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Oversight assumes the Office of the Secretary of State could have a potential minor savings
from the transfers of oversight of the Family Trusts and Foreign Family Trusts from the Missouri
Secretary of State’s Office to the DCI's Division of Finance (DOF). Oversight assumes the fiscal
impact would ultimately net to $0 or be immaterial and therefore will not reflect a fiscal impact
on the fiscal note.
Section 374.192
Officials from the Department of Commerce and Insurance (DCI) assume the costs of
provision can be absorbed within their current appropriations. However, should the cost be more
than anticipated, the department would request an increase in FTE and/or appropriations as
appropriate through the budget process.
Oversight does not have any information to the contrary. Therefore, Oversight will reflect a zero
impact in the fiscal note for this provision.
Section 427.300 – Financial Disclosure Law
Officials from the Department of Commerce and Insurance (DCI) state there are very few
companies that provide the types of commercial financing products described in this section,
though the Division of Finance (DOF) does not have an exact number. When California passed
something similar, they had two companies; DOF assumes Missouri will have less than five. The
initial registration would be set at $100 each, so up to $500 total revenue in the first year. If all of
the companies renewed annually, at $50 each, subsequent years' revenue would be $250. The
registration process is not work-intensive and would cost about $36.53 to process (½ hour for an
AOSA @$19.91/hour + ½ hour for an Examiner @ $53.15/hour = $36.53). For five registrations,
each year would cost $182.61. Since there is no review of enforcement authority granted in the
language, that is the extent of the fiscal impact.
FY 2024 FY 2025 FY 2026
Revenue $0-$500 $0-$250 $0-250
Expense ($183-$0) ($186-$0) ($190-$0)
Net Effect $0-$317 $0-$64 $0-$60
Oversight assumes these amounts are not material and will not reflect them in the fiscal note.
Oversight notes §427.300.6 requires that any person who violates this section shall be punished
by a fine of $500 per incident, not to exceed $20,000 for all aggregated violations. Any person
who violates this section after receiving written notice of prior violation from the AGO shall be
punished by a fine of $1,000 per incident, not to exceed $50,000 for all aggregated violations.
Oversight will assume any potential fine revenue generated from this subsection will be
distributed to local school districts instead of being credited to the state’s Merchandising
Practices Revolving Fund. For simplicity, Oversight will reflect a $0 or Unknown amount of
fine revenue received by school districts. Oversight notes these amount may act as a deduction L.R. No. 5286H.07T
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in the following year school funding formula; however, Oversight will simply reflect a possible
positive impact to schools from the fine revenue.
Bill as a whole:
Officials from the Attorney General’s Office, the Department of Economic Development, the
Department of Elementary and Secondary Education, the Department of Higher Education
and Workforce Development, the Department of Health and Senior Services, the
Department of Mental Health, the Department of Natural Resources, the Department of
Labor and Industrial Relations, the Department of Public Safety (Fire Safety, Directors
OfficeMissouri Highway Patrol, Missouri Veterans Commission, Alcohol and Tobacco
Control, State Emergency Management Agency), the Office of the Governor, the Missouri
Department of AgricultureMissouri Department of Transportation, the Missouri
National Guard, the MoDOT & Patrol Employees’ Retirement System, the Office of the
State Auditor, the Missouri Department of Conservation, the Missouri House of
Representatives, the Joint Committee on EducationJoint Committee on Public
Employee Retirement, the Legislative Research, the Oversight Division, the Missouri
Senate, the Office of the State Treasurer, the Missouri Lottery Commission, the Missouri
Consolidated Health Care Plan, the Office of Administration, the
Prosecution Services, the Missouri State Employee's Retirement System, the State Tax
Commission, the County Employees Retirement Fund, the Kansas City Civilian Police
Employees Retirement and the Kansas City Police Retirement System, the Kansas City
Public School Retirement System and the Public Schools and Education Employee
Retirement Systems each assume the proposal will have no fiscal impact on their respective
organizations. Oversight does not have any information to the contrary. Therefore, Oversight
will reflect a zero impact in the fiscal note for these agencies.
In response to a previous version, officials from the Office of Administration - Administrative
Hearing Commission, the Department of Public Safety – Capital PoliceMissouri Ethics
Commission and Office of the State Public Defender the each assume the proposal will have
no fiscal impact on their respective organizations. Oversight does not have any information to
the contrary. Therefore, Oversight will reflect a zero impact in the fiscal note for these agencies.
Rule Promulgation
Officials from the Joint Committee on Administrative Rules assume this proposal is not
anticipated to cause a fiscal impact beyond its current appropriation.
Officials from the Office of the Secretary of State (SOS) note many bills considered by the
General Assembly include provisions allowing or requiring agencies to submit rules and
regulations to implement the act. The SOS is provided with core funding to handle a certain
amount of normal activity resulting from each year's legislative session. The fiscal impact for
this fiscal note to the SOS for Administrative Rules is less than $5,000. The SOS recognizes that
this is a small amount and does not expect that additional funding would be required to meet
these costs. However, the SOS also recognizes that many such bills may be passed by the L.R. No. 5286H.07T
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General Assembly in a given year and that collectively the costs may be in excess of what the
office can sustain with its core budget. Therefore, the SOS reserves the right to request funding
for the cost of supporting administrative rules requirements should the need arise based on a
review of the finally approved bills signed by the governor.
Oversight only reflects the responses received from state agencies and political subdivisions;
however, other schools and retirement systems were requested to respond to this proposed
legislation but did not. A listing of political subdivisions included in the Missouri Legislative
Information System (MOLIS) database is available upon request.
FISCAL IMPACT – State GovernmentFY 2025
(10 Mo.)
FY 2026FY 2027GENERAL REVENUECosts – DSS, MHD (§208.151)
Additional Breast and Cervical Cancer
Treatment (BCCT) participants
screenings p. 3($2,645,444)($7,477,649)($7,948,741)
Cost – DOC (§§361.900 - 631.1035)
Incarceration Cost
p. 7-9($24,223)($59,297)($60,483)
ESTIMATED NET EFFECT ON
GENERAL REVENUE($2,669,667)($7,536,946)($8,009,224)
DIVISION OF FINANCE FUND
(0550)
Revenue – DOF (§§361.900-631.1035)
Application, Licensing &
Acquisitions from Money Transmission
Modernization Act of 2024
p.3-7
UnknownUnknownUnknown
Cost – DOF (§§361.900-631.1035)
FTE additional workload and
additional costs implementing the
Money Transmission Modernization
Act of 2024 p.3-7(Unknown)(Unknown)(Unknown) L.R. No. 5286H.07T
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FISCAL IMPACT – State GovernmentFY 2025
(10 Mo.)
FY 2026FY 2027Savings – DOF (repeal of Sections
361.700-361.727)
Administrative costs p.3-7$68,400$68,400$68,400
Loss – DOF (repeal of Sections
361.700-361.727) - Loss of licensing
fees from repeal of sections p.3-7($68,400)($68,400)($68,400)
ESTIMATED NET EFFECT TO
THE DIVISION OF FINANCE
FUND
(Unknown) to
Unknown
(Unknown) to
Unknown
(Unknown) to
Unknown
FEDERAL FUNDSIncome - DSS, MHD (§208.151)
Program reimbursements p. 3$4,980,513$14,077,984$14,964,897
Costs – DSS, MHD (§208.151)
Additional Breast and Cervical Cancer
Treatment (BCCT) participants
screenings p. 3($4,980,513)($14,077,984)($14,964,897)
ESTIMATED NET EFFECT ON
FEDERAL FUNDS$0$0$0
FISCAL IMPACT – Local GovernmentFY 2025
(10 Mo.)
FY 2026FY 2027SCHOOL DISTRICTS Potential Fine Revenue – to school
districts – (§427.300.6) p.10-11
$0 or
Unknown
$0 or
Unknown
$0 or
Unknown
ESTIMATED NET EFFECT TO
SCHOOL DISTRICTS$0 or
Unknown
$0 or
Unknown
$0 or
Unknown L.R. No. 5286H.07T
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FISCAL IMPACT – Small Business
A direct fiscal impact to mutual insurance companies could be expected as a result of this
proposal.
Small business medical clinics could see an increase in patients for screening for breast or
cervical cancer.
A direct fiscal impact to small businesses that act as a money transmitter would be expected as a
result of this proposal as well as certain small financing businesses.
There could be a direct fiscal impact to small businesses who handle or apply for real estate and
agricultural loans as a result of this proposal.
FISCAL DESCRIPTION
This act modifies provisions relating to financial institutions.
DEPOSITORY INSTITUTIONS FOR MUNICIPALITIES (Sections 110.075, 95.280, 95.285,
and 95.355)
This act provides that municipalities shall select a municipal depository with a state-chartered or
federally chartered banking institution through a competitive process. Each municipality shall
develop requirements for a request for proposals, as provided in the act, to provide to banking
institutions interested in becoming a municipal depository.
The governing body of a municipality shall select a banking institution and shall enter into a
contract outlining the terms and conditions of the depository relationship.
This act repeals provisions relating to procedures for third and fourth class cities selecting
banking institutions to be depositories for the municipality.
ESTABLISHMENT AND OPERATION OF HOSPITALS (Sections 205.160 and 205.190)
This act modifies the authority for county commissions and certain boards of trustees to establish
and operate hospitals, as described in the act.
INVESTMENT AUTHORITY OF HOSPITAL BOARDS OF TRUSTEES (Section 205.165)
This act modifies investment authority of boards of trustees of county hospitals.
CANCER TREATMENT UNDER MO HEALTHNET (Section 208.151)
Under this act, people who receive breast or cervical cancer screenings within the scope of Title
XV of the Public Health Services Act and who otherwise meet eligibility requirements is eligible
for medical assistance regardless of whether the screening is by a provider that receives funds
under that title. L.R. No. 5286H.07T
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MOTOR VEHICLE FINANCIAL RESPONSIBILITY (Sections 303.425, 303.430, and
303.440)
This act repeals the requirement that certain notices provided under the motor vehicle financial
responsibility enforcement and compliance incentive program (the "Program") specify that the
minimum penalty for a violation includes 4 license demerit points. (Section 303.425.7).
The act also limits, to 5 years after implementation, the Department of Revenue's obligation to
provide the legislature with annual reports regarding the Program. (Section 303.425.13).
The act specifies that the advisory committee for the Department's motor vehicle financial
responsibility verification system shall serve in an advisory capacity as the Department may
request, and shall expire 1 year after implementation of the Program. (Section 303.430.2(4)).
The act provides that the Department's motor vehicle financial responsibility verification system
shall be implemented no later than December 31, 2027, or as soon as technologically possible
following development and maintenance of the Department's electronic titling and registration
system, rather than January 1, 2025. (Section 303.440).
MONEY TRANSMISSION MODERNIZATION ACT OF 2024 (Chapter 361)
This act repeals the Sale of Checks Law and creates in its stead the "Money Transmission
Modernization Act of 2024". The act regulates money transmission, defined as any of the
following:
• Selling or issuing payment instruments to a person located in Missouri;
• Selling or issuing stored value to a person located in Missouri;
• Receiving money for transmission from a person located in Missouri; or
• Payroll processing services.
Money transmission does not include the provision solely of online or telecommunications
services or network access.
The Director of the Division of Finance within the Department of Commerce and Insurance is
responsible for administering this act.
LICENSURE OF MONEY TRANSMITTERS
The act prohibits any person from engaging in the business of money transmission or
advertising, soliciting, or holding itself out as providing money transmission unless the person
has been licensed pursuant to this act. Licenses last for no more than one calendar year and are
not transferable or assignable. Applications must be on forms required by the Director and shall
be accompanied by an application fee, as determined by the Director.
Additionally, certain individuals in control of a licensee, seeking to control a licensee, and any
key individual, as that term is defined in the act, are required to furnish background materials to
the Director, including fingerprints, criminal background checks, and employment history,
among other things listed in the act. L.R. No. 5286H.07T
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The Director is permitted to implement the licensure process in such a way as to make it
consistent with other states and nationwide protocols, to the extent consistent with this act. The
Director is additionally permitted to collaborate with the Nationwide Multistate Licensing
System and Registry developed by the Conference of State Bank Supervisors (NMLS) as
provided in the act.
CONFIDENTIALITY OF INFORMATION
The act provides that all information provided to the Director is considered confidential except
basic identifying information of the licensee as detailed in the act. Exceptions are included with
respect to disclosures to certain government agencies.
ACQUISITION OF CONTROL
Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall
obtain the written approval of the Director prior to acquiring control. An application must be
submitted in a form prescribed by the Director along with a fee, as determined by the Director.
REPORTING AND RECORDS
Each licensee is required to submit to the Director the following reports:
• A report of condition each calendar quarter;
• An audited financial statement prepared by an independent certified public accountant at the
end of the fiscal year; and
• A report of authorized delegates at the end of each calendar quarter.
A licensee shall file a report with the Director within one business day if the licensee has reason
to know of:
• The filing of a petition by or against the licensee under the federal United States Bankruptcy
Code;
• The filing of a petition by or against the licensee for receivership, the commencement of any
other judicial or administrative proceeding for its dissolution or reorganization, or the making of
a general assignment for the benefit of its creditors; or
• The commencement of a proceeding to revoke or suspend its license in a state or country in
which the licensee engages in business or is licensed.
A licensee shall file a report with the Director within three business days if the licensee has
reason to know of:
• A conviction of the licensee or of a key individual or person in control of the licensee for a
felony; or
• A conviction of an authorized delegate for a felony.
A licensee shall maintain the following records, for determining its compliance with this act for
at least three years:
• A record of each outstanding money transmission obligation sold;
• A general ledger posted at least monthly containing all asset, liability, capital, income, and
expense accounts;
• Bank statements and bank reconciliation records;
• Records of outstanding money transmission obligations;
• Records of each outstanding money transmission obligation paid within the three-year period; L.R. No. 5286H.07T
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• A list of the last known names and addresses of all of the licensee's authorized delegates; and
• Any other records the director reasonably requires by rule.
PRUDENTIAL STANDARDS
Licensees are required to maintain at all times a tangible net worth more than $100,000, or 3% of
total assets for the first $100,000,000, 2% of additional assets between $100,000,000 and $1
billion, and 0.5% of additional assets over $1 billion. Additionally, licensees shall maintain
security consisting of a surety bond in an amount based on the licensee's average daily money
transmission liability and tangible net worth.
The act establishes requirements for permissible investments of a licensee.
ADMINISTRATIVE, CRIMINAL, AND CIVIL ENFORCEMENT MECHANISMS
The act allows the Director to suspend or revoke licenses and designations of authorized
delegates under circumstances and using procedures as described in the act. The Director is also
permitted to issue cease and desist orders and enter into consent decrees for the resolution of
matters arising under this act.
The act creates the following criminal penalties associated with money transmission:
• A person that intentionally makes a false statement, misrepresentation, or false certification in a
record filed or required to be maintained pursuant to this act or that intentionally makes a false
entry or omits a material entry in such a record is guilty of a class E felony;
• A person that knowingly engages in an activity for which a license is required pursuant to this
act without being licensed and who receives more than $500 in compensation within a 30-day
period from this activity is guilty of a class E felony;
• A person that knowingly engages in an activity for which a license is required pursuant to this
act without being licensed and who receives no more than $500 in compensation within a 30-day
period from this activity is guilty of a Class A misdemeanor.
The Director is also permitted to assess civil penalties not to exceed $1,000 per day for each
violation of this act.
PRIVATE TRUST COMPANIES (Section 362.245)
The act exempts certain private trust companies from certain residency requirements governing
board of directors of a corporation as described in the act.
MISSOURI FAMILY TRUST COMPANY ACT (Sections 362.1010 to 362.1117)
Currently, a family trust company is not permitted to conduct business in Missouri without first
registering with the Secretary of State. This act provides that a family trust company shall instead
file, with the Director of the Division of Finance, the initial registration and original filing fee
along with the relevant proposed business filings and fees required by the Secretary. The family
trust company shall not conduct business until it has received an order approving the application
from the Director, who shall file with the Secretary the order, the proposed business filings, and
required filing fees. Any family trust company that was in good standing with the Secretary as of
August 28, 2024, shall be deemed to have complied with the requirements of this act. L.R. No. 5286H.07T
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Furthermore, the Director shall enforce the provisions of this act and carry out the duties and
functions originally assigned to the Secretary.
INSURANCE DOCUMENTS (Sections 374.190 and 374.192)
This act specifies that certain confidentiality provisions shall also apply to records used in market
conduct investigations and actions.
The act further provides that regulated entities shall have at least 30 calendar days to submit any
record or material requested by the Department of Commerce and Insurance, except for the
Division of Consumer Affairs or with regard to the policy form approval process. Records
maintained beyond the required retention period shall not be required to be produced unless the
Director has substantial and competent evidence the regulated entity committed a level 4 or 5
violation of the insurance laws of this state or a felony related to the business of insurance. A
regulated entity may establish its own internal practices that are the same as or exceed the
requirements provided by law, and the Department shall not impose a penalty for failing to
comply with the practices unless the failure also violates a law or rule.
CONTINUING EDUCATION FOR FUNERAL AND BURIAL INSURANCE PRODUCERS
(Section 375.020)
This act increases, from $15,000 to $20,000, the maximum face value of life insurance policies
that may be sold by certain insurance producers exempt from continuing education requirements.
DISPOSITION OF CERTAIN REINSURANCE CONTRACTS (Section 375.1183)
This act enacts provisions relating to the disposition of reinsurance contracts reinsuring policies
of life or health insurance or annuities issued by insurers that have been placed into conservation,
rehabilitation, or liquidation as provided in the Insurers Supervision, Rehabilitation and
Liquidation Act.
Reinsurance contracts held by the insurers placed in conservation or rehabilitation proceedings or
liquidation shall be continued or terminated as provided in the contract and as specified in the
act. Reinsurance contracts terminated pursuant to an order of liquidation shall be subject to
mandatory negotiation and arbitration procedures specified in the act. (Section 375.1183.1-2).
A guaranty association may elect to assume the liquidated insurer's rights and obligations under
reinsurance contracts within 180 days of the order of liquidation as specified in the act. To
facilitate this decision, the receiver and each affected reinsurer shall make available copies of
reinsurance contracts and related files and records, as well as notices of any defaults under the
contracts or any known event or condition which could become a default. (Section
375.1183.3(1)-(2)).
The act further specifies rights and duties of the guaranty association and reinsurers under the
reinsurance contracts assumed by the guaranty association, including with regard to premium
payments, payment of claims, resolution of disputes over amounts due, and termination or
continuation of the contracts. (Section 375.1183.3(3)). L.R. No. 5286H.07T
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If a receiver continues policies of life or health insurance or annuities issued by an insolvent
insurer, and the policies are not covered in whole or in part by a guaranty association, the
receiver may elect to assume the liquidated insurer's rights and obligations under reinsurance
contracts relating to the policies or annuities within 180 days of the order of liquidation as
specified in the act, provided the contracts have not been terminated. In this event, premiums for
the applicable reinsurance shall be chargeable against the estate of the insolvent insurer. (Section
375.1183.4).
Between the order of liquidation and the time a guaranty association elects to assume the
insolvent insurer's rights and obligations under a reinsurance contract as specified in the act, a
guaranty association, receiver, or reinsurer shall not have any right or obligation under any
reinsurance contract eligible for assumption under the act. (Section 375.1183.5).
If the guaranty association or receiver does not timely elect to assume a reinsurance contract as
provided in the act, the reinsurance contract shall be terminated retroactively, effective as of the
date of the order of liquidation, and shall be subject to mandatory negotiation and arbitration
procedures specified in the act. (Section 375.1183.6).
When policies or annuities, or the obligations of the guaranty association under the policies or
annuities, are transferred to an assuming insurer, associated reinsurance may be transferred to the
assuming insurer as well, subject to certain limitations specified in the act. (Section 375.1183.7).
This act shall supercede provisions of law or any affected reinsurance contract with regard to
payment of reinsurance proceeds for losses or events occurring after an order of liquidation.
(Section 375.1183.8).
When a reinsurance contract is terminated pursuant to the Insurers Supervision, Rehabilitation
and Liquidation Act, the reinsurer and the receiver shall commence mandatory negotiation and
arbitration procedures laid out in the act. (Section 375.1183.9).
This act shall be construed consistent with the existing power of the Missouri Life and Health
Insurance Guaranty Association to assume the rights of insolvent insurers under reinsurance
contracts. (Section 375.1183.11).
ASSIGNMENT OF INSURANCE BENEFITS (Section 376.427)
This act subjects certain payments to health care providers to the prompt pay statute, and
provides that entities not currently subject to the prompt pay statute shall "have a delayed
effective date of January 1, 2026 to be subject to such provisions".
METHODS OF REIMBURSEMENT TO HEALTH CARE PROVIDERS (Section 376.1345)
Currently, if a health carrier initiates or changes the method used to reimburse a health care
provider to a method that requires the provider to pay a fee or remit some other form of
remuneration, the carrier must notify the provider of the cost, provide clear instructions as to
how to select an alternative payment method, and use that alternative method if requested by the
provider. This act requires the health carrier or entity acting on its behalf to first receive approval
from the health care provider before reimbursing the health care provider with such payment
method. If a health carrier is currently reimbursing a health care provider with a payment L.R. No. 5286H.07T
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method, the health care provider can send one notice to the health carrier for all the health care
provider's patients covered by such health carrier stating that the health care provider declines to
be reimbursed with a payment method. The notice will remain in effect for the duration of the
contract unless the health care provider requests otherwise. All payments made by the health
carrier to the health care provider after receipt of the notice declining to be reimbursed with a
payment method cannot require the health care provider to pay a fee, discount the amount of the
provider's claim for reimbursement, or remit any other form of remuneration in order to redeem
the amount of the provider's claim for reimbursement.
SELF-SERVICE STORAGE INSURANCE (Section 379.1640)
This act increases, from $5,000 to $15,000, the maximum insurance coverage that may be
offered by limited lines self-service storage insurance producers and their associates.
MUTUAL INSURANCE COMPANIES (Sections 380.621 and 380.631)
This act enacts the "Protecting Missouri's Mutual Insurance Companies Act".
Under the act, chapter 380 shall be the sole authority of the Department of Commerce and
Insurance over Missouri mutual insurance companies, and the provisions of that chapter shall not
be waived, provided that certain provisions pertaining to premium taxation and insurance
holding companies shall still apply as described in the act. The act voids agreements between the
Department and mutual insurers as to additional Department authority, but benefits, allowances,
and concessions granted to the insurers shall remain in effect for the duration of the agreements.
The act further enacts provisions relating to reinsurance requirements and corresponding filings
with the Department, Department review of proposed mergers between mutual insurance
companies, and examinations of mutual insurance companies by the Department.
Lastly, the act describes when a mutual insurance company is considered "insolvent", and
specifies that mutual insurance companies shall be subject to the Insurers Supervision,
Rehabilitation, and Liquidation Act with the exception of certain provisions, and shall be subject
to other provisions pertaining to the commencement of court proceedings by the Director of the
Department of Commerce and Insurance.
REAL ESTATE LOANS - AGRICULTURE ACTIVITY (Section 408.035)
Current law prohibits parties from agreeing in writing to any rate of interest, fees, and other
terms and conditions in connection with any loan of less than $5,000 secured by real estate used
for agricultural activity. This act repeals that prohibition.
CHARGES FOR COST OF CREDIT REPORTS (Section 408.140)
The act permits lenders making loans pursuant to the Missouri Consumer Loan Act to charge
consumers for the cost of a credit report.
COMMERCIAL FINANCING DISCLOSURE LAW (Section 427.300)
This act creates the "Commercial Financing Disclosure Law". Under this act, any person who
consummates more than 5 commercial financing transactions, as defined in the act, to a business L.R. No. 5286H.07T
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located in this state in a calendar year is required to make certain disclosures to the business with
regard to the transaction. 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
transaction;
• The total amount of funds disbursed to the business under the terms of the commercial
financing transaction, 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 transaction
agreement;
• The total dollar cost of the commercial financing transaction 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 transaction 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
broker for commercial financing. 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 31st.
Violations of these provisions 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 these provisions 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 exclusive authority to enforce these provisions.
These provisions contains various exemptions.
The registration and disclosure requirements of these provisions 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, 2025, if the Division does not intend to promulgate rules.
REAL ESTATE TRANSACTIONS - WOMAN'S STATUS AS WIFE (Section 442.210)
A provision of law is repealed requiring description of a woman's status as "wife" when
executing a certificate of acknowledgment form in the course of a real estate transaction with her
husband. L.R. No. 5286H.07T
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QUALIFIED SPOUSAL TRUSTS (Section 456.950)
This act modifies the definition of "qualified spousal trust" to include the provision of terms that
provide during the life of a sole surviving settlor, in addition to terms of which provide for the
joint lives of settlors.
This act additionally provides that all property, except for written financial obligations, written
guarantees, or secure or unsecured transactions, held in a qualified spousal trust shall continue to
be immune and exempt from attachment during the life of the surviving settlor to the extent that
the property was held in a qualified spousal trust prior to the death of the first settlor and remains
in a qualified spousal trust. Furthermore, property may be held in or transferred to a settlor's joint
or separate share of a trust by designation under the current trust terms, pursuant to the specified
titling of property or other designation that refers to such joint or separate share, or designation
to the trustee as the owner as provided in current law.
This legislation is not federally mandated, would not duplicate any other program and would not
require additional capital improvements or rental space.
SOURCES OF INFORMATION
Attorney General’s Office
Department of Commerce and Insurance
Department of Economic Development
Department of Elementary and Secondary Education
Department of Higher Education and Workforce Development
Department of Health and Senior Services
Department of Mental Health
Department of Natural Resources
Department of Corrections
Department of Labor and Industrial Relations
Department of Revenue
Department of Public Safety
Office of the Director
Division of Alcohol and Tobacco Control
Capitol Police
Fire Safety
Missouri Gaming Commission
Missouri Highway Patrol
Missouri National Guard
State Emergency Management Agency
Missouri Veterans Commission
Department of Social Services
Office of the Governor
Joint Committee on Public Employee Retirement
Joint Committee on Administrative Rules L.R. No. 5286H.07T
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Missouri Lottery Commission
Legislative Research
Oversight Division
Local Government Employees Retirement System
Missouri Consolidated Health Care Plan
Missouri Department of Agriculture
Missouri Department of Conservation
Missouri Ethics Commission
Missouri House of Representatives
Missouri Department of Transportation
Missouri State Employee's Retirement System
MoDOT & Patrol Employees’ Retirement System
Missouri Office of Prosecution Services
Office of Administration
Administrative Hearing Commission
Budget and Planning
Office of the State Courts Administrator
Office of the State Auditor
Missouri Senate
Office of the Secretary of State
Office of the State Public Defender
Office of the State Treasurer
Public Schools and Education Employee Retirement Systems
State Tax Commission
County Employees Retirement Fund
Kansas City Civilian Police Employees’ Retirement
Kansas City Police Retirement System
Kansas City Public School Retirement System
Public Education Employees Retirement System
Sheriff’s Retirement System
Newton County Health Department
Julie MorffRoss StropeDirectorAssistant DirectorJune 7, 2024June 7, 2024