HB1942 Changes certain financial institution laws.
Sponsor: Liese, Chris (85) Effective Date:00/00/0000
CoSponsor: LR Number: 4386L.03C
Last Action: COMMITTEE: BANKS AND FINANCIAL INSTITUTIONS
02/22/2000 - HCS Reported Do Pass (H)
HCS HB 1942
Next Hearing:Hearing not scheduled
Calendar:HOUSE BILLS FOR PERFECTION
Position on Calendar:013
ACTIONS HEARINGS CALENDAR
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Available Bill Summaries for HB1942 Copyright(c)
* Committee * Introduced

Available Bill Text for HB1942
* Committee * Introduced *

BILL SUMMARIES

COMMITTEE

HCS HB 1942 -- BANKING

SPONSOR:  Liese

COMMITTEE ACTION:  Voted "do pass" by the Committee on Banks and
Financial Institutions by a vote of 23 to 0.

This substitute contains numerous provisions relating to
banking.  The substitute:

(1)  Establishes a fee of $2.50 for each notice of lien
processed by agents of the Department of Revenue;

(2)  Requires that a notice of lien on a motor vehicle, boat,
personal watercraft, outboard motor, or trailer contain the name
and address of the owner, a description of the item, including
any identification number, and other information prescribed by
the Department of Revenue.  Minor, non-misleading errors are
allowed in a notice of lien;

(3)  Allows lienholders to secure future advances on existing
liens on motor vehicles, boats, personal watercraft, outboard
motors, and trailers if the lienholder files a notice reflecting
the intent to secure future advances.  Liens to secure future
advances are perfected in the same time and manner as any other
lien.  Proof of liens to secure future advances is maintained by
the Department of Revenue;

(4)  Allows bank and trust companies to operate in the same
manner as other corporations when banking statutes do not
address matters relating to the internal affairs of bank and
trust companies;

(5)  Requires that notification for annual bank stockholders
meetings be provided by first class mail to each stockholder
rather than through mail and publication in a local newspaper;

(6)  Allows state-chartered bank and trust companies to
establish subsidiaries not limited to a corporate form;

(7)  Allows foreign corporations to open trust representative
offices in Missouri on a reciprocal basis with state-chartered
bank and trust companies.  These offices are not considered
branches;

(8)  Allows bank holding companies to become financial holding
companies upon compliance with federal law;

(9)  Requires persons requesting records from a savings and loan
association for a civil court case to reimburse the association
$15 plus $0.35 per page, and to pay reasonable expenses if an
association officer must appear in court or at a deposition;

(10)  Establishes an optional standardized form for granting
durable power of attorney for real estate transactions, account
transactions, stock and bond transactions, tangible personal
property transactions, safe deposit box transactions, insurance
and annuity transactions, retirement plan transactions, tax
matters, borrowing transactions, and estate transactions;

(11)  Excludes fees charged for necessary services performed in
connection with residential real estate loans and second
mortgages from the determination of annual percentage rates; and

(12)  Updates the statutes relating to garnishments.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill updates and improves
many provisions related to banking and responds to recent
changes in federal law.  The bill also provides a useful
standardized form for granting durable power of attorney.

Testifying for the bill were Representative Liese; Missouri
Bankers Association; Missouri Association of Insurance Agents
and Brokers; Missouri League of Financial Institutions; and
Missouri Independent Bankers Association.

OPPONENTS:  There was no opposition voiced to the committee.

Terry Finger, Senior Legislative Analyst


INTRODUCED

HB 1942 -- Banking

Sponsor:  Liese

This bill contains provisions relating to banking.  The bill:

(1)  Establishes a fee of $2.50 for agents of the Department of
Revenue for notice of a lien processed;

(2)  Requires that lien notices on motor vehicles, boats,
personal watercraft, outboard motors, and trailers contain the
name and address of the owner, a description of the vehicle,
including the identification number, and other information
prescribed by the Department of Revenue;

(3)  Allows lienholders to secure future advances on existing
liens on motor vehicles, boats, personal watercraft, outboard
motors, and trailers if the lienholder files a notice reflecting
the intent to secure future advances.  Liens to secure future
advances are perfected in the same time and manner as any other
lien.  Proof of liens to secure future advances is maintained
with the Department of Revenue;

(4)  Allows banks and trust companies to operate in the same
manner as other corporations when dealing with matters not
relating to the internal affairs of a bank and trust company
organized under Chapter 362, RSMo;

(5)  Requires that the notification for annual bank stockholders
meetings be done by first class mail;

(6)  Allows state-chartered banks and trust companies to
establish subsidiaries and offer the same products and services
offered by national banks;

(7)  Allows foreign corporations to open trust representative
offices.  These offices will not be considered branches;

(8)  Establishes a standardized form regarding durable power of
attorney, known as the "Missouri Statutory Short Form Durable
Power of Attorney for Property and Accounts Act."  The act
contains certain categories of powers, those being, real estate
transactions, account transactions, stock and bond transactions,
tangible personal property transactions, safe deposit box
transactions, insurance and annuity transactions, retirement
plan transactions, tax matters, borrowing transactions, and
estate transactions;

(9)  Excludes fees charged for necessary services performed in
connection with residential real estate loans and second
mortgages from the determination of annual percentage rates; and

(10)  Updates the statutes relating to garnishments.

The bill contains penalty provisions.


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