Commercial Law

CCS/HCS/SB 23 – Eliminates state and local sales tax on motor vehicles and specifies that a sales tax is to be collected for the titling of such property. (See Taxation Law)

*CCS/HCS/SB 100 – Provides that a credit agreement must be executed by both the debtor and the lender for a debtor to maintain an action upon or defense related to the credit agreement.

Requires licensed mortgage loan originators to complete one hour of continuing education in Missouri law and regulations, as part of the eight hours of education necessary to maintain licensure.

*Bankruptcy Proceedings Exemptions – Under current law a person, either as a participant or a beneficiary, can exempt from attachment in bankruptcy proceedings the right to receive money from a retirement or profit–sharing plan. This act includes a person’s interest in health savings plans and inherited accounts to this list of exemptions. (This provision drafted by The Missouri Bar’s Probate and Trust Law Committee and approved by the Board of Governors). (See also Judicial Administration) (Signed 7/2/13)

SS/SCS/SB121 – Includes numerous changes relating to the sale of alcohol under certain circumstances. (Signed 6/12/13)

SCS/SB 126 – States that Missouri licensed pharmacies cannot be required to carry or maintain an inventory of any specific drug or device. (Signed 6/27/13)

HCS/SB 148 – Modifies various provisions relating to the regulation of salvage motor vehicles. (See Motor Vehicles & Transportation Law)

CCS/HCS/SCS/SB 157 & SB 102 – Modifies provisions relating to the disposition of personal property, including the sale of precious metals, scrap metal and donated goods receptacles. (Signed 6/26/13)

SB 235 – Revises current laws that require the directors of the Division of Finance and the Division of Credit Unions to examine and determine the number and total dollar amount of residential real estate loans originated, purchased, or foreclosed and the number of residential real estate loan applications denied by financial institutions with offices in certain counties or cities. (Signed 5/17/13)

SCS/SB 254 – Increases the credit advance fee a lender may charge on certain open–end credit contracts. (Signed 7/12/13)

SCS/SB 324 – Regulates the offer and dissemination of travel insurance and establishes a limited lines travel insurance producer licensure system. (Signed 5/16/13)

CCS/HCS/SB 342 – Allows the Department of Agriculture to contract with an internet development company to build and maintain the Missouri International Agricultural Exchange website to promote Missouri agricultural products and services to international buyers.

Increases the authority of the Missouri Agricultural and Small Business Development Authority to issue loans for livestock fee and crop input to individuals from $40,000 to $100,000.

Affects alien or foreign business ownership of agricultural land – (See summary of similar provisions under Business Law, CCS#2/HCS/SCS/SB9) (Vetoed 7/2/13)

SS/SB 357 – Changes provisions relating to liens involving the rental of machinery or equipment to others. (Signed 6/28/13)

SS/HCS/HB 58 – Governs the responsibility of vendors for selling portable electronics insurance. This act contains an emergency clause. (Signed 6/25/13)

SS#2/SCS/HB 116 – Modifies provisions relating to government audits. (See State Government & Elections Law)

HB212 – Modifies Uniform Commercial Code (U.C.C.) sections relating to secured transactions and funds transfers. (Signed 6/25/13)

HB 316 – Extends the expiration date for the Division of Tourism Supplemental Revenue. Fund to June 30, 2020. (Signed 6/27/13)

SCS/HB 329 – Currently, trust companies, including private trust companies, are examined by the Director of Finance every twelve or eighteen months. This act provides that private trust companies will be examined at least once every thirty–six months.

Increases fees lenders may charge on certain open-end and non-open-end credit loans.

Changes provisions relating to state oversight and regulation of certain residential real estate loans.

*Under current law, a person, either as a participant or a beneficiary, can exempt from attachment in bankruptcy proceedings the right to receive money from a retirement or profit–sharing plan. This act includes a person’s interest in health savings plans and inherited IRA’s to this list of exemptions.

*Note: The language in this section of the bill was drafted by the bar’s Probate & Trust Law Committee. (See also Probate Trust & Elder Law) (Vetoed 7/2/13)

CCS/SS/SCS/HCS/HBs374 & 434 – Includes bar drafted provisions relating to bankruptcy exemptions summarized under HB 329, supra. (See also Judicial Administration)

HCS/HBs 446 & 211 – Establishes that the enforcement and servicing of secured real estate loans shall be governed only by state and federal law. Local laws may not affect any rights, or obligations of or impose fees related to such loan agreement. (Effective pursuant to Article 3, Section 31 of Missouri Constitution, 7/14/13)

HB478 – Modifies the manner in which credit union shares may be issued and paid. (Signed 6/28/13)

HB510 – Modifies the law relating to limited liability companies (LLCs). (See Business Law)