Commercial Law
HB 991 – Consumer loans. Limits the liability of the recipient of an offer for an extension of credit for a consumer loan through use of an unsolicited check, convenience check, or negotiable instrument.
HB 1082 – Healthcare liens. (See Health and Hospital Law)
HB 1116 – Credit information. Prohibits insurers from using credit information when underwriting insurance contracts.
HB 1117 – Expands lemon laws. Changes lemon laws to apply to boats and watercraft.
HB 1127 – Consumer protection. Provides consumer protection for computerized personal information.
HB 1131 – No-Call list. Modifies the law regarding the telemarketing No-Call List. Allows residential and business cell phone numbers to be added to the telemarketing No-Call List and changes the definition of “telephone solicitation.”
HB 1133 – Notices of pendency of lawsuits. (See Property Law)
HB 1163 – The “Identity Theft Prevention Act”. Defines “consumer,” “consumer report,” “consumer reporting agency,” “employment purposes,” “file,” and “security freeze” and establishes procedures for a person to place a security freeze on his or her consumer report. A consumer reporting agency will remove or temporarily lift a freeze upon the consumer’s request or if the consumer report was frozen due to a material misrepresentation of fact by the consumer.
HB 1166 – Modifies garnishment procedures. Provides that the court, and not the garnishee, shall be responsible for determining whether a debtor is a head of family and a resident of this state.
HB 1170 – Modifies garnishment procedures. Modifies the procedures for garnishment of moneys in bank accounts.
HB 1171 – Payday loans. Changes the laws regarding unsecured loans of $500 or less, sometimes referred to as “pay day loans,” and allows the Attorney General to maintain an action to enforce compliance.
HB 1172 – Payday loans. Modifies the requirements for lenders of unsecured loans of less than five hundred dollars.
HB 1198 – Manufactured home liens. Requires any individual owner of a manufactured home, when converting it to real property by attaching the home to a permanent foundation on real estate, to surrender the certificate of title to the Director of the Department of Revenue and to register the home with the recorder of deeds and the tax assessor for the county where the manufactured home is converted to real estate. Requires the department director to notify each lienholder of the surrender of any certificate of title for a manufactured home no later than 15 business days after receiving a certificate of title for cancellation. Allows lienholders who file timely to retain their lien in the manufactured home as real estate continuously without interruption and have priority over subsequently filed liens.
HB 1492 – High Risk Home Loan Act. Establishes the High Risk Home Loan Act which regulates the offering of high risk residential mortgage loans.
SB 573 – Child support payments. (See Family/Juvenile Law)
SB 613 – No-call list. Allows both residential and business cell phone users and fax subscribers to voluntarily sign up with the no-call list.
*HB 1717 – Establishes the Uniform Residential Mortgage Satisfaction Act. In its main provisions, the bill:
(1) Defines “address for giving a notification,” “document of rescission,” “notification,” “payoff statement,” “security instrument,” and “sign”;
(2) Allows a person recording a satisfaction or affidavit of satisfaction of a security instrument in error to record a document of rescission canceling the erroneous satisfaction. A recorded document of rescission will not affect the rights of a person that acquired interest in the property prior to it being recorded;
(3) Allows an entitled person or his or her agent to request a payoff statement from the creditor including information on the payoff amount, applicable fees, payoff calculation, daily interest charge, and payment cutoff time. If the payoff statement amount was understated, the creditor can send a corrected payoff statement in a timely fashion. However, if the entitled person reasonably relied on the original payoff amount, the creditor cannot deny its accuracy;
(4) Requires creditors to submit a satisfaction for recording stating that a secured obligation has been fully satisfied. A secured obligation cannot be fully performed until all lines of credit are terminated. If a satisfaction for recording is not submitted within 45 days of receipt, the creditor will be liable to the landowner for any actual damages caused by the failure plus an additional amount equal to the lesser of $300 per day or 10% of the original principal amount of the security instrument;
(5) Specifies that secured creditors are not liable if they established reasonable procedures to comply with their obligations, complied in good faith, and were unable to comply due to circumstances beyond their control;
(6) Allows title insurance companies and licensed attorneys to serve as satisfaction agents;
(7) Allows a satisfaction agent to submit an affidavit of satisfaction for the landowner if the secured creditor has not submitted for recording a satisfaction of a security instrument. The satisfaction agent will notify the secured creditor of his or her intent. An affidavit of satisfaction may not be completed if the secured obligation remains unsatisfied;
(8) Specifies the information that must be included in a satisfaction or an affidavit of satisfaction;
(9) Makes any satisfaction agent liable to the secured creditor for any actual damage caused by knowingly recording an affidavit of satisfaction erroneously and subject to enforcement of any criminal statute prohibiting this conduct and any punitive damages as a result; and
(10) Requires that consideration be given to the need to promote uniformity of law with respect to its subject matter among the states that enact an uniform residential satisfaction act. The act may modify, limit, and supercede the Federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001, but may not modify, limit, or supercede Section 101(c) of the federal act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any notice described in Section 103(b) of the federal act, 15 U.S.C. Section 7003(b).
Drafted by The Missouri Bar Property Law Committee based on a model act proposed by the National Conference of Commissioners on Uniform State Laws.
SB 633 – Credit risk scores. Restricts consumer reporting agency determination of credit risk scores. Prohibits a consumer reporting agency from determining the credit risk score of a resident of this state by the number of inquiries posted on a consumer’s credit files. Provides any consumer who receives a credit risk score in violation of this act the right to bring a civil action and seek injunctive relief. Authorizes the Attorney General to prosecute civil and criminal actions authorized by this act.
SB 672 - Tax increment financing law. (See Local Government Law)
SB 675 – No-call list. Modifies state’s no-call list to include wireless numbers, fax numbers, graphic imaging, or data communication, including text messaging communications.
SB 680 - Provides consumer protection for computerized personal information. Prohibits the sharing of personal financial information with any unauthorized person unless the individual consents to such. Requires a business or person that conducts business in this state and owns or licenses computerized data to disclose any breach of security of that data to any Missouri resident whose information may, or potentially may have been, acquired by an unauthorized person. Contains a penalty provision for violations. Allows for an individual to place security alerts and security freezes on their credit report, notifying any recipients of the report that the individual may have been a victim of identity theft, and prohibiting the release of the individual’s information without the express consent of the consumer. Details the obligations of consumer reporting agencies in response to this option.
SB 683 – No-call list. Allows cell phone and business users to sign up for the no-call list.
SB 737 – Consumer credit reports. Creates a system by which a consumer may request a consumer credit reporting agency to place a freeze on the consumer’s credit report. Upon such a request, prohibits the consumer credit reporting agency from furnishing the report to anyone without the consumer’s authorization. Allows the report to be furnished if it is subject to a court order, requested by an individual that the consumer has specified as eligible for receipt, or requested by a creditor of the consumer. Creates a cause of action against the consumer credit reporting agency if it fails to comply with the consumer’s request. Consumer credit reporting agencies will be liable to the consumer for actual damages, court costs, reasonable attorney’s fees, and the court will also award the consumer equitable relief to the extent necessary to restore the consumer’s credit rating and discourage future violations.
SB 762 - No-mail list. Allows businesses to voluntarily sign up for the newly created no-mail list kept and maintained by the Secretary of State’s Office.
SB 763 - Limits sale of beer. Prohibits grocery stores or convenience stores from selling individually packaged or refrigerated beer.