SB386 - Allows custodial accounts to be acceptable securities for state treasurer; other banking law changes
| SB 0386
| Allows custodial accounts to be acceptable securities for state treasurer; other banking law changes
|
Full Bill Text |
All Actions | Available Summaries | Senate Home Page | List of 1999 Senate Bills
Current Bill Summary
HCS/SCS/SB 386 - This act makes the following changes
relating to financial institutions:
Section 95.530 - Requires any financial institution acting
as a depository or custodian of public funds of various entities
which handles collection, management, investment or disbursement
of governmental funds for the City of St. Louis to report
annually to the city's Fund Committee;
Section 143.471 - Specifies the formula to be used to
calculate the pro rata share of the tax credit for bank tax paid
by S Corporation shareholders of bank and bank holding companies.
A shareholder may carry forward the tax credit for up to five
years.
Section 164.161 - Removes the current limit on disposing of
urban school district bonds at no less than ninety-five percent
of par value.
Section 362.077 - Requires any state bank, trust company or
national bank which is in existence in another state but is
relocated to Missouri to calculate the age of its bank charter as
of the date the charter is moved to Missouri. That charter must
be at least five years old before the bank or trust company is
permitted to engage in an interstate acquisition or merger if the
result is the merger or relocation to another state with Missouri
branches remaining. This section is identical to SB 456.
Section 362.247 - Allows bank or trust company directors who
are not physically present at a meeting to be counted towards a
quorum under the following conditions:
(1) The bank or trust company has a composite rating of 1
or 2 under the Capital, Assets, Management, Earnings, Liquidity
and Sensitivity Rating System;
(2) The board meeting is not attended by representatives of
the bank or trust company state or federal bank regulator; and
(3) Any director not physically present has to have signed
an affidavit that the director received formal notice of the
meeting and meeting information and that he or she was alone
during the participation in the meeting.
Failure to follow these procedures can result in enforcement
action by the Division of Finance.
Section 362.275 - Current law requires every regular meeting
of boards of directors for bank and trust companies to have lists
of loans and related information submitted. This act allows
debtors' information to be redacted or masked by code for
directors not physically present at the meeting. A board of
directors is authorized to ratify a poll taken by senior officers
of the company on any issue in need of immediate action and
ultimate board approval under certain conditions.
Section 362.550 - Permits trusts or other fiduciary
instruments to specify, by reference to this section, that the
trustee or other fiduciary does not have the authority to invest
in mutual funds.
Section 362.610 - Makes a technical change to reflect the
fact that federal law now permits out-of-state banks to merge
with a national bank headquartered in Missouri.
Section 362.925 - Deletes statute authorizing state bank
holding companies to acquire control of Missouri banks or bank
holding companies if reciprocal conditions are met in the
adjoining state. Section 362.930 removes the reference to the
deleted section.
Section 365.020 - Includes within definition of "principal
balance" for purposes of the Missouri Motor Vehicle Time Sales
Law any amounts paid or to be paid under an agreement to
discharge a security interest, lien or lease interest on property
traded in. Bailment contracts are removed from the definition of
"retail installment contract".
Section 365.200 - Allows, for any motor vehicle not subject
to the Motor Vehicle Time Sales Law, a seller to include in the
contractual time sale the outstanding balance of a prior loan or
lease of a motor vehicle used as a trade in. A seller must first
qualify as a retail seller under the time sales law.
Section 370.107 - Removes the existing fee schedule for
credit unions which support the Division of Credit Unions and
requires the Director of the Division to determine the fee, up a
maximum specified amount.
Sections 374.070-374.205 - Maintains confidentiality of work
papers of the Director of the Department of Insurance which
relate to finalized cases or matters and clarifies that an out-
of-state examination report of a foreign or alien insurer will be
accepted after January 1, 1994, only if the report meets certain
accreditation standards.
Section 375.1205-379.888 - makes several changes to the
administration of insurance receiverships. It requires a
liquidator to make early access disbursements to a guaranty
association and establishes standards for these disbursements. It
also prohibits a receiver from requiring payment from a reinsurer
based on estimated incurred but not reported losses. This portion
of the act expires on December 31, 2000.
This act excludes companies that provide commercial property
and casualty insurance from the requirements to submit certain
information for review by the Department of Insurance.
Commercial property and commercial casualty insurance policies
which meet requirements (see below) shall not be required to
submit policy forms and rating plans for review by the Department
of Insurance. To be exempt from the regulations regarding policy
forms and rating, the policyholder must either use the services
of an independent insurance advisor, or its commercial operations
must meet any two of the following six criteria: (1) 100 or more
employees; (2) Net worth of over $25 million; (3) Net revenues or
sales of over $50 million; (4) Paid aggregate annual insurance
premiums of over $50,000, excluding workers' compensation and
employer's liability insurance; (5) Is a not-for-profit or public
entity with an annual budget or assets of at least $25 million;
or (6) Is a municipality with a population over 50,000
inhabitants.
The Department of Insurance still retains authority to make
certain that the rates for commercial property or commercial
casualty policies insurance rates are not excessive, inadequate,
or unfairly discriminatory. These sections are similar to
SCS/HCS/HB 599.
Section 408.620 - Requires mortgage servicers to pay
property tax obligations from escrow accounts in one annual
payment before January 1 of the year following the year the tax
is levied.
Section 427.200 - Allows any person to hold personal
property for lease. A lease must be in writing and may be either
the functional equivalent of a loan or a true lease. The act
allows motor vehicle leases to include the outstanding balance of
a prior loan or lease of a motor vehicle used as a trade in.
Lease payments shall be considered in the nature of rent rather
than interest, and Chapter 408, RSMo, provisions do not apply.
This provision is similar to SB 248.
Section 456.040 - Current law requires deposits by personal
property lessees to be returned to the lessee or applied in
accordance with the agreement at the end of the lease term. This
act exempts from this requirement leases entered into by lessors
who are also financial institutions in commercial lease
transactions of at least $25,000.
Section 456.520 - Allows trustees to borrow money from any
person, including themselves, which will be repaid from or
secured by trust assets. Trustees are permitted to employ or
contract with certain persons if they are associated or
affiliated with the trustee.
Section 475.092 - Allows a court or other grantor to
establish an inter vivos trust for the benefit of a minor or
disabled person if, upon the person's death, the State of
Missouri is reimbursed for Medicaid expenses and any creditors
are paid amounts due for the person's care, maintenance and
support. Trustees of any trusts created prior to the effective
date of the act are not liable if the trust has insufficient
property to reimburse the State of Missouri or the creditors.
Section 475.093 - Authorizes the establishment of a trust
for the benefit of a protectee under the Missouri Family Trust
Fund provisions and for a minor and disabled person.
Section 483.310 - Allows a circuit court to have funds
collected by the court clerk, other than court costs, deposited
in savings deposits of credit unions. The funds may only be
placed in investments permitted by the State Treasurer under
constitutional provision. Deposits in excess of federal deposit
insurance limits must be secured by government securities or in
accordance with the State Treasurer's requirements.
Section 511.030 - Allows court judgments to include
affirmative or other relief for plaintiffs as well as for
defendants. If a minor or disabled person is entitled to
judgment, the court is authorized to direct or ratify any
transaction for the person's physical or financial needs.
Section 620.010 - Removes the current requirement that
credit union fees be sufficient to cover examination and
administration expenses as well as support services. This
provision, as modified, is transferred to Section 370.107.
Section 1 - Allows Subchapter S corporation shareholders of
a bank or bank holding company to take as a tax credit a pro rata
share of either the bank franchise tax or tax in lieu of the
franchise tax.
Section 2 - Prohibits any person from knowingly making or
causing to be made a false statement or obtaining unauthorized
person identifying information of another person to procure or
use a credit card or debit card. Violation of the provisions is
a Class A misdemeanor.
Section 3 - Requires the State Lottery Commission, prior to
implementing a plan to permit lottery prize winners currently
receiving annuity payments to elect a lump sum cash payment, to
submit the plan to state officials. Before being implemented the
plan must be approved by the General Assembly by concurrent
resolution and signed by the Governor.
The act has an emergency clause for certain sections.
This act is similar to SCS/HS/HB 822.
RUSS HEMBREE