POLITICAL SUBDIVISIONS' DEPOSIT ACCOUNTS (Section 67.085)

Currently, political subdivisions and public entities can invest funds not immediately needed in certificates of deposit. The act allows such entities to invest the funds in any deposit account. Current law also provides that the financial institution receive the same amount of deposits from customers of other financial institutions at the same time the public funds are deposited and the certificates of deposit are issued. This act requires the financial institution to receive the same amount of deposits on the same date the public funds are deposit. This section is similar to SB 813 (2012) and to a provision contained in HCS/SCS/SB 726 (2012).

DIVISION OF FINANCE EXAMINATIONS

The Division of Finance is required to establish an internal policy to ensure the professional conduct of Division employees who participate in examinations or who make determinations about the operations of persons or entities under the Division's jurisdiction. The policy shall include procedures to mitigate conflicts of interest.

SECTIONS 361.070

The act allows disclosure of facts and information obtained in the course of the Division's examinations and investigations when undergoing a state audit when the Director of Finance has entered an agreement of confidentiality with the State Auditor. Such agreement shall provide for the redaction of certain information including nonpublic personal or proprietary commercial and financial information, trade secrets, information that could prejudice the performance or security of the Division, information protected under any recognized privilege, and identifying bank information.

SECTION 361.080

These provisions are similar to SB 890 (2012) and are contained in SS/SCS/HB 1051 (2012).

PERFECTION OF SECURITY INTERESTS (Section 400.9-311)

Currently, security interests in property subject to certain federal or state filing requirements can only be perfected by following such requirements. There is an exception for property held as inventory by a person in the business of selling or leasing goods of that kind. This act removes persons in the business of leasing goods of that kind from the exception. This section is similar to HB 1153 (2012) and to provisions contained in HCS/HB 1256 (2012), HCS/SCS/SB 485 (2012), CCS/HCS/SCS/SB 635 (2012), HCS/SB 636 & HCS/SCS/SB 726 (2012).

RESIDENTIAL REAL ESTATE LOANS (Section 408.052)

Currently, mortgage loan brokers are prohibited from charging point or fees on residential real estate loans. This act creates an exception for mortgage loan brokers making loans on manufactured homes or modular units. This section is similar to HB 1309 (2012) and SB 726 (2012).

MIKE HAMMANN