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Last Week of Missouri Session in Full Swing

The Missouri General Assembly is in its final week of the 2016 session. Missouri lawmakers have until 6 p.m. on May 13 to finalize and send legislation to Governor Jay Nixon (D) for approval. Any bill that is not passed by May 13 must wait until the 2017 legislative session for consideration.

Three of Heartland Credit Union Association's (HCUA) legislative priorities have already crossed the finish line and are headed to Nixon’s desk. This includes the Missouri Savings Promotion Act (HB 2125),

the credit union account verification parity bill (HB 1721), and a bill clarifying the penalty for robbery of a financial institution (SB 624).

However, there are some bills still pending with potential impact for credit unions. Here is a brief overview of bills HCUA is monitoring that are in position to pass:

Missouri Savings Promotion Act

While HB 2125 has passed the House and is on its way to the Governor, there is also a Senate bill dealing with the savings promotion programs that may also move forward. SB 833 was amended on the House floor and approved 139-13.  It must be approved by the Missouri Senate to head to the Governor. The Missouri Savings Promotion Act authorizes credit unions in Missouri to offer savings promotion accounts to members. These accounts create an incentive for participants to save money by giving them a chance to win a cash prize based on savings activity.

Electronic Notary

The electronic notary bill allows the Missouri Secretary of State to promulgate rules and regulations pertaining to electronic notarization. Electronic notarization would help modernize the notary process for Missouri businesses and provide greater convenience to customers. 

  • HB 2257 - Set on the Senate Calendar. If approved by the Senate, will go back to the House for final approval.
  • SB 932 - Amended on the House floor and approved 129-10. Heads back to the Senate for final approval.

Closing Protection Letter

This legislation requires a closing protection letter on all residential real estate transactions.

  • HB 2257 - Set on the Senate Calendar. If approved by the Senate, will go back to the House for final approval.

Vehicle Service Contract Refund Clarification

This bill makes it clear that a refund of the vehicle service contract may go to the lienholder who financed the contract.Current law is not clear specifying which party receives the refund, even though there may be a contractual obligation between the service contract provider and the lender. 

  • HB 1976 - Set on the House Calendar. If approved by the Senate, this bill will head to Governor Nixon's desk.

Transportation Network Company Driver Notification

Notification legislation requires transportation network companies (TNCs), such as Uber or Lyft, to notify prospective drivers that driving for a TNC may violate the terms of their loan agreement. The bill also includes language specifying that the insurance payment may go directly to the repair business or jointly to the vehicle owner and the lienholder.

  • SB 640 - In Conference Committee. If approved, this bill heads to Governor Nixon's desk.
  • SB 861 - Amended on the House floor and approved 84-56. Heads back to the Senate for final approval.
  • SB 947 - Set on the House Calendar and the bill is expected to be amended on the floor. If amended, will head back to the Senate for final approval. If not amended and passed by the House, the bill will head to Governor Nixon's desk.

Missouri Legislative Bill Tracker - Week of May 9

Click here for a list of all the bills HCUA Advocacy is tracking in the Missouri legislature.