HB 2345 -- Travel Club Assets

Sponsor:  Ayres

Currently, a travel club must have liquid assets of at least
$250,000 in certificates of deposit or a letter of credit from a
banking institution with at least $75 million in assets before it
can register or renew a registration with the Attorney General.
This bill requires a travel club to have assets of at least
$50,000 in certificates of deposits or letters of credit issued
by banking institutions in good standing with the Division of
Finance within the Department of Insurance, Financial
Institutions and Professional Registration or in the form of
surety bonds.  The assets are not required to be liquid.

A travel club which has been adjudged to have failed to satisfy
the legal obligations required under Section 407.1240, RSMo, must
demonstrate within 30 days of the adjudication that it possesses
at least $250,000 in assets.  Failure to do so will result in the
registration statement no longer being effective.

Upon the written notification of the dissolution of a travel
club, the Attorney General must release the travel club's assets
within 30 days if the travel club has satisfied its legal
obligations under Sections 407.1240 and 407.1252 and no alleged
violations are pending.

The bill contains an emergency clause.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:13 pm