Commercial Law

HCSHB 176 – Small loan fees. Increases the amount of specified fees that a vendor of a small loan can charge. On small loans for 30 days or longer, other than open-end credit, fees are increased from up to 5% of the principal with a maximum of $75 to up to 10% of the principal with a maximum of $75. On small loans that are open-end credit contracts, fees are increased from the lesser of $25 or 5% of the credit advanced to the lesser of $75 or 10% of the credit advanced.

HCS HB 203 – Credit card disclosures. Requires specified disclosures on new credit card processing service contracts. Specifically, requires any person or entity that offers a credit card processing service to disclose the term and effective date of the contract, the amount of any monthly minimum fee, and the amount of any fee or charge for terminating the contract. Further, prohibits any person or entity of­fering this service from charging a fee of more than $50 for terminating a contract or a monthly minimum fee for more than one month after the contract has been termi­nated; makes a violation of these provisions an unfair and deceptive act under Chapter 407, RSMo.

HB 212 – Uniform Commercial Code. Changes the law regarding secured transactions under the Uniform Com­mercial Code. Among other provisions, this legislation specifies that a certificate of title includes another record maintained as an alternative to a certificate of title by the governmental unit that issues certificates of title if a statute permits the security interest to be indicated on the record as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the collateral; specifies the rules that apply to collateral to which a security interest attaches within four months after the debtor changes its location to another jurisdiction.
Further, this legislation specifies the requirements a financing statement naming an original debtor who is located in another jurisdiction must meet to be sufficient; allows a person to file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person who field the record was not entitled to do so; specifies the information that such information statement must contain; specifies when a security interest perfected immediately before this law takes effect is a perfected security interest; specifies when an unperfected security interest immediately before this law takes effect becomes a perfected security interest; and determines the priority of conflicting claims to collateral.

HB 268 – Bankruptcy exemptions. Exempts property in bankruptcy which is exempt from attachment or execu­tion under both common and statutory law of Missouri or under federal law.

HB 271 – Mortgage disclosures. Changes the laws regard­ing certain mortgage disclosures and requires any lender making a reverse mortgage loan to allow for the repay­ment of the loan after the death of the person who entered into the loan. Specifically requires a mortgage company or its loan servicing agents to fully disclose the terms of any notes or deeds of trust to any and all persons having a recorded interest in a real property within 30 days of a request or not less than 30 days prior to the start of any foreclosure proceeding; requires any authorized lender making a reverse mortgage loan to disclose the terms of the loan to any heirs of the real property within 30 days of a request or not less than 30 days prior to the start of any foreclosure proceeding, and also allow for a repayment period of at least 15 years.

HB 310 – Exemption for seniors’ residences. Establishes the Seniors’ Retirement Protection Act which specifies that up to $125,000 of the value of the primary residence of a person who is 62 years old or older will be exempt from attachment or execution.

HB 329 – Real estate loan violations. Changes the laws regarding certain residential real estate loan violations. Among other provisions relating to administrative reports under the Federal Home Mortgage Disclosure Act, this legislation repeals provisions requiring division directors to conduct a hearing where he or she has reason to believe there has been a violation based on an examination, an investigation of a complaint, a report by the financial insti­tution, or any public document or information, but retains the requirement for a hearing if the division director has reason to believe that a violation has occurred or does exist; also repeals provisions requiring certain financial institu­tions not regulated by the division directors to file a report with the Division of Finance specifying the number and dollar amount of residential real estate loans originated, purchased, and foreclosed.

HCS HB 371 – Judicial Omnibus Bill. Changes the laws re­garding judicial procedure. Among other provisions, this legislation includes:
CREDIT AGREEMENTS AND MORTGAGE ORIGI­NATORS. Requires credit agreements to be executed by both the debtor and the lender and signed by the debtor; requires one hour of Missouri law and regulations continu­ing legal education for mortgage loan originators.
EXEMPTION FOR HSAS AND INHERITED IRAS. Adds interest in health savings plans and inherited accounts to the list of exemptions in bankruptcy proceedings. *** Drafted by The Missouri Bar Probate & Trust Law Committee and approved by the Missouri Bar Board of Governors as Bar-drafted legislation. (For a complete summary of the provi­sions in this omnibus bill, see Judicial Administration).

HB 375 – Credit agreements. Requires credit agreements to be executed by both the debtor and the lender and signed by the debtor.

HCS HB 446 / HB 211 – Local laws regarding real estate loans. Changes the laws regarding the enforcement and servicing of real estate loans. Specifically, this legislation prohibits any local law or ordinance from modifying or delaying any rights or obligations, imposing fees or taxes, requiring payment of fees to any government contractor related to any real estate loan agreement, mortgage, deed of trust or other security instrument or affecting the en­forcement and servicing of a real estate loan.

HB 447 / SB 100 – Exemption for inherited IRAs and HSAs. Adds interest in health savings plans and inherited accounts to the list of exemptions in bankruptcy proceed­ings. *** Drafted by The Missouri Bar Probate & Trust Law Committee and approved by the Missouri Bar Board of Gov­ernors as Bar-drafted legislation.

SB 442 – Assignment of property tax liens. Allows a prop­erty owner to authorize a collector to assign a property tax lien to a third party.

Index of Bills by Subject Matter

Key
  • CCS - Conference Committee Substitute
  • HB - House Bill
  • HCS - House Committee Substitute
  • HS - House Substitute
  • HJR - House Joint Resolution
  • SB - Senate Bill
  • SCS - Senate Committee Substitute
  • SS - Senate Substitute
  • SJR - Senate Joint Resolution
  • * - Missouri Bar Committee-Drafted Legislation
 

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