Missouri 2025 Regular Session

Missouri House Bill HB754 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-
2		-	EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
3		-	and is intended to be omitted in the law.
4	1		FIRSTREGULARSESSION
5		-	~~SENATE COMMITTEE SUBSTITUTE FOR~~
	2	+	[PERFECTED]
6	3		HOUSEBILLNO.754
7	4		103RDGENERALASSEMBLY
8		-	1499S.03C KRISTINA MARTIN, Secretary
	5	+	INTRODUCEDBYREPRESENTATIVEOEHLERKING.
	6	+	1499H.02P JOSEPHENGLER,ChiefClerk
9	7		ANACT
10		-	To repeal sections 361.909, 362.020, 362.247, 362.275, 362.295, 362.490, 381.410, 427.300, and
11		-	447.200, RSMo, and to enact in lieu thereof eleven new sections relating to certain
12		-	financial organizations, with penalty provisions.
13		-
	8	+	Torepealsections362.020,362.247,362.275,362.295,362.490,and447.200,RSMo,andto
	9	+	enactinlieuthereofeightnewsectionsrelatingtocertainfinancialorganizations,with
	10	+	apenaltyprovision.
14	11		BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
15		-	Section A. Sections 361.909, 362.020, 362.247, 362.275, 1
16		-	362.295, 362.490, 381.410, 427.300, and 447.200, RSMo, are 2
17		-	repealed and eleven new sections enacted in lieu thereof, to be 3
18		-	known as sections 361.909, 362.020, 362.247, 362.275, 362.295, 4
19		-	362.424, 362.490, 370.245, 381.410, 425.310, and 427.300, to 5
20		-	read as follows:6
21		-	361.909. Sections 361.900 to 361.1035 shall not apply 1
22		-	to: 2
23		-	(1) An operator of a payment system to the extent that 3
24		-	it provides processing, clearing, or settlement services 4
25		-	between or among persons exempted under this section or 5
26		-	licensees in connection with wire transfers, credit card 6
27		-	transactions, debit card transactions, stored value 7
28		-	transactions, automated clearinghouse transfers, or similar 8
29		-	funds transfers; 9
30		-	(2) A person appointed as an agent of a payee to 10
31		-	collect and process a payment from a payer to the payee for 11
32		-	goods or services, other than money transmission itself, 12
33		-	provided to the payer by the payee, provided that: 13 SCS HB 754 2
34		-	(a) There exists a written agreement between the payee 14
35		-	and the agent directing the agent to co llect and process 15
36		-	payments from a payer on the payee's behalf; 16
37		-	(b) The payee holds the agent out to the public as 17
38		-	accepting payments for goods or services on the payee's 18
39		-	behalf; and 19
40		-	(c) Payment for the goods and services is treated as 20
41		-	received by the payee upon receipt by the agent so that the 21
42		-	payer's obligation is extinguished and there is no risk of 22
43		-	loss to the payer if the agent fails to remit the funds to 23
44		-	the payee; 24
45		-	(3) A person that acts as an intermediary by 25
46		-	processing payments between an entity that has directly 26
47		-	incurred an outstanding money transmission obligation to a 27
48		-	sender and the sender's designated recipient, provided that 28
49		-	the entity: 29
50		-	(a) Is properly licensed or exempt from licensing 30
51		-	requirements under section s 361.900 to 361.1035; 31
52		-	(b) Provides a receipt, electronic record, or other 32
53		-	written confirmation to the sender identifying the entity as 33
54		-	the provider of money transmission in the transaction; and 34
55		-	(c) Bears sole responsibility to satisfy the 35
56		-	outstanding money transmission obligation to the sender, 36
57		-	including the obligation to make the sender whole in 37
58		-	connection with any failure to transmit the funds to the 38
59		-	sender's designated recipient; 39
60		-	(4) The United States or a department, agency, or 40
61		-	instrumentality thereof, or its agent; 41
62		-	(5) Money transmission by the United States Postal 42
63		-	Service or by an agent of the United States Postal Service; 43 SCS HB 754 3
64		-	(6) A state, county, city, or any other governmental 44
65		-	agency or governmental subdivision or instrumentality of a 45
66		-	state, or its agent; 46
67		-	(7) A federally insured depository financial 47
68		-	institution; bank holding company; office of an 48
69		-	international banking corporation; foreign bank that 49
70		-	establishes a federal branch under the International Bank 50
71		-	Act, 12 U.S.C. Section 3102, as amended or recodified from 51
72		-	time to time; corporation organized under the Bank Service 52
73		-	Corporation Act, 12 U.S.C. Sections 1861 -1867, as amended or 53
74		-	recodified from time to time; or corporation organized under 54
75		-	the Edge Act, 12 U.S.C. Sections 611 -633, as amended or 55
76		-	recodified from time to time, under the laws of a state or 56
77		-	the United States; 57
78		-	(8) Electronic funds transfer of governmental benefits 58
79		-	for a federal, state, county, or governmental agency by a 59
80		-	contractor on behalf of the United States or a department, 60
81		-	agency, or instrumentality thereof, or on behalf of a state 61
82		-	or governmental subdivision, agency, or instrumentality 62
83		-	thereof; 63
84		-	(9) A board of trade designated as a contract market 64
85		-	under the federal Commodity Exchange Act, 7 U.S.C. Sections 65
86		-	1-25, as amended or recodified from time to time, or a 66
87		-	person that, in the ordinary course of business, provides 67
88		-	clearance and settlement services for a board of trade to 68
89		-	the extent of its operation as or for su ch a board; 69
90		-	(10) A registered futures commission merchant under 70
91		-	the federal commodities laws to the extent of its operation 71
92		-	as such a merchant; 72
93		-	(11) A person registered as a securities broker -dealer 73
94		-	under federal or state securities laws to the extent of its 74
95		-	operation as such a broker -dealer; 75 SCS HB 754 4
96		-	(12) An individual employed by a licensee, authorized 76
97		-	delegate, or any person exempted from the licensing 77
98		-	requirements under sections 361.900 to 361.1035 if acting 78
99		-	within the scope of employmen t and under the supervision of 79
100		-	the licensee, authorized delegate, or exempted person as an 80
101		-	employee and not as an independent contractor; 81
102		-	(13) A person expressly appointed as a third -party 82
103		-	service provider to or agent of an entity exempt under 83
104		-	subdivision (7) of this section solely to the extent that: 84
105		-	(a) Such service provider or agent is engaging in 85
106		-	money transmission on behalf of and under a written 86
107		-	agreement with the exempt entity that sets forth the 87
108		-	specific functions that the service provider or agent is to 88
109		-	perform; and 89
110		-	(b) The exempt entity assumes all risk of loss and all 90
111		-	legal responsibility for satisfying the outstanding money 91
112		-	transmission obligations owed to purchasers and holders of 92
113		-	the outstanding money transmission o bligations upon receipt 93
114		-	of the purchaser's or holder's money or monetary value by 94
115		-	the service provider or agent ; 95
116		-	(14) A person appointed as an agent of a payor for 96
117		-	purposes of providing payroll processing services for which 97
118		-	the agent would otherw ise need to be licensed, provided all 98
119		-	of the following apply: 99
120		-	(a) There is a written agreement between the payor and 100
121		-	the agent that directs the agent to provide payroll 101
122		-	processing services on the payor's behalf; 102
123		-	(b) The payor holds the agent out to employees and 103
124		-	other payees as providing payroll processing services on the 104
125		-	payor's behalf; 105
126		-	(c) The payor's obligation to a payee, including an 106
127		-	employee or any other party entitled to receive funds via 107 SCS HB 754 5
128		-	the payroll processing services provi ded by the agent, shall 108
129		-	not be extinguished if the agent fails to remit the funds to 109
130		-	the payee. 110
131		-	362.020. 1. The articles of agreement mentioned in 1
132		-	this chapter shall set out: 2
133		-	(1) The corporate name of the proposed corporation. 3
134		-	The corporate name shall not be a name, or an imitation of a 4
135		-	name, used within the preceding fifty years as a corporate 5
136		-	title of a bank or trust company incorporated in this state; 6
137		-	(2) The name of the city or town and county in this 7
138		-	state in which the corporation is to be located; 8
139		-	(3) The amount of the capital stock of the 9
140		-	corporation, the number of shares into which it is divided, 10
141		-	and the par value thereof; that the same has been subscribed 11
142		-	in good faith and all thereof actually paid u p in lawful 12
143		-	money of the United States and is in the custody of the 13
144		-	persons named as the first board of directors or managers; 14
145		-	(4) The names and places of residences of the several 15
146		-	shareholders and number of shares subscribed by each; 16
147		-	(5) The number and the names of the first directors; 17
148		-	(6) The purposes for which the corporation is formed; 18
149		-	(7) Any provisions relating to the preemptive rights 19
150		-	of a shareholder as provided in section 351.305 . 20
151		-	The articles of agreement may provide fo r the issuance of 21
152		-	additional shares of capital stock or other classes of stock 22
153		-	pursuant to the same procedures and conditions as provided 23
154		-	under section 351.180, provided that such terms and 24
155		-	procedures are acceptable to the director of finance and, 25
156		-	provided that any notice or other approval required to be 26
157		-	given or obtained from the state of Missouri shall be given 27
158		-	or obtained from the director of the division of finance . 28 SCS HB 754 6
159		-	2. The articles of agreement may designate the number 29
160		-	of directors necessa ry to constitute a quorum, and may 30
161		-	provide for the number of years the corporation is to 31
162		-	continue, or may provide that the existence of the 32
163		-	corporation shall continue until the corporation shall be 33
164		-	dissolved by consent of the stockholders or by proceed ings 34
165		-	instituted by the state under any statute now in force or 35
166		-	hereafter enacted. 36
167		-	362.247. 1. A majority of the full board of directors 1
168		-	shall constitute a quorum for the transaction of business 2
169		-	unless another number is required by the articles of 3
170		-	agreement, the bylaws or by law. The act of a majority of 4
171		-	the directors present at a meeting at which a quorum is 5
172		-	present shall be the act of the board of directors unless 6
173		-	the act of a greater number is required by the articles of 7
174		-	agreement, the bylaws or by law. 8
175		-	2. Unless otherwise prohibited by statute or 9
176		-	[regulation,] an order or memorandum of understanding 10
177		-	entered into with the director of finance related to bank 11
178		-	safety and soundness, directors may attend board meetings by 12
179		-	telephonic conference call or video conferencing, and the 13
180		-	bank or trust company may include in a quorum directors who 14
181		-	are not physically present but are allowed to vote [, 15
182		-	provided the bank or trust company has a composite rating of 16
183		-	1 or 2 under the Uniform Financial Institutions Rating 17
184		-	System of the Federal Financial Institution Examination 18
185		-	Counsel (FFIEC)]. 19
186		-	3. Any director remotely attending a board meeting via 20
187		-	telephone or video conferencing may be counted toward a 21
188		-	quorum for such meeting and, if the director is not 22
189		-	otherwise prohibited, may vote on matters before the bank or 23
190		-	trust company's board so long as the meeting minutes 24 SCS HB 754 7
191		-	identify the director appearing remotely and reflect that 25
192		-	the remote director: 26
193		-	(1) Received formal notic e of the board meeting for 27
194		-	which he or she is attending or waived such notice as 28
195		-	otherwise provided by law; 29
196		-	(2) Received the board meeting information required 30
197		-	for each board of director's meeting as provided by section 31
198		-	362.275; 32
199		-	(3) Was alone when participating in such board meeting 33
200		-	or was in the physical presence of no one not a director of 34
201		-	such bank or trust company; and 35
202		-	(4) Was able to clearly hear such board meeting 36
203		-	discussion from its beginning to end. 37
204		-	4. The director of the division of finance may 38
205		-	promulgate additional regulations, reasonable in scope, to 39
206		-	provide for the integrity of the board of directors' 40
207		-	operations when directors attend board meetings remotely, 41
208		-	the safety and soundness of the bank or trust company' s 42
209		-	operation, and the bank or trust company's interest in 43
210		-	minimizing the cost of compliance with such regulation. 44
211		-	362.275. 1. The board of directors of every bank and 1
212		-	trust company organized or doing business pursuant to this 2
213		-	chapter shall hold a regular meeting at least once each 3
214		-	month, or, upon application to and acceptance by the 4
215		-	director of finance, at such other times, not less 5
216		-	frequently than once each calendar quarter as the director 6
217		-	of finance shall approve, which approva l may be rescinded at 7
218		-	any time. There shall be submitted to the meeting a list 8
219		-	giving the aggregate of loans, discounts, acceptances and 9
220		-	advances, including overdrafts, to each individual, 10
221		-	partnership, corporation or person whose liability to the 11
222		-	bank or trust company has been created, extended, renewed or 12 SCS HB 754 8
223		-	increased since the cut -off date prior to the regular 13
224		-	meeting by more than an amount to be determined by the board 14
225		-	of directors, which minimum amount shall not exceed five 15
226		-	percent of the bank's legal loan limit, except the minimum 16
227		-	amount shall in no case be less than ten thousand dollars; a 17
228		-	second list of the aggregate indebtedness of each borrower 18
229		-	whose aggregate indebtedness exceeds five times such minimum 19
230		-	amount, except the aggregate indeb tedness shall in no case 20
231		-	be less than fifty thousand dollars; and a third list 21
232		-	showing all paper past due thirty days or more or 22
233		-	alternatively, the third list shall report the total past - 23
234		-	due ratio for loans thirty days or more past due, nonaccrual 24
235		-	loans divided by total loans, and a listing of past -due 25
236		-	loans in excess of the minimum amount to be determined by 26
237		-	the board of directors, which minimum amount shall not 27
238		-	exceed five percent of the bank's legal loan limit, except 28
239		-	the minimum amount shall in no case be less than ten 29
240		-	thousand dollars[; and a fourth list showing the aggregate 30
241		-	of the then-existing indebtedness and liability to the bank 31
242		-	or trust company of each of the directors, officers, and 32
243		-	employees thereof]. The information called for in the 33
244		-	second[,] and third[, and fourth] lists shall be submitted 34
245		-	as of the date of the regular meeting or as of a reasonable 35
246		-	date prior thereto. No bills payable shall be made, and no 36
247		-	bills shall be rediscounted by the bank or trust company 37
248		-	except with the consent or ratification of the board of 38
249		-	directors; provided, however, that if the bank or trust 39
250		-	company is a member of the federal reserve system, 40
251		-	rediscounts may be made to it by the officers in accordance 41
252		-	with its rules, a list of all rediscoun ts to be submitted to 42
253		-	the next regular meeting of the board. The director of 43
254		-	finance may require, by order, that the board of directors 44 SCS HB 754 9
255		-	of a bank or trust company approve or disapprove every 45
256		-	purchase or sale of securities and every discount, loan, 46
257		-	acceptance, renewal or other advance including every 47
258		-	overdraft over an amount to be specified in the director's 48
259		-	order and may also require that the board of directors 49
260		-	review, at each monthly meeting, a list of the aggregate 50
261		-	indebtedness of each borrower whose aggregate indebtedness 51
262		-	exceeds an amount to be specified in the director's order. 52
263		-	The minutes of the meeting shall indicate the compliance 53
264		-	with the requirements of this section. Furthermore, the 54
265		-	debtor's identity on the information required in this 55
266		-	subsection may be masked by code to conceal the actual 56
267		-	debtor's identity only for information mailed to or 57
268		-	otherwise provided directors who are not physically present 58
269		-	at the board meeting. The code used shall be revealed to 59
270		-	all directors at the beginning of each board meeting for 60
271		-	which this procedure is used. 61
272		-	2. For any issue in need of immediate action, the 62
273		-	board of directors or the executive committee of the board 63
274		-	as defined in section 362.253 may enter into a unanimous 64
275		-	consent agreement as permitted by subsection 2 of section 65
276		-	351.340. Such consent may be communicated by facsimile 66
277		-	transmission or by other authenticated record, separately by 67
278		-	each director, provided each consent is signed by the 68
279		-	director and the bank has no indicatio n such signature is 69
280		-	not the director's valid consent. When the bank or trust 70
281		-	company has received unanimous consent from the board or 71
282		-	executive committee, the action voted on shall be considered 72
283		-	approved. 73
284		-	362.295. 1. Within ten days after service upon it of 1
285		-	the notice provided for by section 361.130, every bank and 2
286		-	trust company shall make a written report to the director, 3 SCS HB 754 10
287		-	which report shall be in the form and shall contain the 4
288		-	matters prescribed by the director and shall speci fically 5
289		-	state the items of capital, deposits, specie and cash items, 6
290		-	public securities and private securities, real estate and 7
291		-	real estate securities, and such other items as may be 8
292		-	necessary to inform the public as to the financial condition 9
293		-	and solvency of the bank or trust company, or which the 10
294		-	director may deem proper to include therein. In lieu of 11
295		-	requiring direct filing of reports of condition, the 12
296		-	director may accept reports of condition or their equivalent 13
297		-	as filed with federal regulatory agencies and may require 14
298		-	verification and the filing of supplemental information as 15
299		-	the director deems necessary. 16
300		-	2. Every report shall be verified by the oaths of the 17
301		-	president or vice president and cashier or secretary or 18
302		-	assistant cashier or a ssistant secretary, and the 19
303		-	verification shall state that the report is true and correct 20
304		-	in all respects to the best of the knowledge and belief of 21
305		-	the persons verifying it, and the report shall be attested 22
306		-	by three directors, and shall be a report of the actual 23
307		-	condition of the bank or trust company at the close of 24
308		-	business on the day designated and which day shall be prior 25
309		-	to the call. If the director of finance obtains the data 26
310		-	pursuant to subsection 3 of section 361.130, the director 27
311		-	may rely on the verification provided to the federal 28
312		-	regulatory agency. 29
313		-	3. [Every report, exclusive of the verification, 30
314		-	shall, within thirty days after it shall have been filed 31
315		-	with the director, be published by the bank or trust company 32
316		-	in one newspaper of the place where its place of business is 33
317		-	located, or if no newspaper is published there, in a 34
318		-	newspaper of general circulation in the town and community 35 SCS HB 754 11
319		-	in which the bank or trust company is located; the newspaper 36
320		-	to be designated by the board of d irectors and a copy of the 37
321		-	publication, with the affidavit of the publisher thereto, 38
322		-	shall be attached to the report; provided, if the bank or 39
323		-	trust company is located in a town or city having a 40
324		-	population exceeding ten thousand inhabitants, then the 41
325		-	publication must be in a daily newspaper, if published in 42
326		-	that city; but if the bank or trust company is located in a 43
327		-	town or city having a population of ten thousand inhabitants 44
328		-	or less, then the publication may be in either a daily or 45
329		-	weekly newspaper published in the town or city as aforesaid; 46
330		-	and in all cases a copy of the statement shall be posted in 47
331		-	the banking house accessible to all. 48
332		-	4.] The bank and trust company shall also make such 49
333		-	other special reports to the director as he may from time to 50
334		-	time require, in such form and at such date as may be 51
335		-	prescribed by him, and the report shall, if required by him, 52
336		-	be verified in such manner as he may prescribe. 53
337		-	[5.] 4. If the bank or trust company shall fail to 54
338		-	make any report require d by this section on or before the 55
339		-	day designated for the making thereof, or shall fail to 56
340		-	include therein any matter required by the director, the 57
341		-	bank or trust company shall forfeit to the state the sum of 58
342		-	one hundred dollars for every day that the r eport shall be 59
343		-	delayed or withheld, and for every day that it shall fail to 60
344		-	report any omitted matter, unless the time therefor shall 61
345		-	have been extended by the director. Should any president, 62
346		-	cashier or secretary of the bank or trust company or any 63
347		-	director thereof fail to make the statement so required of 64
348		-	him or them, or willfully and corruptly make a false 65
349		-	statement, he or they, and each of them, shall be deemed 66
350		-	guilty of a misdemeanor, and, upon conviction thereof, upon 67 SCS HB 754 12
351		-	information, punished by a fine for each offense not 68
352		-	exceeding five hundred dollars and not less than one hundred 69
353		-	dollars, or by imprisonment not less than one or more than 70
354		-	twelve months in the city or county jail, or by both such 71
355		-	fine and imprisonment. 72
356		-	[6.] 5. A bank or trust company [may provide each 73
357		-	written] shall provide a paper or electronic copy of any 74
358		-	regular periodic report required to be [published free of 75
359		-	charge to the public; and when each bank or trust company 76
360		-	notifies their customers that such informat ion is available; 77
361		-	and when one copy of such information is available ] filed 78
362		-	under section 361.130 to each [person] customer that 79
363		-	requests it[, the newspaper publication provisions of this 80
364		-	section shall not be enforced against such bank or trust 81
365		-	company]. 82
366		-	362.424. 1. For purposes of this section, the 1
367		-	following terms mean: 2
368		-	(1) "Bank", includes any state or federally chartered 3
369		-	bank, savings bank, or savings and loan association 4
370		-	providing banking services to customers; 5
371		-	(2) "Trusted contact", any adult person designated by 6
372		-	a bank customer that a bank may contact in the event of an 7
373		-	emergency or loss of contact with the customer, or suspected 8
374		-	third party fraud or financial exploitation targeting the 9
375		-	customer. 10
376		-	2. Notwithstanding any other provision of law to the 11
377		-	contrary, any bank may report suspected fraudulent activity 12
378		-	or financial exploitation targeting any of its customers to 13
379		-	a federal, state, county, or municipal law enforcement 14
380		-	agency or any appropriate pub lic protective agency and shall 15
381		-	be immune from civil liability in doing so. 16 SCS HB 754 13
382		-	3. Notwithstanding any other provision of law to the 17
383		-	contrary, any bank, on a voluntary basis, may offer a 18
384		-	trusted contact program to customers who may designate one 19
385		-	or more trusted contacts for the bank to contact in the 20
386		-	event a customer is not responsive to bank communications, 21
387		-	the bank is presented with an urgent matter or emergency 22
388		-	involving the customer and the bank is unable to locate the 23
389		-	customer, or the bank su spects fraudulent activity or 24
390		-	financial exploitation targeting the customer or the account 25
391		-	has been deemed dormant and the bank is attempting to verify 26
392		-	the status and location of the customer. The bank may 27
393		-	establish such procedures, requirements, and forms as it 28
394		-	deems appropriate and necessary should the bank opt to 29
395		-	implement a trusted contact program. 30
396		-	4. Notwithstanding any other provision of law to the 31
397		-	contrary, any bank may voluntarily offer customers an 32
398		-	account with convenience and securi ty features that set 33
399		-	transaction limits and permit limited access to view account 34
400		-	activity for one or more trusted contacts designated by the 35
401		-	customer. 36
402		-	5. No bank shall be liable for the actions of a 37
403		-	trusted contact. 38
404		-	6. No bank shall be lia ble for declining to interact 39
405		-	with a trusted contact when the bank, in good faith and 40
406		-	exercising reasonable care, determines that a trusted 41
407		-	contact is not acting in the best interests of the customer. 42
408		-	7. A person designated by a customer as a trus ted 43
409		-	contact who acts in good faith and exercises reasonable care 44
410		-	shall be immune from liability. 45
411		-	8. A customer may withdraw any appointment of a person 46
412		-	as a trusted contact at any time and any trusted contact may 47
413		-	withdraw from status as a trusted contact at any time. The 48 SCS HB 754 14
414		-	bank may require such documentation or verification as it 49
415		-	deems necessary to establish the withdrawal or termination 50
416		-	of a trusted contact. 51
417		-	9. No bank shall be civilly liable for implementing or 52
418		-	not implementing or for a ctions or omissions related to 53
419		-	providing or administering a trusted contact program. 54
420		-	362.490. 1. Notwithstanding any provision of law of 1
421		-	this state or of any political subdivision thereof requiring 2
422		-	security for deposits in the form of collateral, surety bond 3
423		-	or in any other form, security for such deposits shall not 4
424		-	be required to the extent said deposits are insured under 5
425		-	the provisions of an act of congress creating and 6
426		-	establishing the Federal Deposit Insurance Corporation or 7
427		-	similar agency created and established by the Congress of 8
428		-	the United States. 9
429		-	2. (1) As an alternative to the requirements for 10
430		-	direct pledging of security for deposit of public funds in 11
431		-	excess of the amount that is federally insured or guaranteed 12
432		-	pursuant to sections 110.010, 110.020, and 110.060, a 13
433		-	banking institution authorized as legal depositary for 14
434		-	public funds may secure the deposits of any governmental 15
435		-	entity by granting a security interest in a single pool of 16
436		-	securities to secure the repayment of all public funds 17
437		-	deposited in the banking institution by such governmental 18
438		-	entities and not otherwise federally insured or secured 19
439		-	pursuant to law. 20
440		-	(2) A banking institution may secure the deposit of 21
441		-	public funds using the direct met hod as provided in chapter 22
442		-	110, or the single bank pooled method provided in this 23
443		-	section, or may elect to offer government entities the 24
444		-	choice of either method to secure the deposit of public 25
445		-	funds. 26 SCS HB 754 15
446		-	(3) Under the direct method a banking institut ion may 27
447		-	secure the deposit of public funds of each government entity 28
448		-	separately by furnishing securities pursuant to sections 29
449		-	110.010, 110.020, and 110.060. 30
450		-	(4) Under the single bank pooled method a banking 31
451		-	institution may secure the deposit of p ublic funds of one or 32
452		-	more government entities through a pool of eligible 33
453		-	securities held in custody and safekeeping with one or more 34
454		-	other banking institutions or safe depositaries, to be held 35
455		-	subject to the order of the director of the division of 36
456		-	finance or the administrator appointed pursuant to 37
457		-	subsection 3 of this section for the benefit of the 38
458		-	government entities having public funds deposited with such 39
459		-	banking institution as set forth in this section. 40
460		-	3. (1) The director of the divisio n of finance shall 41
461		-	have exclusive authority to appoint a bank, trust company, 42
462		-	or association for Missouri banks which is chartered or 43
463		-	incorporated in Missouri, to serve as the administrator with 44
464		-	respect to a single bank pooled method. The administrator 45
465		-	shall act as an agent for banking institutions and as the 46
466		-	nominee of the government entities for purposes of 47
467		-	administering the pool of securities pledged to secure 48
468		-	uninsured public fund deposits. The fees and expenses of 49
469		-	such administrator shall be paid by the banking institutions 50
470		-	utilizing the single bank pooled method. The single bank 51
471		-	pooled method shall not be utilized by any banking 52
472		-	institution unless an administrator has been appointed by 53
473		-	the director pursuant to this section and is acting as the 54
474		-	administrator. The director may require the administrator 55
475		-	to post a surety bond or security to the director in an 56
476		-	amount up to one hundred thousand dollars to assure the 57
477		-	faithful performance of the duties of the administrator. 58 SCS HB 754 16
478		-	(2) At all times the aggregate market value of the 59
479		-	pool of securities so deposited, pledged, or in which a 60
480		-	security interest is granted shall be at least equal to one 61
481		-	hundred two percent of the amount on deposit which is in 62
482		-	excess of the amount so insured. 63
483		-	(3) Each banking institution shall carry on its 64
484		-	accounting records at all times a general ledger or other 65
485		-	appropriate account of the total amount of all public funds 66
486		-	to be secured by the pool of securities as determined at the 67
487		-	opening of business each day, and the aggregate market value 68
488		-	of the pool of securities pledged, or in which a security 69
489		-	interest is granted to secure such public funds. 70
490		-	(4) If a banking institution elects to secure the 71
491		-	deposit of public funds through the use of the single bank 72
492		-	pooled method, such banking institution shall notify the 73
493		-	administrator in writing that it has elected to utilize the 74
494		-	single bank pooled method and the proposed effective date 75
495		-	thereof and enter such agreement as the administrator may 76
496		-	require. 77
497		-	(5) A banking institution may not retain any deposit 78
498		-	of public funds which is required to be secured unless it 79
499		-	has secured the deposits for the benefit of the government 80
500		-	entities having public funds with such banking institution 81
501		-	pursuant to this sec tion. 82
502		-	(6) Only the securities and collateral described or 83
503		-	listed pursuant to section 30.270 for the safekeeping and 84
504		-	payment of deposits by the state treasurer may be provided 85
505		-	and accepted as security for the deposit of public funds and 86
506		-	shall be eligible as collateral. The administrator shall 87
507		-	not accept any securities which are not described or listed 88
508		-	pursuant to section 30.270. 89 SCS HB 754 17
509		-	(7) The administrator may establish such procedures 90
510		-	and reporting requirements as necessary for depository 91
511		-	banking institutions and their safekeeping banks or 92
512		-	depositaries to confirm the amount of insured public fund 93
513		-	deposits, the pledge of securities to the administrator to 94
514		-	secure the deposit of public funds, as agent for each 95
515		-	participating banking institutio n, and to monitor the market 96
516		-	value of pledged securities as reported by the custody 97
517		-	agents, and to add, substitute, or remove securities held in 98
518		-	the single bank pool as directed by the depository banking 99
519		-	institution. 100
520		-	(8) In the event of the failu re and insolvency of a 101
521		-	banking institution using the single bank pooled method, 102
522		-	subject to any order of the director pursuant to powers 103
523		-	vested under chapter 361, the administrator shall direct the 104
524		-	safekeeping banks or depositaries to sell the pledged 105
525		-	securities and direct proceeds to the payment of the 106
526		-	uninsured public fund deposits or to transfer the pledged 107
527		-	securities to that banking institution's primary supervisory 108
528		-	agency or the duly appointed receiver for the banking 109
529		-	institution to be liquidat ed to pay out the uninsured public 110
530		-	fund deposits. 111
531		-	370.245. 1. For purposes of this section, the 1
532		-	following terms mean: 2
533		-	(1) "Credit union", any state or federally chartered 3
534		-	credit union providing financial services to members; 4
535		-	(2) "Trusted contact", any adult person designated by 5
536		-	a credit union member that a credit union may contact in the 6
537		-	event of an emergency or loss of contact with the member, or 7
538		-	suspected third party fraud or financial exploitation 8
539		-	targeting the member. 9 SCS HB 754 18
540		-	2. Notwithstanding any other provision of law to the 10
541		-	contrary, any credit union may report suspected fraudulent 11
542		-	activity or financial exploitation targeting any of its 12
543		-	members to a federal, state, county, or municipal law 13
544		-	enforcement agency or any appropriate public protective 14
545		-	agency and shall be immune from civil liability in doing so. 15
546		-	3. Notwithstanding any other provision of law to the 16
547		-	contrary, any credit union, on a voluntary basis, may offer 17
548		-	a trusted contact program to members who may designate one 18
549		-	or more trusted contacts for the credit union to contact in 19
550		-	the event a member is not responsive to credit union 20
551		-	communications, the credit union is presented with an urgent 21
552		-	matter or emergency involving the member and the credit 22
553		-	union is unable to locate the member, or the credit union 23
554		-	suspects fraudulent activity or financial exploitation 24
555		-	targeting the member or the account has been deemed dormant 25
556		-	and the credit union is attempting to verify the status and 26
557		-	location of the member. The credit union may establish such 27
558		-	procedures, requirements, and forms as it deems appropriate 28
559		-	and necessary should the credit union opt to implement a 29
560		-	trusted contact program. 30
561		-	4. Notwithstanding any other provision of law to the 31
562		-	contrary, any credit union may voluntarily offer members an 32
563		-	account with convenience and security features that set 33
564		-	transaction limits and permit limited access to view account 34
565		-	activity for one or more trusted contacts designated by the 35
566		-	member. 36
567		-	5. No credit union shall be liable for the actions of 37
568		-	a trusted contact. 38
569		-	6. No credit union shall be liable for declining to 39
570		-	interact with a trusted contact when the credit union, in 40
571		-	good faith and exercising reasonable care, determines that a 41 SCS HB 754 19
572		-	trusted contact is not acting in the best interests of the 42
573		-	member. 43
574		-	7. A person designated by a member as a trusted 44
575		-	contact who acts in good faith and exercises reasonable care 45
576		-	shall be immune from liability. 46
577		-	8. A member may withdraw any appointment of a person 47
578		-	as a trusted contact at any time and any trusted contact may 48
579		-	withdraw from status as a trusted contact at any time. The 49
580		-	credit union may require such documentation or verification 50
581		-	as it deems necessary to establish the withdrawal or 51
582		-	termination of a trusted contact. 52
583		-	9. No credit union shall be civilly liable for 53
584		-	implementing or not implementing or for actions or omissions 54
585		-	related to providing or administering a trusted contact 55
586		-	program. 56
587		-	381.410. As used in this section and section 381.412, 1
588		-	the following terms mean: 2
589		-	(1) "Cashier's check", a check, however labeled, drawn 3
590		-	on the financial institution, which is signed only by an 4
591		-	officer or employee of such institution, is a direct 5
592		-	obligation of such instituti on, and is provided to a 6
593		-	customer of such institution or acquired from such 7
594		-	institution for remittance purposes; 8
595		-	(2) "Certified funds", United States currency, funds 9
596		-	conveyed by a cashier's check, certified check, or teller's 10
597		-	check, as defined in Federal Reserve Regulations CC, or 11
598		-	funds conveyed by wire transfers[, including] 12
599		-	unconditionally received by the settlement agent or the 13
600		-	agent's depository, or funds conveyed by a real -time payment 14
601		-	system, including, but not limited to, RTP and Fed No w, for 15
602		-	which a settlement agent receives written advice from a 16 SCS HB 754 20
603		-	financial institution that collected funds have been 17
604		-	credited to the settlement agent's account; 18
605		-	(3) "Director", the director of the department of 19
606		-	commerce and insurance, unless the s ettlement agent's 20
607		-	primary regulator is another department. When the 21
608		-	settlement agent is regulated by such department, that 22
609		-	department shall have jurisdiction over this section and 23
610		-	section 381.412; 24
611		-	(4) "Financial institution": 25
612		-	(a) A person or entity doing business under the laws 26
613		-	of this state or the United States relating to banks, trust 27
614		-	companies, savings and loan associations, credit unions, 28
615		-	commercial and consumer finance companies, industrial loan 29
616		-	companies, insurance companies, smal l business investment 30
617		-	corporations licensed under the Small Business Investment 31
618		-	Act of 1958, 15 U.S.C. Section 661, et seq., as amended, or 32
619		-	real estate investment trusts as defined in 26 U.S.C. 33
620		-	Section 856, as amended, or institutions constituting the 34
621		-	Farm Credit System under the Farm Credit Act of 1971, 12 35
622		-	U.S.C. Section 2000, et seq., as amended; or 36
623		-	(b) A mortgage loan company or mortgage banker doing 37
624		-	business under the laws of this state or the United States 38
625		-	which is subject to licensing, s upervision, or auditing by 39
626		-	the Federal National Mortgage Association, or the Federal 40
627		-	Home Loan Mortgage Corporation, or the United States 41
628		-	Veterans' Administration, or the Government National 42
629		-	Mortgage Association, or the United States Department of 43
630		-	Housing and Urban Development, or a successor of any of the 44
631		-	foregoing agencies or entities, as an approved seller or 45
632		-	servicer, if their principal place of business is in 46
633		-	Missouri or a state which is contiguous to Missouri; 47 SCS HB 754 21
634		-	(5) "Settlement agent", a p erson, corporation, 48
635		-	partnership, or other business organization which accepts 49
636		-	funds and documents as fiduciary for the buyer, seller or 50
637		-	lender for the purposes of closing a sale of an interest in 51
638		-	real estate located within the state of Missouri, and is not 52
639		-	a financial institution, or a member in good standing of the 53
640		-	Missouri Bar, or a person licensed under chapter 339. 54
641		-	425.310. 1. A debt collector, including a debt 1
642		-	collection attorney or law firm, shall be authorized to 2
643		-	collect a payment transaction fee from a person, business, 3
644		-	or other payor making a credit card or an electronic payment 4
645		-	not to exceed the lesser of twenty -five dollars or three 5
646		-	percent of the payment amount, not including the fee, 6
647		-	provided the following are di sclosed to the person, 7
648		-	business, or other payor prior to the time the transaction 8
649		-	is complete: 9
650		-	(1) That a payment transaction fee is to be collected; 10
651		-	(2) The amount of the payment transaction fee or 11
652		-	method of its calculation, which includes a percentage as 12
653		-	limited under this section; and 13
654		-	(3) At least one alternative payment method for which 14
655		-	there would be no payment transaction fee. 15
656		-	2. A notice in substantially the following form 16
657		-	complies with the provisions under subsection 1 of this 17
658		-	section: 18
659		-	"NOTICE: A payment transaction fee will be 19
660		-	collected to complete this method of payment in 20
661		-	the amount of ($____) (____% of the amount to be 21
662		-	paid, limited to three percent). If you want to 22
663		-	avoid this payment transaction fee, you may 23
664		-	instead pay by (set out available nonfee payment 24
665		-	methods(s)).". 25 SCS HB 754 22
666		-	427.300. 1. This section shall be known and may be 1
667		-	cited as the "Commercial Financing Disclosure Law". 2
668		-	2. For purposes of this section, the following terms 3
669		-	mean: 4
670		-	(1) "Account"; 5
671		-	(a) Includes: 6
672		-	a. A right to payment of a monetary obligation, 7
673		-	regardless of whether earned by performance, for one of the 8
674		-	following: 9
675		-	(i) Property that has been or is to be sold, leased, 10
676		-	licensed, assigned, or othe rwise disposed of; 11
677		-	(ii) Services rendered or to be rendered; 12
678		-	(iii) A policy of insurance issued or to be issued; 13
679		-	(iv) A secondary obligation incurred or to be incurred; 14
680		-	(v) Energy provided or to be provided; 15
681		-	(vi) The use or hire of a vessel under a charter or 16
682		-	other contract; 17
683		-	(vii) Arising out of the use of a credit or charge 18
684		-	card or information contained on or for use with the card; or 19
685		-	(viii) As winnings in a lottery or other game of 20
686		-	chance operated or sponsored by a state, governmental unit 21
687		-	of a state, or person licensed or authorized to operate the 22
688		-	game by a state or governmental unit of a state; and 23
689		-	b. Health-care-insurance receivables; and 24
690		-	(b) Does not include: 25
691		-	a. Rights to payment evidence d by chattel paper or an 26
692		-	instrument; 27
693		-	b. Commercial tort claims; 28
694		-	c. Deposit accounts; 29
695		-	d. Investment property; 30
696		-	e. Letter-of-credit rights or letters of credit; or 31 SCS HB 754 23
697		-	f. Rights to payment for moneys or funds advanced or 32
698		-	sold, other than rights arising out of the use of a credit 33
699		-	or charge card or information contained on or for use with 34
700		-	the card; 35
701		-	(2) "Accounts receivable purchase transaction", any 36
702		-	transaction in which the business forwards or otherwise 37
703		-	sells to the provide r all or a portion of the business's 38
704		-	accounts or payment intangibles at a discount to their 39
705		-	expected value. The provider's characterization of an 40
706		-	accounts receivable purchase transaction as a purchase is 41
707		-	conclusive that the accounts receivable purchas e transaction 42
708		-	is not a loan or a transaction for the use, forbearance, or 43
709		-	detention of money; 44
710		-	(3) "Broker", any person who, for compensation or the 45
711		-	expectation of compensation, obtains a commercial financing 46
712		-	transaction or an offer for a commerci al financing 47
713		-	transaction from a third party that would, if executed, be 48
714		-	binding upon that third party and communicates that offer to 49
715		-	a business located in this state. The term broker excludes 50
716		-	a provider, or any individual or entity whose compensation 51
717		-	is not based or dependent on the terms of the specific 52
718		-	commercial financing transaction obtained or offered; 53
719		-	(4) "Business", an individual or group of individuals, 54
720		-	sole proprietorship, corporation, limited liability company, 55
721		-	trust, estate, cooper ative, association, or limited or 56
722		-	general partnership engaged in a business activity; 57
723		-	(5) "Business purpose transaction", any transaction 58
724		-	where the proceeds are provided to a business or are 59
725		-	intended to be used to carry on a business and not for 60
726		-	personal, family, or household purposes. For purposes of 61
727		-	determining whether a transaction is a business purpose 62
728		-	transaction, the provider may rely on any written statement 63 SCS HB 754 24
729		-	of intended purpose signed by the business. The statement 64
730		-	may be a separate statement or may be contained in an 65
731		-	application, agreement, or other document signed by the 66
732		-	business or the business owner or owners; 67
733		-	(6) "Commercial financing facility", a provider's plan 68
734		-	for purchasing multiple accounts receivable from the 69
735		-	recipient over a period of time pursuant to an agreement 70
736		-	that sets forth the terms and conditions governing the use 71
737		-	of the facility; 72
738		-	(7) "Commercial financing transaction", any commercial 73
739		-	loan, accounts receivable purchase transaction, commercial 74
740		-	open-end credit plan or each to the extent the transaction 75
741		-	is a business purpose transaction; 76
742		-	(8) "Commercial loan", a loan to a business, whether 77
743		-	secured or unsecured; 78
744		-	(9) "Commercial open-end credit plan", commercial 79
745		-	financing extended by any provider under a plan in which: 80
746		-	(a) The provider reasonably contemplates repeat 81
747		-	transactions; and 82
748		-	(b) The amount of financing that may be extended to 83
749		-	the business during the term of the plan, up to any limit 84
750		-	set by the provider, is generally made available to the 85
751		-	extent that any outstanding balance is repaid; 86
752		-	(10) "Depository institution", any of the following: 87
753		-	(a) A bank, trust company, or industrial loan company 88
754		-	doing business under the authority of, or in accordance 89
755		-	with, a license, certificate, or charter issued by the 90
756		-	United States, this state, or any other state, district, 91
757		-	territory, or commonwealth of the United States that is 92
758		-	authorized to transact business in this state; 93 SCS HB 754 25
759		-	(b) A federally chartered savings and lo an 94
760		-	association, federal savings bank, or federal credit union 95
761		-	that is authorized to transact business in this state; or 96
762		-	(c) A savings and loan association, savings bank, or 97
763		-	credit union organized under the laws of this or any other 98
764		-	state that is authorized to transact business in this state; 99
765		-	(11) "General intangible", any personal property, 100
766		-	including things in action, other than accounts, chattel 101
767		-	paper, commercial tort claims, deposit accounts, documents, 102
768		-	goods, instruments, investment pr operty, letter-of-credit 103
769		-	rights, letters of credit, money, and oil, gas, or other 104
770		-	minerals before extraction. General intangible also 105
771		-	includes payment intangibles and software; 106
772		-	(12) "Payment intangible", a general intangible under 107
773		-	which the account debtor's principal obligation is a 108
774		-	monetary obligation; 109
775		-	(13) "Provider", a person who consummates more than 110
776		-	five commercial financing transactions to a business located 111
777		-	in this state in any calendar year. Provider also includes 112
778		-	a person that enters into a written agreement with a 113
779		-	depository institution to arrange for the extension of a 114
780		-	commercial financing transaction by the depository 115
781		-	institution to a business via an online lending platform 116
782		-	administered by the person. The fact that a provider 117
783		-	extends a specific offer for a commercial financing 118
784		-	transaction on behalf of a depository institution shall not 119
785		-	be construed to mean that the provider engaged in lending or 120
786		-	financing or originated that loan or financing. 121
787		-	3. (1) A provider that consummates a commercial 122
788		-	financing transaction shall disclose the terms of the 123
789		-	commercial financing transaction as required by this 124
790		-	section. The disclosures shall be provided at or before 125 SCS HB 754 26
791		-	consummation of the transaction. Only one disclosure is 126
792		-	required for each commercial financing transaction, and a 127
793		-	disclosure is not required as a result of the modification, 128
794		-	forbearance, or change to a consummated commercial financing 129
795		-	transaction. 130
796		-	(2) A provider shall disclose the following in 131
797		-	connection with each commercial financing transaction: 132
798		-	(a) The total amount of funds provided to the business 133
799		-	under the terms of the commercial financing transaction 134
800		-	agreement. This disclosure shall be labeled "Total Amount 135
801		-	of Funds Provided"; 136
802		-	(b) The total amount of funds disbursed to the 137
803		-	business under the terms of the commercial financing 138
804		-	transaction, if less than the total amount of funds 139
805		-	provided, as a result of any fees deducted or withheld at 140
806		-	disbursement and any amount paid to a third party on behalf 141
807		-	of the business. This disclosure shall be labeled "Total 142
808		-	Amount of Funds Disbursed"; 143
809		-	(c) The total amount to be paid to the provider 144
810		-	pursuant to the commercial financing transaction agreement. 145
811		-	This disclosure shall be labeled "T otal of Payments"; 146
812		-	(d) The total dollar cost of the commercial financing 147
813		-	transaction under the terms of the agreement, derived by 148
814		-	subtracting the total amount of funds provided from the 149
815		-	total of payments. This calculation shall include any fees 150
816		-	or charges deducted by the provider from the "Total Amount 151
817		-	of Funds Provided". This disclosure shall be labeled "Total 152
818		-	Dollar Cost of Financing"; 153
819		-	(e) The manner, frequency, and amount of each 154
820		-	payment. This disclosure shall be labeled "Payments". If 155
821		-	the payments may vary, the provider shall instead disclose 156
822		-	the manner, frequency, and the estimated amount of the 157 SCS HB 754 27
823		-	initial payment labeled "Estimated Payments" and the 158
824		-	commercial financing transaction agreement shall include a 159
825		-	description of the m ethodology for calculating any variable 160
826		-	payment and the circumstances when payments may vary; 161
827		-	(f) A statement of whether there are any costs or 162
828		-	discounts associated with prepayment of the commercial 163
829		-	financing product including a reference to the p aragraph in 164
830		-	the agreement that creates the contractual rights of the 165
831		-	parties related to prepayment. This disclosure shall be 166
832		-	labeled "Prepayment"; and 167
833		-	(3) A provider that consummates a commercial financing 168
834		-	facility may provide disclosures of thi s subsection which 169
835		-	are based on an example of a transaction that could occur 170
836		-	under the agreement. The example shall be based on an 171
837		-	accounts receivable total face amount owed of ten thousand 172
838		-	dollars. Only one disclosure is required for each 173
839		-	commercial financing facility, and a disclosure is not 174
840		-	required as result of a modification, forbearance, or change 175
841		-	to the facility. A new disclosure is not required each time 176
842		-	accounts receivable are purchased under the facility. 177
843		-	4. The provisions of this section shall not apply to 178
844		-	the following: 179
845		-	(1) A provider that is a depository institution or a 180
846		-	subsidiary or affiliate; 181
847		-	(2) A provider that is a service corporation to a 182
848		-	depository institution that is: 183
849		-	(a) Owned and controlled by a de pository institution; 184
850		-	and 185
851		-	(b) Regulated by a federal banking agency; 186
852		-	(3) A provider that is a lender regulated under the 187
853		-	federal Farm Credit Act, 12 U.S.C. Section 2001, et seq.; 188
854		-	(4) A commercial financing transaction that is: 189 SCS HB 754 28
855		-	(a) Secured by real property; 190
856		-	(b) A lease; or 191
857		-	(c) A purchase money obligation that is incurred as 192
858		-	all or part of the price of the collateral or for value 193
859		-	given to enable the business to acquire rights in or the use 194
860		-	of the collateral if the valu e is in fact so used; 195
861		-	(5) A commercial financing transaction in which the 196
862		-	recipient is a motor vehicle dealer or an affiliate of such 197
863		-	a dealer, or a vehicle rental company, or an affiliate of 198
864		-	such a company, pursuant to a commercial loan or commer cial 199
865		-	open-end credit plan of at least fifty thousand dollars or a 200
866		-	commercial financing transaction offered by a person in 201
867		-	connection with the sale or lease of products or services 202
868		-	that such person manufactures, licenses, or distributes, or 203
869		-	whose parent company or any of its directly or indirectly 204
870		-	owned and controlled subsidiaries manufactures, licenses, or 205
871		-	distributes; 206
872		-	(6) A commercial financing transaction that is a 207
873		-	factoring transaction, purchase, sale, advance, or similar 208
874		-	of accounts receivable owed to a health care provider 209
875		-	because of a patient's personal injury treated by the health 210
876		-	care provider; 211
877		-	(7) A provider that is licensed as a money transmitter 212
878		-	in accordance with a license, certificate, or charter issued 213
879		-	by this state or any other state, district, territory, or 214
880		-	commonwealth of the United States; 215
881		-	(8) A provider that consummates no more than five 216
882		-	commercial financing transactions in this state in a twelve - 217
883		-	month period; [or] 218
884		-	(9) A commercial financing transacti on of more than 219
885		-	five hundred thousand dollars ; or 220 SCS HB 754 29
886		-	(10) A commercial financing product that is a premium 221
887		-	finance agreement, as defined in subdivision (3) of section 222
888		-	364.100, offered or entered into by a provider that is a 223
889		-	registered premium financ e company. 224
890		-	5. (1) No person shall engage in business as a broker 225
891		-	within this state for compensation, unless prior to 226
892		-	conducting such business, the person has filed a 227
893		-	registration with the division of finance within the 228
894		-	department of commerce and insurance and has on file a good 229
895		-	and sufficient bond as specified in this subsection. The 230
896		-	registration shall be effective upon receipt by the division 231
897		-	of finance of a completed registration form and the required 232
898		-	registration fee, and shall remain eff ective until the time 233
899		-	of renewal. 234
900		-	(2) After filing an initial registration form, a 235
901		-	broker shall file, on or before January thirty -first of each 236
902		-	year, a renewal registration form along with the required 237
903		-	renewal registration fee. 238
904		-	(3) The broker shall pay a one-hundred-dollar 239
905		-	registration fee upon the filing of an initial registration 240
906		-	and a fifty-dollar renewal registration fee upon the filing 241
907		-	of a renewal registration. 242
908		-	(4) The registration form required by this subsection 243
909		-	shall include the following: 244
910		-	(a) The name of the broker; 245
911		-	(b) The name in which the broker is transacted if 246
912		-	different from that stated in paragraph (a) of this 247
913		-	subdivision; 248
914		-	(c) The address of the broker's principal office, 249
915		-	which may be outside thi s state; 250
916		-	(d) Whether any officer, director, manager, operator, 251
917		-	or principal of the broker has been convicted of a felony 252 SCS HB 754 30
918		-	involving an act of fraud, dishonesty, breach of trust, or 253
919		-	money laundering; and 254
920		-	(e) The name and address in this state of a designated 255
921		-	agent upon whom service of process may be made. 256
922		-	(5) If information in a registration form changes or 257
923		-	otherwise becomes inaccurate after filing, the broker shall 258
924		-	not be required to file a further registration form prior to 259
925		-	the time of renewal. 260
926		-	(6) Every broker shall obtain a surety bond issued by 261
927		-	a surety company authorized to do business in this state. 262
928		-	The amount of the bond shall be ten thousand dollars. The 263
929		-	bond shall be in favor of the state of Missouri. Any person 264
930		-	damaged by the broker's breach of contract or of any 265
931		-	obligation arising therefrom, or by any violation of this 266
932		-	section, may bring an action against the bond to recover 267
933		-	damages suffered. The aggregate liability of the surety 268
934		-	shall be only for actual da mages and in no event shall 269
935		-	exceed the amount of the bond. 270
936		-	(7) Employees regularly employed by a broker who has 271
937		-	complied with this subsection shall not be required to file 272
938		-	a registration or obtain a surety bond when acting within 273
939		-	the scope of their employment for the broker. 274
940		-	6. (1) Any person who violates any provision of this 275
941		-	section shall be punished by a fine of five hundred dollars 276
942		-	per incident, not to exceed twenty thousand dollars, for all 277
943		-	aggregated violations arising from the use of the 278
944		-	transaction documentation or materials found to be in 279
945		-	violation of this section. Any person who violates any 280
946		-	provision of this section after receiving written notice of 281
947		-	a prior violation from the attorney general shall be 282
948		-	punished by a fine o f one thousand dollars per incident, not 283
949		-	to exceed fifty thousand dollars, for all aggregated 284 SCS HB 754 31
950		-	violations arising from the use of the transaction 285
951		-	documentation or materials found to be in violation of this 286
952		-	section. 287
953		-	(2) Violation of any provision o f this section shall 288
954		-	not affect the enforceability or validity of the underlying 289
955		-	agreement. 290
956		-	(3) This section shall not create a private right of 291
957		-	action against any person or other entity based upon 292
958		-	compliance or noncompliance with its provisions. 293
959		-	(4) Authority to enforce compliance with this section 294
960		-	is vested exclusively in the attorney general of this state. 295
961		-	7. The requirements of subsections 3 and 5 of this 296
962		-	section shall take effect upon either: 297
963		-	(1) Six months after the divis ion of finance finalizes 298
964		-	promulgating rules, if the division intends to promulgate 299
965		-	rules; or 300
966		-	(2) February 28, 2025, if the division does not intend 301
967		-	to promulgate rules. 302
968		-	8. The division of finance may promulgate rules 303
969		-	implementing this secti on. If the division of finance 304
970		-	intends to promulgate rules, it shall declare its intent to 305
971		-	do so no later than February 28, 2025. Any rule or portion 306
972		-	of a rule, as that term is defined in section 536.010, that 307
973		-	is created under the authority delegated in this section 308
974		-	shall become effective only if it complies with and is 309
975		-	subject to all of the provisions of chapter 536 and, if 310
976		-	applicable, section 536.028. This section and chapter 536 311
977		-	are nonseverable and if any of the powers vested with the 312
978		-	general assembly pursuant to chapter 536 to review, to delay 313
979		-	the effective date, or to disapprove and annul a rule are 314
980		-	subsequently held unconstitutional, then the grant of 315 SCS HB 754 32
981		-	rulemaking authority and any rule proposed or adopted after 316
982		-	August 28, 2024, shall be invalid and void. 317
983		-	[447.200. 1. If any consumer deposit 1
984		-	account with a banking organization or financial 2
985		-	organization, as such terms are defined in and 3
986		-	under section 447.503, is determined to be or to 4
987		-	have been inactive for a perio d of twelve or 5
988		-	more months and if inactivity fees apply to such 6
989		-	account, such banking organization, bank or 7
990		-	financial organization shall notify the person 8
991		-	or depositor named on such inactive account of 9
992		-	such inactivity . Notice may be delivered by 10
993		-	first class mail, with postage prepaid, and 11
994		-	marked "Address Correction Requested", or 12
995		-	alternatively, the notice may be sent or 13
996		-	delivered electronically if the consumer has 14
997		-	consented to receiving electronic disclosures in 15
998		-	accordance with the federal Trut h in Savings 16
999		-	Act, 12 U.S.C. Sections 4301 to 4313, and the 17
1000		-	regulations promulgated pursuant thereto. 18
1001		-	2. Notwithstanding any provision of law to 19
1002		-	the contrary, for any consumer deposit account 20
1003		-	with a banking organization, bank or financial 21
1004		-	organization that is or that has been inactive 22
1005		-	for twelve months or more, such bank or 23
1006		-	financial organization shall issue annual 24
1007		-	statements to the person or depositor named on 25
1008		-	the account. The organization or a bank may 26
1009		-	charge a service fee of up to five do llars for 27
1010		-	any statement issued under this subsection, 28
1011		-	provided that such fee shall be withdrawn from 29
1012		-	the inactive account. 30
1013		-	3. If any consumer deposit account with a 31
1014		-	banking organization, bank or financial 32
1015		-	organization is determined to be or to h ave been 33
1016		-	inactive for a period of five years, the funds 34
1017		-	from such account shall be remitted to the 35
1018		-	abandoned fund account established under section 36
1019		-	447.543. 37
1020		-	4. For purposes of this section, the word 38
1021		-	"inactive" means a prescribed period during 39
1022		-	which there is no activity or contact initiated 40
1023		-	by the person or depositor named on the account, 41 SCS HB 754 33
1024		-	which results in an inactivity fee or fees being 42
1025		-	charged to the account. ] 43
1026		-	
	12	+	SectionA.Sections362.020,362.247,362.275,362.295,362.490,and447.200,
	13	+	2RSMo,arerepealedandeightnewsectionsenactedinlieuthereof,tobeknownassections
	14	+	3362.020,362.247,362.275,362.295,362.424,362.490,370.245,and425.310,toreadas
	15	+	4follows:
	16	+	362.020.1.Thearticlesofagreementmentionedinthischaptershallsetout:
	17	+	2 (1)Thecorporatenameoftheproposedcorporation.Thecorporatenameshallnotbe
	18	+	3aname,oranimitationofaname,usedwithintheprecedingfiftyyearsasacorporatetitleof
	19	+	4abankortrustcompanyincorporatedinthisstate;
	20	+	5 (2)Thenameofthecityortownandcountyinthisstateinwhichthecorporationisto
	21	+	6belocated;
	22	+	7 (3)Theamountofthecapitalstockofthecorporation,thenumberofsharesinto
	23	+	8whichitisdivided,andtheparvaluethereof;thatthesamehasbeensubscribedingoodfaith
	24	+	9andallthereofactuallypaidupinlawfulmoneyoftheUnitedStatesandisinthecustodyof
	25	+	10thepersonsnamedasthefirstboardofdirectorsormanagers;
	26	+	11 (4)Thenamesandplacesofresidencesoftheseveralshareholdersandnumberof
	27	+	12sharessubscribedbyeach;
	28	+	13 (5)Thenumberandthenamesofthefirstdirectors;
	29	+	EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
	30	+	intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 14 (6)Thepurposesforwhichthecorporationisformed;
	31	+	15 (7)Anyprovisionsrelatingtothepreemptiverightsofashareholderasprovidedin
	32	+	16section351.305.
	33	+	17
	34	+	18Thearticlesofagreementmayprovidefortheissuanceofadditionalsharesofcapital
	35	+	19stockorotherclassesofstockpursuanttothesameproceduresandconditionsas
	36	+	20providedundersection351.180,providedthatsuchtermsandproceduresare
	37	+	21acceptabletothedirectoroffinanceand,providedthatanynoticeorotherapproval
	38	+	22requiredtobegivenorobtainedfromthestateofMissourishallbegivenorobtained
	39	+	23fromthedirectorofthedivisionoffinance.
	40	+	24 2.Thearticlesofagreementmaydesignatethenumberofdirectorsnecessaryto
	41	+	25constituteaquorum,andmayprovideforthenumberofyearsthecorporationistocontinue,
	42	+	26ormayprovidethattheexistenceofthecorporationshallcontinueuntilthecorporationshall
	43	+	27bedissolvedbyconsentofthestockholdersorbyproceedingsinstitutedbythestateunder
	44	+	28anystatutenowinforceorhereafterenacted.
	45	+	362.247.1.Amajorityofthefullboardofdirectorsshallconstituteaquorumforthe
	46	+	2transactionofbusinessunlessanothernumberisrequiredbythearticlesofagreement,the
	47	+	3bylawsorbylaw.Theactofamajorityofthedirectorspresentatameetingatwhicha
	48	+	4quorumispresentshallbetheactoftheboardofdirectorsunlesstheactofagreaternumber
	49	+	5isrequiredbythearticlesofagreement,thebylawsorbylaw.
	50	+	6 2.Unlessotherwiseprohibitedbystatuteor[regulation,] anorderormemorandum
	51	+	7ofunderstandingenteredintowiththedirectoroffinancerelatedtobanksafetyand
	52	+	8soundness,directorsmayattendboardmeetingsbytelephonicconferencecallorvideo
	53	+	9conferencing,andthebankortrustcompanymayincludeinaquorumdirectorswhoarenot
	54	+	10physicallypresentbutareallowedtovote[, providedthebankortrustcompanyhasa
	55	+	11compositeratingof1or2undertheUniformFinancialInstitutionsRatingSystemofthe
	56	+	12FederalFinancialInstitutionExaminationCounsel(FFIEC)].
	57	+	13 3.Anydirectorremotelyattendingaboardmeetingviatelephoneorvideo
	58	+	14conferencingmaybecountedtowardaquorumforsuchmeetingand,ifthedirectorisnot
	59	+	15otherwiseprohibited,mayvoteonmattersbeforethebankortrustcompany'sboardsolongas
	60	+	16themeetingminutesidentifythedirectorappearingremotelyandreflectthattheremote
	61	+	17director:
	62	+	18 (1)Receivedformalnoticeoftheboardmeetingforwhichheorsheisattendingor
	63	+	19waivedsuchnoticeasotherwiseprovidedbylaw;
	64	+	20 (2)Receivedtheboardmeetinginformationrequiredforeachboardofdirector's
	65	+	21meetingasprovidedbysection362.275;
	66	+	HB754 2 22 (3)Wasalonewhenparticipatinginsuchboardmeetingorwasinthephysical
	67	+	23presenceofnoonenotadirectorofsuchbankortrustcompany;and
	68	+	24 (4)Wasabletoclearlyhearsuchboardmeetingdiscussionfromitsbeginningtoend.
	69	+	25 4.Thedirectorofthedivisionoffinancemaypromulgateadditionalregulations,
	70	+	26reasonableinscope,toprovidefortheintegrityoftheboardofdirectors'operationswhen
	71	+	27directorsattendboardmeetingsremotely,thesafetyandsoundnessofthebankortrust
	72	+	28company'soperation,andthebankortrustcompany'sinterestinminimizingthecostof
	73	+	29compliancewithsuchregulation.
	74	+	362.275.1.Theboardofdirectorsofeverybankandtrustcompanyorganizedor
	75	+	2doingbusinesspursuanttothischaptershallholdaregularmeetingatleastonceeachmonth,
	76	+	3or,uponapplicationtoandacceptancebythedirectoroffinance,atsuchothertimes,notless
	77	+	4frequentlythanonceeachcalendarquarterasthedirectoroffinanceshallapprove,which
	78	+	5approvalmayberescindedatanytime.Thereshallbesubmittedtothemeetingalistgiving
	79	+	6theaggregateofloans,discounts,acceptancesandadvances,includingoverdrafts,toeach
	80	+	7individual,partnership,corporationorpersonwhoseliabilitytothebankortrustcompanyhas
	81	+	8beencreated,extended,renewedorincreasedsincethecut-offdatepriortotheregular
	82	+	9meetingbymorethananamounttobedeterminedbytheboardofdirectors,whichminimum
	83	+	10amountshallnotexceedfivepercentofthebank'slegalloanlimit,excepttheminimum
	84	+	11amountshallinnocasebelessthantenthousanddollars;asecondlistoftheaggregate
	85	+	12indebtednessofeachborrowerwhoseaggregateindebtednessexceedsfivetimessuch
	86	+	13minimumamount,excepttheaggregateindebtednessshallinnocasebelessthanfifty
	87	+	14thousanddollars;andathirdlistshowingallpaperpastduethirtydaysormoreor
	88	+	15alternatively,thethirdlistshallreportthetotalpast-dueratioforloansthirtydaysormore
	89	+	16pastdue,nonaccrualloansdividedbytotalloans,andalistingofpast-dueloansinexcessof
	90	+	17theminimumamounttobedeterminedbytheboardofdirectors,whichminimumamount
	91	+	18shallnotexceedfivepercentofthebank'slegalloanlimit,excepttheminimumamountshall
	92	+	19innocasebelessthantenthousanddollars[; andafourthlistshowingtheaggregateofthe
	93	+	20then-existingindebtednessandliabilitytothebankortrustcompanyofeachofthedirectors,
	94	+	21officers,andemployeesthereof]. Theinformationcalledforinthesecond[,] andthird[, and
	95	+	22fourth] listsshallbesubmittedasofthedateoftheregularmeetingorasofareasonabledate
	96	+	23priorthereto.Nobillspayableshallbemade,andnobillsshallberediscountedbythebank
	97	+	24ortrustcompanyexceptwiththeconsentorratificationoftheboardofdirectors;provided,
	98	+	25however,thatifthebankortrustcompanyisamemberofthefederalreservesystem,
	99	+	26rediscountsmaybemadetoitbytheofficersinaccordancewithitsrules,alistofall
	100	+	27rediscountstobesubmittedtothenextregularmeetingoftheboard.Thedirectoroffinance
	101	+	28mayrequire,byorder,thattheboardofdirectorsofabankortrustcompanyapproveor
	102	+	29disapproveeverypurchaseorsaleofsecuritiesandeverydiscount,loan,acceptance,renewal
	103	+	HB754 3 30orotheradvanceincludingeveryoverdraftoveranamounttobespecifiedinthedirector's
	104	+	31orderandmayalsorequirethattheboardofdirectorsreview,ateachmonthlymeeting,alist
	105	+	32oftheaggregateindebtednessofeachborrowerwhoseaggregateindebtednessexceedsan
	106	+	33amounttobespecifiedinthedirector'sorder.Theminutesofthemeetingshallindicatethe
	107	+	34compliancewiththerequirementsofthissection.Furthermore,thedebtor'sidentityonthe
	108	+	35informationrequiredinthissubsectionmaybemaskedbycodetoconcealtheactualdebtor's
	109	+	36identityonlyforinformationmailedtoorotherwiseprovideddirectorswhoarenotphysically
	110	+	37presentattheboardmeeting.Thecodeusedshallberevealedtoalldirectorsatthebeginning
	111	+	38ofeachboardmeetingforwhichthisprocedureisused.
	112	+	39 2.Foranyissueinneedofimmediateaction,theboardofdirectorsortheexecutive
	113	+	40committeeoftheboardasdefinedinsection362.253mayenterintoaunanimousconsent
	114	+	41agreementaspermittedbysubsection2ofsection351.340.Suchconsentmaybe
	115	+	42communicatedbyfacsimiletransmissionorbyotherauthenticatedrecord,separatelyby
	116	+	43eachdirector,providedeachconsentissignedbythedirectorandthebankhasnoindication
	117	+	44suchsignatureisnotthedirector'svalidconsent.Whenthebankortrustcompanyhas
	118	+	45receivedunanimousconsentfromtheboardorexecutivecommittee,theactionvotedonshall
	119	+	46beconsideredapproved.
	120	+	362.295.1.Withintendaysafterserviceuponitofthenoticeprovidedforbysection
	121	+	2361.130,everybankandtrustcompanyshallmakeawrittenreporttothedirector,which
	122	+	3reportshallbeintheformandshallcontainthemattersprescribedbythedirectorandshall
	123	+	4specificallystatetheitemsofcapital,deposits,specieandcashitems,publicsecuritiesand
	124	+	5privatesecurities,realestateandrealestatesecurities,andsuchotheritemsasmaybe
	125	+	6necessarytoinformthepublicastothefinancialconditionandsolvencyofthebankortrust
	126	+	7company,orwhichthedirectormaydeempropertoincludetherein.Inlieuofrequiring
	127	+	8directfilingofreportsofcondition,thedirectormayacceptreportsofconditionortheir
	128	+	9equivalentasfiledwithfederalregulatoryagenciesandmayrequireverificationandthefiling
	129	+	10ofsupplementalinformationasthedirectordeemsnecessary.
	130	+	11 2.Everyreportshallbeverifiedbytheoathsofthepresidentorvicepresidentand
	131	+	12cashierorsecretaryorassistantcashierorassistantsecretary,andtheverificationshallstate
	132	+	13thatthereportistrueandcorrectinallrespectstothebestoftheknowledgeandbeliefofthe
	133	+	14personsverifyingit,andthereportshallbeattestedbythreedirectors,andshallbeareportof
	134	+	15theactualconditionofthebankortrustcompanyatthecloseofbusinessontheday
	135	+	16designatedandwhichdayshallbepriortothecall.Ifthedirectoroffinanceobtainsthedata
	136	+	17pursuanttosubsection3ofsection361.130,thedirectormayrelyontheverificationprovided
	137	+	18tothefederalregulatoryagency.
	138	+	19 3.[Everyreport,exclusiveoftheverification,shall,withinthirtydaysafteritshall
	139	+	20havebeenfiledwiththedirector,bepublishedbythebankortrustcompanyinonenewspaper
	140	+	HB754 4 21oftheplacewhereitsplaceofbusinessislocated,orifnonewspaperispublishedthere,ina
	141	+	22newspaperofgeneralcirculationinthetownandcommunityinwhichthebankortrust
	142	+	23companyislocated;thenewspapertobedesignatedbytheboardofdirectorsandacopyof
	143	+	24thepublication,withtheaffidavitofthepublisherthereto,shallbeattachedtothereport;
	144	+	25provided,ifthebankortrustcompanyislocatedinatownorcityhavingapopulation
	145	+	26exceedingtenthousandinhabitants,thenthepublicationmustbeinadailynewspaper,if
	146	+	27publishedinthatcity;butifthebankortrustcompanyislocatedinatownorcityhavinga
	147	+	28populationoftenthousandinhabitantsorless,thenthepublicationmaybeineitheradailyor
	148	+	29weeklynewspaperpublishedinthetownorcityasaforesaid;andinallcasesacopyofthe
	149	+	30statementshallbepostedinthebankinghouseaccessibletoall.
	150	+	31 4.]Thebankandtrustcompanyshallalsomakesuchotherspecialreportstothe
	151	+	32directorashemayfromtimetotimerequire,insuchformandatsuchdateasmaybe
	152	+	33prescribedbyhim,andthereportshall,ifrequiredbyhim,beverifiedinsuchmannerashe
	153	+	34mayprescribe.
	154	+	35 [5.]4.Ifthebankortrustcompanyshallfailtomakeanyreportrequiredbythis
	155	+	36sectiononorbeforethedaydesignatedforthemakingthereof,orshallfailtoincludetherein
	156	+	37anymatterrequiredbythedirector,thebankortrustcompanyshallforfeittothestatethesum
	157	+	38ofonehundreddollarsforeverydaythatthereportshallbedelayedorwithheld,andfor
	158	+	39everydaythatitshallfailtoreportanyomittedmatter,unlessthetimethereforshallhave
	159	+	40beenextendedbythedirector.Shouldanypresident,cashierorsecretaryofthebankortrust
	160	+	41companyoranydirectorthereoffailtomakethestatementsorequiredofhimorthem,or
	161	+	42willfullyandcorruptlymakeafalsestatement,heorthey,andeachofthem,shallbedeemed
	162	+	43guiltyofamisdemeanor,and,uponconvictionthereof,uponinformation,punishedbyafine
	163	+	44foreachoffensenotexceedingfivehundreddollarsandnotlessthanonehundreddollars,or
	164	+	45byimprisonmentnotlessthanoneormorethantwelvemonthsinthecityorcountyjail,orby
	165	+	46bothsuchfineandimprisonment.
	166	+	47 [6.]5.Abankortrustcompany[mayprovideeachwritten] shallprovideapaperor
	167	+	48electroniccopyofanyregularperiodicreportrequiredtobe[publishedfreeofchargeto
	168	+	49thepublic;andwheneachbankortrustcompanynotifiestheircustomersthatsuch
	169	+	50informationisavailable;andwhenonecopyofsuchinformationisavailable] filedunder
	170	+	51section361.130toeach[person] customerthatrequestsit[,thenewspaperpublication
	171	+	52provisionsofthissectionshallnotbeenforcedagainstsuchbankortrustcompany].
	172	+	362.424.1.Forpurposesofthissection,thefollowingtermsmean:
	173	+	2 (1)"Bank",includesanystateorfederallycharteredbank,savingsbank,or
	174	+	3savingsandloanassociationprovidingbankingservicestocustomers;
	175	+	HB754 5 4 (2)"Trustedcontact",anyadultpersondesignatedbyabankcustomerthata
	176	+	5bankmaycontactintheeventofanemergencyorlossofcontactwiththecustomer,or
	177	+	6suspectedthirdpartyfraudorfinancialexploitationtargetingthecustomer.
	178	+	7 2.Notwithstandinganyotherprovisionoflawtothecontrary,anybankmay
	179	+	8reportsuspectedfraudulentactivityorfinancialexploitationtargetinganyofits
	180	+	9customerstoafederal,state,county,ormunicipallawenforcementagencyorany
	181	+	10appropriatepublicprotectiveagencyandshallbeimmunefromcivilliabilityindoing
	182	+	11so.
	183	+	12 3.Notwithstandinganyotherprovisionoflawtothecontrary,anybank,ona
	184	+	13voluntarybasis,mayofferatrustedcontactprogramtocustomerswhomaydesignate
	185	+	14oneormoretrustedcontactsforthebanktocontactintheeventacustomerisnot
	186	+	15responsivetobankcommunications,thebankispresentedwithanurgentmatteror
	187	+	16emergencyinvolvingthecustomerandthebankisunabletolocatethecustomer,orthe
	188	+	17banksuspectsfraudulentactivityorfinancialexploitationtargetingthecustomerorthe
	189	+	18accounthasbeendeemeddormantandthebankisattemptingtoverifythestatusand
	190	+	19locationofthecustomer.Thebankmayestablishsuchprocedures,requirements,and
	191	+	20formsasitdeemsappropriateandnecessaryshouldthebankopttoimplementatrusted
	192	+	21contactprogram.
	193	+	22 4.Notwithstandinganyotherprovisionoflawtothecontrary,anybankmay
	194	+	23voluntarilyoffercustomersanaccountwithconvenienceandsecurityfeaturesthatset
	195	+	24transactionlimitsandpermitlimitedaccesstoviewaccountactivityforoneormore
	196	+	25trustedcontactsdesignatedbythecustomer.
	197	+	26 5.Nobankshallbeliablefortheactionsofatrustedcontact.
	198	+	27 6.Nobankshallbeliablefordecliningtointeractwithatrustedcontactwhen
	199	+	28thebank,ingoodfaithandexercisingreasonablecare,determinesthatatrustedcontact
	200	+	29isnotactinginthebestinterestsofthecustomer.
	201	+	30 7.Apersondesignatedbyacustomerasatrustedcontactwhoactsingoodfaith
	202	+	31andexercisesreasonablecareshallbeimmunefromliability.
	203	+	32 8.Acustomermaywithdrawanyappointmentofapersonasatrustedcontactat
	204	+	33anytimeandanytrustedcontactmaywithdrawfromstatusasatrustedcontactatany
	205	+	34time.Thebankmayrequiresuchdocumentationorverificationasitdeemsnecessaryto
	206	+	35establishthewithdrawalorterminationofatrustedcontact.
	207	+	36 9.Nobankshallbecivillyliableforimplementingornotimplementingorfor
	208	+	37actionsoromissionsrelatedtoprovidingoradministeringatrustedcontactprogram.
	209	+	362.490.1.Notwithstandinganyprovisionoflawofthisstateorofanypolitical
	210	+	2subdivisionthereofrequiringsecurityfordepositsintheformofcollateral,suretybondorin
	211	+	3anyotherform,securityforsuchdepositsshallnotberequiredtotheextentsaiddepositsare
	212	+	HB754 6 4insuredundertheprovisionsofanactofcongresscreatingandestablishingtheFederal
	213	+	5DepositInsuranceCorporationorsimilaragencycreatedandestablishedbytheCongressof
	214	+	6theUnitedStates.
	215	+	7 2.(1)Asanalternativetotherequirementsfordirectpledgingofsecurityfor
	216	+	8depositofpublicfundsinexcessoftheamountthatisfederallyinsuredorguaranteed
	217	+	9pursuanttosections110.010,110.020,and110.060,abankinginstitutionauthorizedas
	218	+	10legaldepositaryforpublicfundsmaysecurethedepositsofanygovernmentalentityby
	219	+	11grantingasecurityinterestinasinglepoolofsecuritiestosecuretherepaymentofall
	220	+	12publicfundsdepositedinthebankinginstitutionbysuchgovernmentalentitiesandnot
	221	+	13otherwisefederallyinsuredorsecuredpursuanttolaw.
	222	+	14 (2)Abankinginstitutionmaysecurethedepositofpublicfundsusingthedirect
	223	+	15methodasprovidedinchapter110,orthesinglebankpooledmethodprovidedinthis
	224	+	16section,ormayelecttooffergovernmententitiesthechoiceofeithermethodtosecure
	225	+	17thedepositofpublicfunds.
	226	+	18 (3)Underthedirectmethodabankinginstitutionmaysecurethedepositof
	227	+	19publicfundsofeachgovernmententityseparatelybyfurnishingsecuritiespursuantto
	228	+	20sections110.010,110.020,and110.060.
	229	+	21 (4)Underthesinglebankpooledmethodabankinginstitutionmaysecurethe
	230	+	22depositofpublicfundsofoneormoregovernmententitiesthroughapoolofeligible
	231	+	23securitiesheldincustodyandsafekeepingwithoneormoreotherbankinginstitutions
	232	+	24orsafedepositaries,tobeheldsubjecttotheorderofthedirectorofthedivisionof
	233	+	25financeortheadministratorappointedpursuanttosubsection3ofthissectionforthe
	234	+	26benefitofthegovernmententitieshavingpublicfundsdepositedwithsuchbanking
	235	+	27institutionassetforthinthissection.
	236	+	28 3.(1)Thedirectorofthedivisionoffinanceshallhaveexclusiveauthorityto
	237	+	29appointabank,trustcompany,orassociationforMissouribankswhichischarteredor
	238	+	30incorporatedinMissouri,toserveastheadministratorwithrespecttoasinglebank
	239	+	31pooledmethod.Theadministratorshallactasanagentforbankinginstitutionsandas
	240	+	32thenomineeofthegovernmententitiesforpurposesofadministeringthepoolof
	241	+	33securitiespledgedtosecureuninsuredpublicfunddeposits.Thefeesandexpensesof
	242	+	34suchadministratorshallbepaidbythebankinginstitutionsutilizingthesinglebank
	243	+	35pooledmethod.Thesinglebankpooledmethodshallnotbeutilizedbyanybanking
	244	+	36institutionunlessanadministratorhasbeenappointedbythedirectorpursuanttothis
	245	+	37sectionandisactingastheadministrator.Thedirectormayrequiretheadministrator
	246	+	38topostasuretybondorsecuritytothedirectorinanamountuptoonehundred
	247	+	39thousanddollarstoassurethefaithfulperformanceofthedutiesoftheadministrator.
	248	+	HB754 7 40 (2)Atalltimestheaggregatemarketvalueofthepoolofsecuritiessodeposited,
	249	+	41pledged,orinwhichasecurityinterestisgrantedshallbeatleastequaltoonehundred
	250	+	42twopercentoftheamountondepositwhichisinexcessoftheamountsoinsured.
	251	+	43 (3)Eachbankinginstitutionshallcarryonitsaccountingrecordsatalltimesa
	252	+	44generalledgerorotherappropriateaccountofthetotalamountofallpublicfundstobe
	253	+	45securedbythepoolofsecuritiesasdeterminedattheopeningofbusinesseachday,and
	254	+	46theaggregatemarketvalueofthepoolofsecuritiespledged,orinwhichasecurity
	255	+	47interestisgrantedtosecuresuchpublicfunds.
	256	+	48 (4)Ifabankinginstitutionelectstosecurethedepositofpublicfundsthrough
	257	+	49theuseofthesinglebankpooledmethod,suchbankinginstitutionshallnotifythe
	258	+	50administratorinwritingthatithaselectedtoutilizethesinglebankpooledmethodand
	259	+	51theproposedeffectivedatethereofandentersuchagreementastheadministratormay
	260	+	52require.
	261	+	53 (5)Abankinginstitutionmaynotretainanydepositofpublicfundswhichis
	262	+	54requiredtobesecuredunlessithassecuredthedepositsforthebenefitofthe
	263	+	55governmententitieshavingpublicfundswithsuchbankinginstitutionpursuanttothis
	264	+	56section.
	265	+	57 (6)Onlythesecuritiesandcollateraldescribedorlistedpursuanttosection
	266	+	5830.270forthesafekeepingandpaymentofdepositsbythestatetreasurermaybe
	267	+	59providedandacceptedassecurityforthedepositofpublicfundsandshallbeeligibleas
	268	+	60collateral.Theadministratorshallnotacceptanysecuritieswhicharenotdescribedor
	269	+	61listedpursuanttosection30.270.
	270	+	62 (7)Theadministratormayestablishsuchproceduresandreporting
	271	+	63requirementsasnecessaryfordepositorybankinginstitutionsandtheirsafekeeping
	272	+	64banksordepositariestoconfirmtheamountofinsuredpublicfunddeposits,thepledge
	273	+	65ofsecuritiestotheadministratortosecurethedepositofpublicfunds,asagentforeach
	274	+	66participatingbankinginstitution,andtomonitorthemarketvalueofpledgedsecurities
	275	+	67asreportedbythecustodyagents,andtoadd,substitute,orremovesecuritiesheldin
	276	+	68thesinglebankpoolasdirectedbythedepositorybankinginstitution.
	277	+	69 (8)Intheeventofthefailureandinsolvencyofabankinginstitutionusingthe
	278	+	70singlebankpooledmethod,subjecttoanyorderofthedirectorpursuanttopowers
	279	+	71vestedunderchapter361,theadministratorshalldirectthesafekeepingbanksor
	280	+	72depositariestosellthepledgedsecuritiesanddirectproceedstothepaymentofthe
	281	+	73uninsuredpublicfunddepositsortotransferthepledgedsecuritiestothatbanking
	282	+	74institution'sprimarysupervisoryagencyorthedulyappointedreceiverforthebanking
	283	+	75institutiontobeliquidatedtopayouttheuninsuredpublicfunddeposits.
	284	+	370.245.1.Forpurposesofthissection,thefollowingtermsmean:
	285	+	HB754 8 2 (1)"Creditunion",anystateorfederallycharteredcreditunionproviding
	286	+	3financialservicestomembers;
	287	+	4 (2)"Trustedcontact",anyadultpersondesignatedbyacreditunionmember
	288	+	5thatacreditunionmaycontactintheeventofanemergencyorlossofcontactwiththe
	289	+	6member,orsuspectedthirdpartyfraudorfinancialexploitationtargetingthemember.
	290	+	7 2.Notwithstandinganyotherprovisionoflawtothecontrary,anycreditunion
	291	+	8mayreportsuspectedfraudulentactivityorfinancialexploitationtargetinganyofits
	292	+	9memberstoafederal,state,county,ormunicipallawenforcementagencyorany
	293	+	10appropriatepublicprotectiveagencyandshallbeimmunefromcivilliabilityindoing
	294	+	11so.
	295	+	12 3.Notwithstandinganyotherprovisionoflawtothecontrary,anycreditunion,
	296	+	13onavoluntarybasis,mayofferatrustedcontactprogramtomemberswhomay
	297	+	14designateoneormoretrustedcontactsforthecredituniontocontactintheeventa
	298	+	15memberisnotresponsivetocreditunioncommunications,thecreditunionispresented
	299	+	16withanurgentmatteroremergencyinvolvingthememberandthecreditunionis
	300	+	17unabletolocatethemember,orthecreditunionsuspectsfraudulentactivityorfinancial
	301	+	18exploitationtargetingthememberortheaccounthasbeendeemeddormantandthe
	302	+	19creditunionisattemptingtoverifythestatusandlocationofthemember.Thecredit
	303	+	20unionmayestablishsuchprocedures,requirements,andformsasitdeemsappropriate
	304	+	21andnecessaryshouldthecreditunionopttoimplementatrustedcontactprogram.
	305	+	22 4.Notwithstandinganyotherprovisionoflawtothecontrary,anycreditunion
	306	+	23mayvoluntarilyoffermembersanaccountwithconvenienceandsecurityfeaturesthat
	307	+	24settransactionlimitsandpermitlimitedaccesstoviewaccountactivityforoneormore
	308	+	25trustedcontactsdesignatedbythemember.
	309	+	26 5.Nocreditunionshallbeliablefortheactionsofatrustedcontact.
	310	+	27 6.Nocreditunionshallbeliablefordecliningtointeractwithatrustedcontact
	311	+	28whenthecreditunion,ingoodfaithandexercisingreasonablecare,determinesthata
	312	+	29trustedcontactisnotactinginthebestinterestsofthemember.
	313	+	30 7.Apersondesignatedbyamemberasatrustedcontactwhoactsingoodfaith
	314	+	31andexercisesreasonablecareshallbeimmunefromliability.
	315	+	32 8.Amembermaywithdrawanyappointmentofapersonasatrustedcontactat
	316	+	33anytimeandanytrustedcontactmaywithdrawfromstatusasatrustedcontactatany
	317	+	34time.Thecreditunionmayrequiresuchdocumentationorverificationasitdeems
	318	+	35necessarytoestablishthewithdrawalorterminationofatrustedcontact.
	319	+	36 9.Nocreditunionshallbecivillyliableforimplementingornotimplementingor
	320	+	37foractionsoromissionsrelatedtoprovidingoradministeringatrustedcontact
	321	+	38program.
	322	+	HB754 9 425.310.1.Adebtcollector,includingadebtcollectionattorneyorlawfirm,
	323	+	2shallbeauthorizedtocollectapaymenttransactionfeefromaperson,business,orother
	324	+	3payormakingacreditcardoranelectronicpaymentnottoexceedthelesseroftwenty-
	325	+	4fivedollarsorthreepercentofthepaymentamount,notincludingthefee,providedthe
	326	+	5followingaredisclosedtotheperson,business,orotherpayorpriortothetimethe
	327	+	6transactioniscomplete:
	328	+	7 (1)Thatapaymenttransactionfeeistobecollected;
	329	+	8 (2)Theamountofthepaymenttransactionfeeormethodofitscalculation,
	330	+	9whichincludesapercentageaslimitedunderthissection;and
	331	+	10 (3)Atleastonealternativepaymentmethodforwhichtherewouldbeno
	332	+	11paymenttransactionfee.
	333	+	12 2.Anoticeinsubstantiallythefollowingformcomplieswiththeprovisions
	334	+	13undersubsection1ofthissection:
	335	+	14
	336	+	15"NOTICE:Apaymenttransactionfeewillbecollectedtocompletethismethodof
	337	+	16paymentintheamountof($____)(____%oftheamounttobepaid,limitedtothree
	338	+	17percent).Ifyouwanttoavoidthispaymenttransactionfee,youmayinsteadpayby(set
	339	+	18outavailablenonfeepaymentmethods(s)).".
	340	+	[447.200.1.Ifanyconsumerdepositaccountwithabanking
	341	+	2 organizationorfinancialorganization,assuchtermsaredefinedinandunder
	342	+	3 section447.503,isdeterminedtobeortohavebeeninactiveforaperiodof
	343	+	4 twelveormoremonthsandifinactivityfeesapplytosuchaccount,such
	344	+	5 bankingorganization,bankorfinancialorganizationshallnotifythepersonor
	345	+	6 depositornamedonsuchinactiveaccountofsuchinactivity.Noticemaybe
	346	+	7 deliveredbyfirstclassmail,withpostageprepaid,andmarked"Address
	347	+	8 CorrectionRequested",oralternatively,thenoticemaybesentordelivered
	348	+	9 electronicallyiftheconsumerhasconsentedtoreceivingelectronicdisclosures
	349	+	10 inaccordancewiththefederalTruthinSavingsAct,12U.S.C.Sections4301
	350	+	11 to4313,andtheregulationspromulgatedpursuantthereto.
	351	+	12 2.Notwithstandinganyprovisionoflawtothecontrary,forany
	352	+	13 consumerdepositaccountwithabankingorganization,bankorfinancial
	353	+	14 organizationthatisorthathasbeeninactivefortwelvemonthsormore,such
	354	+	15 bankorfinancialorganizationshallissueannualstatementstothepersonor
	355	+	16 depositornamedontheaccount.Theorganizationorabankmaychargea
	356	+	17 servicefeeofuptofivedollarsforanystatementissuedunderthissubsection,
	357	+	18 providedthatsuchfeeshallbewithdrawnfromtheinactiveaccount.
	358	+	19 3.Ifanyconsumerdepositaccountwithabankingorganization,bank
	359	+	20 orfinancialorganizationisdeterminedtobeortohavebeeninactivefora
	360	+	21 periodoffiveyears,thefundsfromsuchaccountshallberemittedtothe
	361	+	22 abandonedfundaccountestablishedundersection447.543.
	362	+	23 4.Forpurposesofthissection,theword"inactive"meansaprescribed
	363	+	24 periodduringwhichthereisnoactivityorcontactinitiatedbythepersonor
	364	+	HB754 10 25 depositornamedontheaccount,whichresultsinaninactivityfeeorfeesbeing
	365	+	26 chargedtotheaccount.]
	366	+	✔
	367	+	HB754 11