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Legislative Construction in Process in Jefferson City!

Along with the construction outside the Capitol building, the Missouri legislative session is in full swing and lawmakers are constructing bills. Key committees impacting credit unions are receiving assigned bills for review as they are introduced. There are already 984 bills in the House and Senate, with more being filed every day.     

Bills of Interest: PACE
Two of the bills we are working on are HB 215, sponsored by Rep. Bruce DeGroot, and SB 173, sponsored by Sen. Sandy Crawford.

What do these bills do?
The two bills are designed to regulate the Property Assessed Clean Energy (PACE) providers by requiring them to be licensed and registered through the Missouri Division of Finance. They also mandate PACE lenders to provide notification to the lien holder on record of any PACE loan that may be placed on the property.  

Potential Impact for Credit Unions
This legislation helps protects consumers (including credit union members) by requiring that those conducting PACE loans have to follow rules and regulations.  It also requires that PACE providers must notify credit unions that are lien holders on property. 

We will keep you posted on these and additional bills and issues impacting credit unions. If you have any questions, regarding this, or any piece of legislation, please do not hesitate to contact Ian Dunlap,  800.392.3074 x1343.

Vocab Legislation: