2023 Law Changes

The following list contains legislative changes to Missouri banking and lending laws that went into effect on August 28, 2023. The entirety of the bills (SB 13, SB 63, & SB 103) may be found at the following website: https://house.mo.gov/billcentral.aspx.

General Banking Laws

§361.020 – Adds language that more accurately describes the industries currently regulated by the Division of Finance
§361.098 – Allows the Division to provide administrative services to members of the State Banking and Savings and Loan Board and clarifies the quorum requirement for the Board
§361.106 – Permits the Division to issue bulletins and industry letters

  • A bulletin is an informal written communication to inform or educate individuals or entities licensed, chartered, or regulated by the Division and the general public about a regulatory topic or issue. A bulletin is informational in nature and is not an evaluation of specific facts and circumstances
  • An industry letter is  a written communication from the director of finance in response to a specific individual or entity chartered, licensed, or regulated by the Division that provides the division of finance's position on a particular regulatory topic or issue with respect to a specific set of facts and circumstances.

§361.160 – Repeals an obsolete requirement that the result of all examinations of banks and trust companies during a biennial period be reported to the General Assembly
§361.260 – Clarifies requirements for issuing a notice of charges with respect to a director, officer, employee, agent, or other person participating in the affairs of a bank or trust company regulated by the Division
§361.262 – Clarifies what conduct supports the removal and/or prohibition of adirector, officer, employee, agent, or other person participating in the affairs of a bank or trust company regulated by the Division  
§362.034 – Allows any entity that operates a marijuana facility licensed or certified under Article XIV of the Constitution of Missouri to request in writing that a state or local licensing authority or agency, including but not limited to the Department of Health and Senior Services or Department of Revenue, share the entity's application, license, or other regulatory and financial information with a banking institution

Consumer Lending Laws

§361.749 – Establishes a licensing framework for providers of earned wage access services, which is the business of delivering funds that have been earned but are unpaid, to consumers prior to the next date on which an employer or other person paying a salary, wages, compensation, or other income to a consumer is obligated to pay such funds
§408.145 – Enables issuance of credit cards under same terms and conditions that are allowed in a contiguous state rather than solely interest and fees
§436.550 to 436.572 – Establishes the Consumer Legal Funding Act, which requires consumer legal funding companies operating in Missouri to be licensed. Consumer legal funding companies purchase—and a consumer assigns—a contingent right to receive potential proceeds from a legal settlement, judgment, award, or verdict obtained in the consumer’s legal claim. Such advances must be made on a non-recourse basis.