HCS HB 425 Perkins, Chad Committee
HCS HB 425 -- FINANCIAL INSTITUTIONS
SPONSOR: Perkins
COMMITTEE ACTION: Voted "Do Pass with HCS" by the Standing Committee on Financial Institutions by a vote of 13 to 0. Voted "Do Pass" by the Standing Committee on Rules- Administrative Oversight by a vote of 7 to 0.
This bill allows any entity that operates as a facility licensed or certified under Article XIV of the Constitution of Missouri to request in writing that a state or local licensing authority or agency, including but not limited to, the Department of Health and Senior Services or Department of Revenue, share the entity's application, license, or other regulatory and financial information with a banking institution. Such written request must include a waiver giving authorization for the transfer of the individualized data, information, or records and waiving any confidentiality or privilege that applies to that individualized data, information, or records.
A state or local licensing authority or agency is permitted to share the entity's information with the banking institution's state and federal supervisory agencies as well.
The recipient of any information is required to treat the information as confidential and use it only for purposes as indicated in the bill.
This bill is similar to SB 489 (2021).
The following is a summary of the public testimony from the committee hearing. The testimony was based on the introduced version of the bill.
PROPONENTS: Supporters say that the bill allows the financial institutions treasury network on the federal side to know about the licensees who do business with the marijuana industry, thereby ensuring the banking industry's right to transparency. Financial institutions can better vet the industry and those who use it. Information relating to the licensee, ownership composition and background checks information is obtained from the Department of Health and Senior Services. Missouri Division of Finance has a program that is in tandem with the Bank Secrecy Act.
Testifying in person for the bill were Representative Perkins; James Regna, Triad Bank; Missouri Credit Union Association; and the Missouri Bankers Association.
OPPONENTS: There was no opposition voiced to the committee.
Written testimony has been submitted for this bill. The full written testimony and witnesses testifying online can be found under Testimony on the bill page on the House website.