Top Legislation - View All
Latest Action: 02/28/2008 - Referred: Special Committee on Financial Institutions (H) Bill Text
HB 1301 - PAYDAY LOANS - Whorton, James
Changes the laws regarding unsecured loans of $500 or less, sometimes referred to as "payday loans," and allows the Attorney General to maintain an action to enforce compliance
Latest Action: 02/13/2008 - Public Hearing Completed (H) Bill Text
HB 1385 - CONSUMER REPORT SECURITY FREEZE ACT - Cox, Stanley
Establishes the Consumer Report Security Freeze Act
Latest Action: 03/05/2008 - Public Hearing Completed (H) Bill Text
HB 1394 - MONEY TRANSMISSIONS - Dusenberg, Gary
Requires a person engaging in the business of transferring funds to foreign countries to receive proof of United States citizenship or lawful presence from the person or entity using the service
Latest Action: 04/10/2008 - Referred: Judiciary (H) Bill Text
HB 1461 - UNIFORM DEBT-MANAGEMENT SERVICES ACT - Burnett, John P.
Establishes the Uniform Debt-Management Services Act to regulate debt-management services
Latest Action: 02/28/2008 - Referred: Special Committee on Financial Institutions (H) Bill Text
HB 1462 - PAYDAY LOANS - Burnett, John P.
Changes the laws regarding unsecured loans of $500 or less, sometimes referred to as payday loans, and allows the Attorney General to maintain an action to enforce compliance
Latest Action: 01/10/2008 - Second Read and Referred S Judiciary and Civil & Criminal Jurisprudence Committee Bill TextSB 727 - This act criminalizes the act of committing residential mortgage fraud with the intent to defraud. An individual commits the crime by engaging in the following practices: • Knowingly making a misrepresentation or omission during the mortgage lending process. • Knowingly using or facilitating the use of a misrepresentation or omission during the mortgage lending process. • Reaping any benefit from the making, using, or facilitating the use of such misrepresentation or omission. • Filing or causing to be filed any document in connection with a mortgage containing a deliberate misstatement, misrepresentation, or omission. Those in violation are guilty of a class D felony. Those who engage in a pattern of this type of fraud are guilty of a class B felony. This act is similar to SB 560 (2007). CHRIS HOGERTY
Latest Action: 01/10/2008 - Second Read and Referred S Financial & Governmental Organizations and Elections Committee Bill TextSB 744 - This act amends the law relating to unsecured loans of $500 or less. Under current law, lenders may renew such loans upon the borrower's request. This act prohibits lenders from renewing such loans. Under current law, the director of the Division of Finance may issue a cease and desist order when lenders fail to make a good faith effort to comply with laws relating to consumer loans. This act allows the attorney general to do the same. The Attorney General may also file an action in any circuit court to enjoin the practice; impose a civil penalty; or to obtain an order of rescission, restitution, or disgorgement. Under the act, a lender may only charge interest and fees up to the amount of $15 per $100 of principal for the first 30 days of the loan, and not more than 3% per month thereafter, which is an annual percentage rate of approximately 36%. Under current law, the Division of Finance must report to the general assembly, the number of licenses issued under this [...] show full description
Latest Action: 02/13/2008 - Public Hearing Completed (H) Bill Text
HB 1618 - CONSUMER REPORT SECURITY FREEZE ACT - Jones, Kenny
Establishes the Missouri Consumer Report Security Freeze Act which allows a consumer to place a freeze on his or her consumer report
Latest Action: 04/10/2008 - Referred: Special Committee on Financial Institutions (H) Bill Text
HB 1635 - PROTECTION OF PERSONAL INFORMATION - Wildberger, Edward
Changes the laws regarding the release of personal information to unauthorized persons
Latest Action: 04/10/2008 - Referred: Special Committee on Financial Institutions (H) Bill Text
HB 1667 - MISSOURI HOMEOWNERS' PROTECTION ACT - Harris, Jeff
Establishes the Missouri Homeowners' Protection Act relating to residential mortgage brokers
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Latest Legislation - View All
Latest Action: 05/16/2008 - Referred: Judiciary (H) Bill Text
HB 2453 - MISSOURI UNIFORM TRUST CODE - Pratt, Bryan
Adds United States government obligations to the types of securities in which a trustee may invest and reinvest trust assets under the Missouri Uniform Trust Code
Latest Action: 05/16/2008 - Referred: Special Committee on Financial Institutions (H) Bill Text
HB 2408 - LIMIITED LIABILITY COMPANY TAXATION - Avery, Jim
Allows members of limited liability companies to deduct their share of the company's financial institutions tax liability from the member's Missouri individual income tax liability
Latest Action: 04/03/2008 - Referred: Special Committee on Small Business (H) Bill Text
HB 2350 - CREDIT AND DEBIT CARD INFORMATION - Yaeger, Patricia
Requires merchants to have access to certain credit and debit card rate information
Latest Action: 05/16/2008 - Referred: Special Committee on Financial Institutions (H) Bill Text
HB 2331 - FINANCIAL INSTITUTIONS - Spreng, Michael
Allows the Governor to authorize the Director of the Division of Finance to suspend certain laws and rules for financial institutions during a state of emergency
Latest Action: 03/03/2008 - Second Read and Referred S Agriculture, Conservation, Parks & Natural Resources Committee Bill TextSB 1280 - The Missouri Agricultural and Small Business Development Authority (MASBDA) shall develop and implement a Livestock Feed and Crop Input Loan Guarantee Program. The program shall provide loan guarantees for up to 50% of the amount of a loan on a declining principal basis, not to exceed $40,000 per individual loan. The loan guarantee program` shall make such payment to eligible lenders in the event of loan default by recipients of loans given for the purpose of purchasing or growing feed for livestock production. MASBDA shall charge a one-time $50 fee for each guaranteed loan and may charge a fee up to 1% per year on the outstanding principal of any guaranteed loan. These fees shall be used to administer the program. The act limits the total amount of outstanding loans that may be guaranteed by MASBDA to whatever amount is deemed to allow 20% of such loan guarantees to be immediately redeemed at any time. The act creates the Livestock Feed and Crop Input Loan Guarantee [...] show full description
Latest Action: 04/02/2008 - Public Hearing Completed (H) Bill Text
HB 2295 - SERVICE CONTRACTS AND SECURITY PLANS - Jones, Timothy W.
Allows a lender to sell, charge a fee for, or finance as part of a loan a motor vehicle extended service contract or a home or automobile security plan
Latest Action: 05/29/2008 - Reported Duly Enrolled S Rules Committee Bill TextSCS/SB 1235 - Current law provides that a trustee may invest and reinvest trust assets in securities or obligations of any state or its political subdivisions, including securities that are underwritten by the trustee or an affiliate thereof. This act provides that in addition to the authority in current law, the trustee may invest trust assets in U.S. government obligations or other interests in any open-end or closed-end management investment company or investment trust registered under federal law, including but not limited to U.S. government obligations or repurchase agreements collateralized by such obligations, notwithstanding that the provided that the governing instrument or order requires or permits investment in U.S. government obligations, and provided that the portfolio of the investment company or investment trust is limited to U.S. government obligations and to repurchase agreements fully collateralized by such obligations, and provided that the investment company or trust [...] show full description
Latest Action: 03/31/2008 - SCS Voted Do Pass S Financial & Governmental Organizations and Elections Committee (5334S.02C) Bill TextSCS/SB 1202 - This act allows lending institutions to sell, charge a fee for, or finance as part of a loan, home and automobile security plans. These plans provide certain services relating to protection against home or auto emergencies and accidents. Lenders may not require the purchase of the plan as a condition for approval of the loan. Purchasers of the plans shall be entitled to cancel the transaction and receive a refund within 30 days of the purchase. Purchasers of the plans must provide written acknowledgment of their intent to purchase the plans. This act is similar to SB 466 (2008). CHRIS HOGERTY
Latest Action: 04/10/2008 - Referred: Special Committee on Small Business (H) Bill Text
HB 2263 - CONSUMER REPORT SECURITY FREEZE ACT - Frame, Michael
Establishes the Consumer Report Security Freeze Act
Latest Action: 02/27/2008 - Second Read and Referred S Judiciary and Civil & Criminal Jurisprudence Committee Bill TextSB 1174 - This act provides that no covenant for a fee or charge to be paid upon the transfer of an interest in real property shall be enforceable against any subsequent owner, purchaser, or mortgagee of any interest in real property. A transfer fee shall not include: (1) Any consideration payable for the interest in real property being transferred; (2) Any commission payable to a real estate broker under an agreement between the broker and the grantor or grantee; (3) Any amount payable by a borrower to a lender pursuant to a loan secured by a mortgage against real property, including any fee payable to the lender for consenting to an assumption of the loan or a transfer of the real property subject to the mortgage any fees payable to the lender for estoppel letters or certificates, or any other consideration allowed by law payable to the lender in connection with the loan; (4) Any amount payable by a lessee to a lessor under a lease; (5) Any consideration payable [...] show full description
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