SCS/SB 102 - This act modifies provisions relating to banks, trust companies, and other financial institutions.POWER OF BANKS AND TRUST COMPANIES - REAL ESTATE
Under this act, any bank or trust company organized under Missouri law may acquire or convey real property for the purpose of leasing that property to a public entity.
SERVICES CONTRACTED FOR BY A BANK OR TRUST COMPANY
Under current law, banks and trust companies are limited in the types of services for which they can contract. This act stipulates that any bank or trust company may contract with any other bank or trust company, bank service corporation or other partnership, corporation, association or person to render or receive any banking or trust services authorized by law. Further, any entity that provides services to a bank or trust company shall be subject to examination by the Division of Finance. Banks and trust companies are also required to provide a list of all persons and entities that provide services to the bank or trust entity.
PURCHASING OF STOCK
Banks and trust companies are only permitted to purchase and hold stock in a corporation if it is the only purpose of that corporation to purchase, lease, hold, or convey real property in the same manner that the bank and trust company is permitted to deal with real property. The act further repeals a requirement that the purchase and holding of such stock receive written approval from the director of the bank or trust company.
CONVENIENCE FEES
The act further permits banks, holders of retail time contracts, lenders of certain small loans, and holders of retail installment contracts to charge a convenience fee for accepting a payment using an alternative payment channel that accepts a debit or credit card-not-present, non face to face payment, provided that:
1. The person making the payment is notified that they are being charged the fee; and
2. The convenience fee is fixed or flat.
ANNUAL EXAMINATIONS
Provisions requiring an annual examination of certain bank and trust companies are repealed by this act.
This act is similar to provisions in the truly agreed to SS/SCS/HCS/HB 292 (2017).
SCOTT SVAGERA