HCS/SS/SB 852 & 913 - This act incorporates many revisions to current law related to banking, investing and extension of credit.

For purposes of the petroleum storage tank insurance fund, creditors of tank owners or possessors of security interests on the owner's property may become successors in interest on both above ground and underground storage tanks.

Employees of the Division of Finance shall maintain the confidentiality of information revealed during the bank examination process. Such information can only be disclosed in court proceedings relating to the soundness of the financial institution, a criminal proceeding or upon court order. Testimony provided consistent with a disclosure exception shall not give rise to causes of action for libel, slander or defamation.

Stockholders of a bank or trust company may approve business by proxy and cancel a meeting if: (1) stockholders receive notice of the meeting and proxy; (2) stockholders have the option to approve or disapprove the cancellation; (3) eighty percent or more of the stock is voted by proxy; and (4) all voting stockholders vote in favor of cancellation. Effective dates for directors' elections, corporate structure changes and other changes requiring stockholder approval must be clearly stated.

Sections 362.245 and 362.250, RSMo, are amended to remove the requirement that members of the board of directors of a bank or trust company must be stockholders in the corporation and to clarify that a director who does not own stock in the financial institution is entitled to the same rights and privileges as directors who own stock.

Lenders issuing credit cards under Section 408.100 or Section 408.200, RSMo, would be allowed to charge additional fees that are authorized by the statutes of a contiguous state. The lender must obtain the approval of the Director of Finance or the lender's principal regulator prior to charging the fee. Currently, only one Missouri lender issues applicable credit cards.

Entities issuing credit cards are prohibited from filing derogatory credit reports against the holder of a card solely because the holder has paid the outstanding balance prior to the payment due date.

Section 301.640 relating to certificates of ownership on motor vehicles and trailers is clarified to require a lienholder to remit the certificate to the owner or subsequent lienholder within ten business days of satisfaction of the lien. Failure to remit the certificate in a timely manner will result in a minimum penalty of $25, with such amount doubling up to a maximum of $500 for each ten day period the lienholder fails to comply.

Sections pertaining to accounts within the Missouri Family Trust Fund are modified to reflect that the amount attributable to a life beneficiary is now the "principal balance" as opposed to the "original contribution".

The State Treasurer is authorized to reallocate up to 50% of the initial allocations pursuant to the linked deposit program contained in section 30.753. Reallocation may only occur if the demand for a particular category of deposit exceeds the initial allocation, and another type of deposit is not in demand and available. Previously, the Treasurer could only reallocate 10% of initial allocations.

The definition of an insurance "administrator" in section 376.1075 is amended to include an adjuster who is either licensed by Missouri or is working on behalf of a licensed workers' compensation insurer.

Liens for delinquent assessments on condominium units are given priority over all other liens except those that were recorded prior to the delinquency and government obligations. Liens less than, or equal to, six months' assessments must be satisfied prior to the refinancing of the unit or any subsequent second mortgage.

These provisions are also contained in SB 903.
DENISE GARNIER