HB754--CERTAINFINANCIALORGANIZATIONS
SPONSOR: Oehlerking
COMMITTEEACTION:Voted"DoPass"bytheStandingCommitteeon
FinancialInstitutionsbyavoteof13to0.
Thisbillmodifiesthearticlesofagreementapplicabletobankor
trustcompanies.
Thebilladdsthatthearticlesofagreementmayincludeconditions
andproceduresrelatingtotheissuanceofadditionalsharesof
capitalstockorotherclassesofstock,providedthetermsand
proceduresareacceptabletotheDirectorofFinanceandnoticeof
approvalhasbeenobtainedfromtheDirectorofFinance(Section
362.020,RSMo).
Undercurrentlaw,unlessprohibitedbystatuteorregulation,the
boardofdirectorsmayattendboardmeetingsbytelephone
conferencecallorvideoconferencing,andthebankortrust
companymayincludeasaquorumdirectorswhoarenotphysically
presentbutareallowedtovote,providedthebankortrustcompany
hasacompositeratingof1or2undertheUniformFinancial
InstitutionsRatingSystemoftheFederalFinancialInstitution
ExaminationCounsel(FFIEC). Thisbillrepealsthereferenceto
thisprohibitionbyregulationandprovidesforanorderor
memorandumofunderstandingenteredintowiththeDirectorof
Financerelatingtobanksafetyandsoundnessforthedirectors
attendingtheboardmeetings. Further,thebillrepealsa
referencetocompositeratingundertheFFIEC(Section362.247).
Undercurrentlaw,theboardofdirectorsarerequiredtosubmita
fourthlisttothemeetingshowingtheaggregateoftheexisting
indebtednessandliabilityofthebankortrustcompanyofeachof
thedirectors,officersandtheiremployees. Thisbillrepeals
thisrequirement.(Section362.275)
Thebillrepealstherequirementforabankortrustcompanyto
publisheveryreportinthenewspaper. Abankortrustcompany
mustprovideapaperorelectroniccopyofanyregularperiodic
reportsthatarerequiredtobefiledwiththeDepartmentof
CommerceandInsurance,toeachcustomeruponrequest(Section
362.295).
ThisbillrepealsSection447.200regardinginactiveconsumer
depositaccounts(Section447.200).
PROPONENTS: Supporterssaythatthisbillmodernizesandupdates
thebankingcodestoprovideregulatoryrelieftothebanks.The bankshiremultipleemployeestomakesurethattheyarein
compliancewithfederalregulations. Thechangescontainedinthe
billwerevettedbytheMissouriDivisionofFinance.
TestifyinginpersonforthebillwereRepresentative Oehlerking;
MissouriIndependentBankersAssociation;andDavidKent,Missouri
BankersAssociation.
OPPONENTS:Therewasnooppositionvoicedtothecommittee.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.