- Introduced -

SB 895 - This act makes a number of changes related to financial institutions and services involving financial institutions. Certain out-of-state bonds are now acceptable (Section 30.270). Articles of agreement involving a bank shall include additional information shareholder rights (Section 362.020). Banks, savings and loan associations and state savings banks are granted new powers currently permitted for national banks, federal savings and loan association and federal savings banks (Section 362.111).

Changes are made to the procedure used by a bank to become a trust company (Section 362.117). Restrictions regarding the amount of unimpaired capital lent by a bank and investment in the stock of a private corporation are amended (Section 362.170). The act changes procedures for the actions of a board of directors of a bank when immediate action is required (Section 362.275). The act makes changes to the power of a bank to appoint officers (Section 362.335).

Charges for late payment in motor vehicle installment contracts are amended (Section 365.100). New types of insurance may be sold by credit insurance agents (Section 375.065). The act also changes the perfection rights for liens on manufactured homes (Section 400.9-303 and section 700.350.5). The changes in Section 400.9-303 and Section 700.350.5 are to be considered remedial in nature.

The act changes the type and amount of fees that can be charged in small loans (Section 408.140).

The act creates a new section relating to the rights of garnishees holding property as joint tenants with rights of survivorship (Section 525.075).

JIM ERTLE