- House Committee Substitute -

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.

DENISE GARNIER