Jefferson City — State Sen. Sandy Crawford, R-Buffalo, announced today two of her main legislative priorities for 2023 have been signed into law by the governor. Senate Bill 13, which included her Senate Bill 12, modifies provisions relating to financial institutions.

“I would like to thank not only the governor for signing SB 13, but my colleagues for helping to get this measure across the finish line this year,” Sen. Crawford said. “This new law is designed to streamline operations at the Missouri Division of Finance and assist banks who offer their own credit cards.”

Senate Bill 13 gives the Division of Finance authority to issue useful guidance to the industry and increase consumer lending license fees. In addition, it repeals obsolete laws and it clarifies statutes related to the division. It also clarifies financial institutions that issue their own credit cards are allowed to adapt the full terms and conditions of a contiguous states’ credit card lending law.

“As someone who spent 30 years in the banking industry, I know how these regulations can affect not only the professionals, but all of us,” Sen. Crawford said.

This new law will take effect on Aug. 28.