Bill > SB97

This bill modifies various provisions related to banks and trust companies in Missouri, introducing several key changes. It establishes a new "trusted contact" framework for banks and credit unions, allowing financial institutions to voluntarily offer customers the ability to designate a contact person who can be reached in emergencies, suspected fraud situations, or when the account becomes dormant. The bill also updates regulations around bank board meetings, allowing directors to attend remotely under certain conditions and removing some previous restrictions. Additionally, the bill introduces new disclosure requirements for commercial financing transactions, mandating that providers disclose specific details about financing terms, such as total funds provided, total payments, and prepayment conditions. The legislation provides a comprehensive approach to modernizing banking practices, with provisions aimed at enhancing customer protection, operational flexibility for financial institutions, and transparency in commercial lending. The bill repeals and replaces several existing sections of Missouri law, streamlining regulatory requirements and introducing more flexible approaches to banking operations and customer interactions.

Business and Industry, Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=236