FIRSTREGULARSESSION
[PERFECTED]
HOUSEBILLNO.754
103RDGENERALASSEMBLY
INTRODUCEDBYREPRESENTATIVEOEHLERKING.
1499H.02P JOSEPHENGLER,ChiefClerk
ANACT
Torepealsections362.020,362.247,362.275,362.295,362.490,and447.200,RSMo,andto
enactinlieuthereofeightnewsectionsrelatingtocertainfinancialorganizations,with
apenaltyprovision.
BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
SectionA.Sections362.020,362.247,362.275,362.295,362.490,and447.200,
2RSMo,arerepealedandeightnewsectionsenactedinlieuthereof,tobeknownassections
3362.020,362.247,362.275,362.295,362.424,362.490,370.245,and425.310,toreadas
4follows:
362.020.1.Thearticlesofagreementmentionedinthischaptershallsetout:
2 (1)Thecorporatenameoftheproposedcorporation.Thecorporatenameshallnotbe
3aname,oranimitationofaname,usedwithintheprecedingfiftyyearsasacorporatetitleof
4abankortrustcompanyincorporatedinthisstate;
5 (2)Thenameofthecityortownandcountyinthisstateinwhichthecorporationisto
6belocated;
7 (3)Theamountofthecapitalstockofthecorporation,thenumberofsharesinto
8whichitisdivided,andtheparvaluethereof;thatthesamehasbeensubscribedingoodfaith
9andallthereofactuallypaidupinlawfulmoneyoftheUnitedStatesandisinthecustodyof
10thepersonsnamedasthefirstboardofdirectorsormanagers;
11 (4)Thenamesandplacesofresidencesoftheseveralshareholdersandnumberof
12sharessubscribedbyeach;
13 (5)Thenumberandthenamesofthefirstdirectors;
EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 14 (6)Thepurposesforwhichthecorporationisformed;
15 (7)Anyprovisionsrelatingtothepreemptiverightsofashareholderasprovidedin
16section351.305.
17
18Thearticlesofagreementmayprovidefortheissuanceofadditionalsharesofcapital
19stockorotherclassesofstockpursuanttothesameproceduresandconditionsas
20providedundersection351.180,providedthatsuchtermsandproceduresare
21acceptabletothedirectoroffinanceand,providedthatanynoticeorotherapproval
22requiredtobegivenorobtainedfromthestateofMissourishallbegivenorobtained
23fromthedirectorofthedivisionoffinance.
24 2.Thearticlesofagreementmaydesignatethenumberofdirectorsnecessaryto
25constituteaquorum,andmayprovideforthenumberofyearsthecorporationistocontinue,
26ormayprovidethattheexistenceofthecorporationshallcontinueuntilthecorporationshall
27bedissolvedbyconsentofthestockholdersorbyproceedingsinstitutedbythestateunder
28anystatutenowinforceorhereafterenacted.
362.247.1.Amajorityofthefullboardofdirectorsshallconstituteaquorumforthe
2transactionofbusinessunlessanothernumberisrequiredbythearticlesofagreement,the
3bylawsorbylaw.Theactofamajorityofthedirectorspresentatameetingatwhicha
4quorumispresentshallbetheactoftheboardofdirectorsunlesstheactofagreaternumber
5isrequiredbythearticlesofagreement,thebylawsorbylaw.
6 2.Unlessotherwiseprohibitedbystatuteor[regulation,] anorderormemorandum
7ofunderstandingenteredintowiththedirectoroffinancerelatedtobanksafetyand
8soundness,directorsmayattendboardmeetingsbytelephonicconferencecallorvideo
9conferencing,andthebankortrustcompanymayincludeinaquorumdirectorswhoarenot
10physicallypresentbutareallowedtovote[, providedthebankortrustcompanyhasa
11compositeratingof1or2undertheUniformFinancialInstitutionsRatingSystemofthe
12FederalFinancialInstitutionExaminationCounsel(FFIEC)].
13 3.Anydirectorremotelyattendingaboardmeetingviatelephoneorvideo
14conferencingmaybecountedtowardaquorumforsuchmeetingand,ifthedirectorisnot
15otherwiseprohibited,mayvoteonmattersbeforethebankortrustcompany'sboardsolongas
16themeetingminutesidentifythedirectorappearingremotelyandreflectthattheremote
17director:
18 (1)Receivedformalnoticeoftheboardmeetingforwhichheorsheisattendingor
19waivedsuchnoticeasotherwiseprovidedbylaw;
20 (2)Receivedtheboardmeetinginformationrequiredforeachboardofdirector's
21meetingasprovidedbysection362.275;
HB754 2 22 (3)Wasalonewhenparticipatinginsuchboardmeetingorwasinthephysical
23presenceofnoonenotadirectorofsuchbankortrustcompany;and
24 (4)Wasabletoclearlyhearsuchboardmeetingdiscussionfromitsbeginningtoend.
25 4.Thedirectorofthedivisionoffinancemaypromulgateadditionalregulations,
26reasonableinscope,toprovidefortheintegrityoftheboardofdirectors'operationswhen
27directorsattendboardmeetingsremotely,thesafetyandsoundnessofthebankortrust
28company'soperation,andthebankortrustcompany'sinterestinminimizingthecostof
29compliancewithsuchregulation.
362.275.1.Theboardofdirectorsofeverybankandtrustcompanyorganizedor
2doingbusinesspursuanttothischaptershallholdaregularmeetingatleastonceeachmonth,
3or,uponapplicationtoandacceptancebythedirectoroffinance,atsuchothertimes,notless
4frequentlythanonceeachcalendarquarterasthedirectoroffinanceshallapprove,which
5approvalmayberescindedatanytime.Thereshallbesubmittedtothemeetingalistgiving
6theaggregateofloans,discounts,acceptancesandadvances,includingoverdrafts,toeach
7individual,partnership,corporationorpersonwhoseliabilitytothebankortrustcompanyhas
8beencreated,extended,renewedorincreasedsincethecut-offdatepriortotheregular
9meetingbymorethananamounttobedeterminedbytheboardofdirectors,whichminimum
10amountshallnotexceedfivepercentofthebank'slegalloanlimit,excepttheminimum
11amountshallinnocasebelessthantenthousanddollars;asecondlistoftheaggregate
12indebtednessofeachborrowerwhoseaggregateindebtednessexceedsfivetimessuch
13minimumamount,excepttheaggregateindebtednessshallinnocasebelessthanfifty
14thousanddollars;andathirdlistshowingallpaperpastduethirtydaysormoreor
15alternatively,thethirdlistshallreportthetotalpast-dueratioforloansthirtydaysormore
16pastdue,nonaccrualloansdividedbytotalloans,andalistingofpast-dueloansinexcessof
17theminimumamounttobedeterminedbytheboardofdirectors,whichminimumamount
18shallnotexceedfivepercentofthebank'slegalloanlimit,excepttheminimumamountshall
19innocasebelessthantenthousanddollars[; andafourthlistshowingtheaggregateofthe
20then-existingindebtednessandliabilitytothebankortrustcompanyofeachofthedirectors,
21officers,andemployeesthereof]. Theinformationcalledforinthesecond[,] andthird[, and
22fourth] listsshallbesubmittedasofthedateoftheregularmeetingorasofareasonabledate
23priorthereto.Nobillspayableshallbemade,andnobillsshallberediscountedbythebank
24ortrustcompanyexceptwiththeconsentorratificationoftheboardofdirectors;provided,
25however,thatifthebankortrustcompanyisamemberofthefederalreservesystem,
26rediscountsmaybemadetoitbytheofficersinaccordancewithitsrules,alistofall
27rediscountstobesubmittedtothenextregularmeetingoftheboard.Thedirectoroffinance
28mayrequire,byorder,thattheboardofdirectorsofabankortrustcompanyapproveor
29disapproveeverypurchaseorsaleofsecuritiesandeverydiscount,loan,acceptance,renewal
HB754 3 30orotheradvanceincludingeveryoverdraftoveranamounttobespecifiedinthedirector's
31orderandmayalsorequirethattheboardofdirectorsreview,ateachmonthlymeeting,alist
32oftheaggregateindebtednessofeachborrowerwhoseaggregateindebtednessexceedsan
33amounttobespecifiedinthedirector'sorder.Theminutesofthemeetingshallindicatethe
34compliancewiththerequirementsofthissection.Furthermore,thedebtor'sidentityonthe
35informationrequiredinthissubsectionmaybemaskedbycodetoconcealtheactualdebtor's
36identityonlyforinformationmailedtoorotherwiseprovideddirectorswhoarenotphysically
37presentattheboardmeeting.Thecodeusedshallberevealedtoalldirectorsatthebeginning
38ofeachboardmeetingforwhichthisprocedureisused.
39 2.Foranyissueinneedofimmediateaction,theboardofdirectorsortheexecutive
40committeeoftheboardasdefinedinsection362.253mayenterintoaunanimousconsent
41agreementaspermittedbysubsection2ofsection351.340.Suchconsentmaybe
42communicatedbyfacsimiletransmissionorbyotherauthenticatedrecord,separatelyby
43eachdirector,providedeachconsentissignedbythedirectorandthebankhasnoindication
44suchsignatureisnotthedirector'svalidconsent.Whenthebankortrustcompanyhas
45receivedunanimousconsentfromtheboardorexecutivecommittee,theactionvotedonshall
46beconsideredapproved.
362.295.1.Withintendaysafterserviceuponitofthenoticeprovidedforbysection
2361.130,everybankandtrustcompanyshallmakeawrittenreporttothedirector,which
3reportshallbeintheformandshallcontainthemattersprescribedbythedirectorandshall
4specificallystatetheitemsofcapital,deposits,specieandcashitems,publicsecuritiesand
5privatesecurities,realestateandrealestatesecurities,andsuchotheritemsasmaybe
6necessarytoinformthepublicastothefinancialconditionandsolvencyofthebankortrust
7company,orwhichthedirectormaydeempropertoincludetherein.Inlieuofrequiring
8directfilingofreportsofcondition,thedirectormayacceptreportsofconditionortheir
9equivalentasfiledwithfederalregulatoryagenciesandmayrequireverificationandthefiling
10ofsupplementalinformationasthedirectordeemsnecessary.
11 2.Everyreportshallbeverifiedbytheoathsofthepresidentorvicepresidentand
12cashierorsecretaryorassistantcashierorassistantsecretary,andtheverificationshallstate
13thatthereportistrueandcorrectinallrespectstothebestoftheknowledgeandbeliefofthe
14personsverifyingit,andthereportshallbeattestedbythreedirectors,andshallbeareportof
15theactualconditionofthebankortrustcompanyatthecloseofbusinessontheday
16designatedandwhichdayshallbepriortothecall.Ifthedirectoroffinanceobtainsthedata
17pursuanttosubsection3ofsection361.130,thedirectormayrelyontheverificationprovided
18tothefederalregulatoryagency.
19 3.[Everyreport,exclusiveoftheverification,shall,withinthirtydaysafteritshall
20havebeenfiledwiththedirector,bepublishedbythebankortrustcompanyinonenewspaper
HB754 4 21oftheplacewhereitsplaceofbusinessislocated,orifnonewspaperispublishedthere,ina
22newspaperofgeneralcirculationinthetownandcommunityinwhichthebankortrust
23companyislocated;thenewspapertobedesignatedbytheboardofdirectorsandacopyof
24thepublication,withtheaffidavitofthepublisherthereto,shallbeattachedtothereport;
25provided,ifthebankortrustcompanyislocatedinatownorcityhavingapopulation
26exceedingtenthousandinhabitants,thenthepublicationmustbeinadailynewspaper,if
27publishedinthatcity;butifthebankortrustcompanyislocatedinatownorcityhavinga
28populationoftenthousandinhabitantsorless,thenthepublicationmaybeineitheradailyor
29weeklynewspaperpublishedinthetownorcityasaforesaid;andinallcasesacopyofthe
30statementshallbepostedinthebankinghouseaccessibletoall.
31 4.]Thebankandtrustcompanyshallalsomakesuchotherspecialreportstothe
32directorashemayfromtimetotimerequire,insuchformandatsuchdateasmaybe
33prescribedbyhim,andthereportshall,ifrequiredbyhim,beverifiedinsuchmannerashe
34mayprescribe.
35 [5.]4.Ifthebankortrustcompanyshallfailtomakeanyreportrequiredbythis
36sectiononorbeforethedaydesignatedforthemakingthereof,orshallfailtoincludetherein
37anymatterrequiredbythedirector,thebankortrustcompanyshallforfeittothestatethesum
38ofonehundreddollarsforeverydaythatthereportshallbedelayedorwithheld,andfor
39everydaythatitshallfailtoreportanyomittedmatter,unlessthetimethereforshallhave
40beenextendedbythedirector.Shouldanypresident,cashierorsecretaryofthebankortrust
41companyoranydirectorthereoffailtomakethestatementsorequiredofhimorthem,or
42willfullyandcorruptlymakeafalsestatement,heorthey,andeachofthem,shallbedeemed
43guiltyofamisdemeanor,and,uponconvictionthereof,uponinformation,punishedbyafine
44foreachoffensenotexceedingfivehundreddollarsandnotlessthanonehundreddollars,or
45byimprisonmentnotlessthanoneormorethantwelvemonthsinthecityorcountyjail,orby
46bothsuchfineandimprisonment.
47 [6.]5.Abankortrustcompany[mayprovideeachwritten] shallprovideapaperor
48electroniccopyofanyregularperiodicreportrequiredtobe[publishedfreeofchargeto
49thepublic;andwheneachbankortrustcompanynotifiestheircustomersthatsuch
50informationisavailable;andwhenonecopyofsuchinformationisavailable] filedunder
51section361.130toeach[person] customerthatrequestsit[,thenewspaperpublication
52provisionsofthissectionshallnotbeenforcedagainstsuchbankortrustcompany].
362.424.1.Forpurposesofthissection,thefollowingtermsmean:
2 (1)"Bank",includesanystateorfederallycharteredbank,savingsbank,or
3savingsandloanassociationprovidingbankingservicestocustomers;
HB754 5 4 (2)"Trustedcontact",anyadultpersondesignatedbyabankcustomerthata
5bankmaycontactintheeventofanemergencyorlossofcontactwiththecustomer,or
6suspectedthirdpartyfraudorfinancialexploitationtargetingthecustomer.
7 2.Notwithstandinganyotherprovisionoflawtothecontrary,anybankmay
8reportsuspectedfraudulentactivityorfinancialexploitationtargetinganyofits
9customerstoafederal,state,county,ormunicipallawenforcementagencyorany
10appropriatepublicprotectiveagencyandshallbeimmunefromcivilliabilityindoing
11so.
12 3.Notwithstandinganyotherprovisionoflawtothecontrary,anybank,ona
13voluntarybasis,mayofferatrustedcontactprogramtocustomerswhomaydesignate
14oneormoretrustedcontactsforthebanktocontactintheeventacustomerisnot
15responsivetobankcommunications,thebankispresentedwithanurgentmatteror
16emergencyinvolvingthecustomerandthebankisunabletolocatethecustomer,orthe
17banksuspectsfraudulentactivityorfinancialexploitationtargetingthecustomerorthe
18accounthasbeendeemeddormantandthebankisattemptingtoverifythestatusand
19locationofthecustomer.Thebankmayestablishsuchprocedures,requirements,and
20formsasitdeemsappropriateandnecessaryshouldthebankopttoimplementatrusted
21contactprogram.
22 4.Notwithstandinganyotherprovisionoflawtothecontrary,anybankmay
23voluntarilyoffercustomersanaccountwithconvenienceandsecurityfeaturesthatset
24transactionlimitsandpermitlimitedaccesstoviewaccountactivityforoneormore
25trustedcontactsdesignatedbythecustomer.
26 5.Nobankshallbeliablefortheactionsofatrustedcontact.
27 6.Nobankshallbeliablefordecliningtointeractwithatrustedcontactwhen
28thebank,ingoodfaithandexercisingreasonablecare,determinesthatatrustedcontact
29isnotactinginthebestinterestsofthecustomer.
30 7.Apersondesignatedbyacustomerasatrustedcontactwhoactsingoodfaith
31andexercisesreasonablecareshallbeimmunefromliability.
32 8.Acustomermaywithdrawanyappointmentofapersonasatrustedcontactat
33anytimeandanytrustedcontactmaywithdrawfromstatusasatrustedcontactatany
34time.Thebankmayrequiresuchdocumentationorverificationasitdeemsnecessaryto
35establishthewithdrawalorterminationofatrustedcontact.
36 9.Nobankshallbecivillyliableforimplementingornotimplementingorfor
37actionsoromissionsrelatedtoprovidingoradministeringatrustedcontactprogram.
362.490.1.Notwithstandinganyprovisionoflawofthisstateorofanypolitical
2subdivisionthereofrequiringsecurityfordepositsintheformofcollateral,suretybondorin
3anyotherform,securityforsuchdepositsshallnotberequiredtotheextentsaiddepositsare
HB754 6 4insuredundertheprovisionsofanactofcongresscreatingandestablishingtheFederal
5DepositInsuranceCorporationorsimilaragencycreatedandestablishedbytheCongressof
6theUnitedStates.
7 2.(1)Asanalternativetotherequirementsfordirectpledgingofsecurityfor
8depositofpublicfundsinexcessoftheamountthatisfederallyinsuredorguaranteed
9pursuanttosections110.010,110.020,and110.060,abankinginstitutionauthorizedas
10legaldepositaryforpublicfundsmaysecurethedepositsofanygovernmentalentityby
11grantingasecurityinterestinasinglepoolofsecuritiestosecuretherepaymentofall
12publicfundsdepositedinthebankinginstitutionbysuchgovernmentalentitiesandnot
13otherwisefederallyinsuredorsecuredpursuanttolaw.
14 (2)Abankinginstitutionmaysecurethedepositofpublicfundsusingthedirect
15methodasprovidedinchapter110,orthesinglebankpooledmethodprovidedinthis
16section,ormayelecttooffergovernmententitiesthechoiceofeithermethodtosecure
17thedepositofpublicfunds.
18 (3)Underthedirectmethodabankinginstitutionmaysecurethedepositof
19publicfundsofeachgovernmententityseparatelybyfurnishingsecuritiespursuantto
20sections110.010,110.020,and110.060.
21 (4)Underthesinglebankpooledmethodabankinginstitutionmaysecurethe
22depositofpublicfundsofoneormoregovernmententitiesthroughapoolofeligible
23securitiesheldincustodyandsafekeepingwithoneormoreotherbankinginstitutions
24orsafedepositaries,tobeheldsubjecttotheorderofthedirectorofthedivisionof
25financeortheadministratorappointedpursuanttosubsection3ofthissectionforthe
26benefitofthegovernmententitieshavingpublicfundsdepositedwithsuchbanking
27institutionassetforthinthissection.
28 3.(1)Thedirectorofthedivisionoffinanceshallhaveexclusiveauthorityto
29appointabank,trustcompany,orassociationforMissouribankswhichischarteredor
30incorporatedinMissouri,toserveastheadministratorwithrespecttoasinglebank
31pooledmethod.Theadministratorshallactasanagentforbankinginstitutionsandas
32thenomineeofthegovernmententitiesforpurposesofadministeringthepoolof
33securitiespledgedtosecureuninsuredpublicfunddeposits.Thefeesandexpensesof
34suchadministratorshallbepaidbythebankinginstitutionsutilizingthesinglebank
35pooledmethod.Thesinglebankpooledmethodshallnotbeutilizedbyanybanking
36institutionunlessanadministratorhasbeenappointedbythedirectorpursuanttothis
37sectionandisactingastheadministrator.Thedirectormayrequiretheadministrator
38topostasuretybondorsecuritytothedirectorinanamountuptoonehundred
39thousanddollarstoassurethefaithfulperformanceofthedutiesoftheadministrator.
HB754 7 40 (2)Atalltimestheaggregatemarketvalueofthepoolofsecuritiessodeposited,
41pledged,orinwhichasecurityinterestisgrantedshallbeatleastequaltoonehundred
42twopercentoftheamountondepositwhichisinexcessoftheamountsoinsured.
43 (3)Eachbankinginstitutionshallcarryonitsaccountingrecordsatalltimesa
44generalledgerorotherappropriateaccountofthetotalamountofallpublicfundstobe
45securedbythepoolofsecuritiesasdeterminedattheopeningofbusinesseachday,and
46theaggregatemarketvalueofthepoolofsecuritiespledged,orinwhichasecurity
47interestisgrantedtosecuresuchpublicfunds.
48 (4)Ifabankinginstitutionelectstosecurethedepositofpublicfundsthrough
49theuseofthesinglebankpooledmethod,suchbankinginstitutionshallnotifythe
50administratorinwritingthatithaselectedtoutilizethesinglebankpooledmethodand
51theproposedeffectivedatethereofandentersuchagreementastheadministratormay
52require.
53 (5)Abankinginstitutionmaynotretainanydepositofpublicfundswhichis
54requiredtobesecuredunlessithassecuredthedepositsforthebenefitofthe
55governmententitieshavingpublicfundswithsuchbankinginstitutionpursuanttothis
56section.
57 (6)Onlythesecuritiesandcollateraldescribedorlistedpursuanttosection
5830.270forthesafekeepingandpaymentofdepositsbythestatetreasurermaybe
59providedandacceptedassecurityforthedepositofpublicfundsandshallbeeligibleas
60collateral.Theadministratorshallnotacceptanysecuritieswhicharenotdescribedor
61listedpursuanttosection30.270.
62 (7)Theadministratormayestablishsuchproceduresandreporting
63requirementsasnecessaryfordepositorybankinginstitutionsandtheirsafekeeping
64banksordepositariestoconfirmtheamountofinsuredpublicfunddeposits,thepledge
65ofsecuritiestotheadministratortosecurethedepositofpublicfunds,asagentforeach
66participatingbankinginstitution,andtomonitorthemarketvalueofpledgedsecurities
67asreportedbythecustodyagents,andtoadd,substitute,orremovesecuritiesheldin
68thesinglebankpoolasdirectedbythedepositorybankinginstitution.
69 (8)Intheeventofthefailureandinsolvencyofabankinginstitutionusingthe
70singlebankpooledmethod,subjecttoanyorderofthedirectorpursuanttopowers
71vestedunderchapter361,theadministratorshalldirectthesafekeepingbanksor
72depositariestosellthepledgedsecuritiesanddirectproceedstothepaymentofthe
73uninsuredpublicfunddepositsortotransferthepledgedsecuritiestothatbanking
74institution'sprimarysupervisoryagencyorthedulyappointedreceiverforthebanking
75institutiontobeliquidatedtopayouttheuninsuredpublicfunddeposits.
370.245.1.Forpurposesofthissection,thefollowingtermsmean:
HB754 8 2 (1)"Creditunion",anystateorfederallycharteredcreditunionproviding
3financialservicestomembers;
4 (2)"Trustedcontact",anyadultpersondesignatedbyacreditunionmember
5thatacreditunionmaycontactintheeventofanemergencyorlossofcontactwiththe
6member,orsuspectedthirdpartyfraudorfinancialexploitationtargetingthemember.
7 2.Notwithstandinganyotherprovisionoflawtothecontrary,anycreditunion
8mayreportsuspectedfraudulentactivityorfinancialexploitationtargetinganyofits
9memberstoafederal,state,county,ormunicipallawenforcementagencyorany
10appropriatepublicprotectiveagencyandshallbeimmunefromcivilliabilityindoing
11so.
12 3.Notwithstandinganyotherprovisionoflawtothecontrary,anycreditunion,
13onavoluntarybasis,mayofferatrustedcontactprogramtomemberswhomay
14designateoneormoretrustedcontactsforthecredituniontocontactintheeventa
15memberisnotresponsivetocreditunioncommunications,thecreditunionispresented
16withanurgentmatteroremergencyinvolvingthememberandthecreditunionis
17unabletolocatethemember,orthecreditunionsuspectsfraudulentactivityorfinancial
18exploitationtargetingthememberortheaccounthasbeendeemeddormantandthe
19creditunionisattemptingtoverifythestatusandlocationofthemember.Thecredit
20unionmayestablishsuchprocedures,requirements,andformsasitdeemsappropriate
21andnecessaryshouldthecreditunionopttoimplementatrustedcontactprogram.
22 4.Notwithstandinganyotherprovisionoflawtothecontrary,anycreditunion
23mayvoluntarilyoffermembersanaccountwithconvenienceandsecurityfeaturesthat
24settransactionlimitsandpermitlimitedaccesstoviewaccountactivityforoneormore
25trustedcontactsdesignatedbythemember.
26 5.Nocreditunionshallbeliablefortheactionsofatrustedcontact.
27 6.Nocreditunionshallbeliablefordecliningtointeractwithatrustedcontact
28whenthecreditunion,ingoodfaithandexercisingreasonablecare,determinesthata
29trustedcontactisnotactinginthebestinterestsofthemember.
30 7.Apersondesignatedbyamemberasatrustedcontactwhoactsingoodfaith
31andexercisesreasonablecareshallbeimmunefromliability.
32 8.Amembermaywithdrawanyappointmentofapersonasatrustedcontactat
33anytimeandanytrustedcontactmaywithdrawfromstatusasatrustedcontactatany
34time.Thecreditunionmayrequiresuchdocumentationorverificationasitdeems
35necessarytoestablishthewithdrawalorterminationofatrustedcontact.
36 9.Nocreditunionshallbecivillyliableforimplementingornotimplementingor
37foractionsoromissionsrelatedtoprovidingoradministeringatrustedcontact
38program.
HB754 9 425.310.1.Adebtcollector,includingadebtcollectionattorneyorlawfirm,
2shallbeauthorizedtocollectapaymenttransactionfeefromaperson,business,orother
3payormakingacreditcardoranelectronicpaymentnottoexceedthelesseroftwenty-
4fivedollarsorthreepercentofthepaymentamount,notincludingthefee,providedthe
5followingaredisclosedtotheperson,business,orotherpayorpriortothetimethe
6transactioniscomplete:
7 (1)Thatapaymenttransactionfeeistobecollected;
8 (2)Theamountofthepaymenttransactionfeeormethodofitscalculation,
9whichincludesapercentageaslimitedunderthissection;and
10 (3)Atleastonealternativepaymentmethodforwhichtherewouldbeno
11paymenttransactionfee.
12 2.Anoticeinsubstantiallythefollowingformcomplieswiththeprovisions
13undersubsection1ofthissection:
14
15"NOTICE:Apaymenttransactionfeewillbecollectedtocompletethismethodof
16paymentintheamountof($____)(____%oftheamounttobepaid,limitedtothree
17percent).Ifyouwanttoavoidthispaymenttransactionfee,youmayinsteadpayby(set
18outavailablenonfeepaymentmethods(s)).".
[447.200.1.Ifanyconsumerdepositaccountwithabanking
2 organizationorfinancialorganization,assuchtermsaredefinedinandunder
3 section447.503,isdeterminedtobeortohavebeeninactiveforaperiodof
4 twelveormoremonthsandifinactivityfeesapplytosuchaccount,such
5 bankingorganization,bankorfinancialorganizationshallnotifythepersonor
6 depositornamedonsuchinactiveaccountofsuchinactivity.Noticemaybe
7 deliveredbyfirstclassmail,withpostageprepaid,andmarked"Address
8 CorrectionRequested",oralternatively,thenoticemaybesentordelivered
9 electronicallyiftheconsumerhasconsentedtoreceivingelectronicdisclosures
10 inaccordancewiththefederalTruthinSavingsAct,12U.S.C.Sections4301
11 to4313,andtheregulationspromulgatedpursuantthereto.
12 2.Notwithstandinganyprovisionoflawtothecontrary,forany
13 consumerdepositaccountwithabankingorganization,bankorfinancial
14 organizationthatisorthathasbeeninactivefortwelvemonthsormore,such
15 bankorfinancialorganizationshallissueannualstatementstothepersonor
16 depositornamedontheaccount.Theorganizationorabankmaychargea
17 servicefeeofuptofivedollarsforanystatementissuedunderthissubsection,
18 providedthatsuchfeeshallbewithdrawnfromtheinactiveaccount.
19 3.Ifanyconsumerdepositaccountwithabankingorganization,bank
20 orfinancialorganizationisdeterminedtobeortohavebeeninactivefora
21 periodoffiveyears,thefundsfromsuchaccountshallberemittedtothe
22 abandonedfundaccountestablishedundersection447.543.
23 4.Forpurposesofthissection,theword"inactive"meansaprescribed
24 periodduringwhichthereisnoactivityorcontactinitiatedbythepersonor
HB754 10 25 depositornamedontheaccount,whichresultsinaninactivityfeeorfeesbeing
26 chargedtotheaccount.]
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HB754 11