SB 895 -- Securities and Banking Regulations

Co-Sponsors:  Yeckel, Gross

This bill:

(1)  Grants Missouri banks, savings banks, and savings and loans
the same powers as national banks, subject to approval by the
Director of the Division of Finance;

(2)  Makes changes to rules affecting bank officers and boards of
directors and rules affecting liens and encumbrances on
manufactured homes;

(3)  Increases the late payment fees that banks can charge;

(4)  Increases the percentage of unimpaired capital, from 15% to
25%, that banks or trust companies may lend if they have a
composite rating of 1 or 2 under the Capital, Assets, Management,
Earnings, Liquidity and Sensitivity Rating System of the Federal
Financial Institute Examination Counsel and are located in a city
with a population of 100,000 or more.  A bank may also invest in
equity stock in the Federal Home Loan Bank up to twice the limit
that it is entitled to lend out; and

(5)  Requires that the actuarial method be used to calculate
refunds due to persons in premium finance agreements, retail
installment contracts, credit insurance agreements, retail time
contracts and any note or loan contract providing for an amount
of interest that are prepaid in full.

The bill also allows the State Treasurer to invest in
out-of-state municipal bonds if the bonds are rated in the
highest category by at least one nationally recognized
statistical rating agency.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:04 am