Legislative Changes

The 2009 and 2010 sessions of the Missouri General Assembly resulted in numerous legislative enactments affecting financial services in Missouri. Below are bills that have a direct impact on the Division of Finance and regulated entities.

2009 session

HB 382 - Enacted pursuant to a federal law known as the Secure and Fair Enforcement
Mortgage Licensing Act of 2008 (SAFE Act). The bill, known as the Missouri Secure and Fair
Enforcement for Mortgage Licensing and Residential Mortgage Brokers Licensing Act, requires
all individual mortgage loan originators to be licensed by July 31, 2010, and eliminated most of
the licensing exemptions (except for depository institutions and first tier subsidiaries) that
previously existed for residential mortgage loan brokers.

HB 914 - Removed the requirement that the Commissioner of Finance seek circuit court
approval for appointment of the FDIC as liquidating agent for failed banks.

HB 239 - Established the Uniform Prudent Management of Institutional Funds Act, which
provides guidelines for the management and investment of endowed funds held by charitable

HB 273 - Changed the evidence allowed for a personal representative to prove expenditures
over $75. This bill now allows canceled checks, an electronic copy of a check or a bank
statement to serve as adequate documentation.

HB 836 - Requires a tenant be provided 10 business days notice prior to foreclosure of real

SB 277 - Allows a bank or trust company to transfer irrevocable life insurance trusts to the
Missouri trust office of an out-of-state trust company. Prior to this change, transfers could only
be made to Missouri based companies.

2010 session

HB 2201 - Exempted certain entities from mortgage originator licensing until June 1, 2010. The
bill also included assets secured by financial institutions insured by the National Credit Union
Share Insurance Fund in the Missouri Prudent Investor Act. Finally, it amended section
443.701 RSMo, changing the name of the act to “Missouri Secure and Fair Enforcement for
Mortgage Licensing Act.”

SB 771 - Changed the amount of a certified check that must be submitted by a bank bidding to
be a depository for a county.


2011 session

HB 661 - Amends Chapter 425 RSMo, regarding debt adjusters by modifying definitions pertaining to debt settlement services and debt settlement servicers, incorporates fee restrictions, and mandates full disclosure to the debtor. The legislation also includes a bonding requirement for the benefit of any debtor damaged by the debt adjuster’s breach of the debt management or debt settlement plan or his/her failure to properly administer debtor funds. 

HB 83 - Amended §361.111 RSMo, to allow the owner of an ATM machine to charge a fee to individuals accessing bank accounts in foreign countries.

HB 464 - Amends Chapters 361, 362 and 369 by merging the State Banking Board and the Savings and Loan Commission and establishes the State Banking and Savings and Loan Board. 


2012 session

HB 1308 - Amended §30.270 to allow public funds to be secured by a letter of credit issued by a Federal Home Loan Bank without the current requirement that the FHLB “possessing the highest rating issued by at least one nationally recognized statistical rating agency.”

HB 1400 - Amended the following statutes:

SB 628 - Amended the following statutes: