Bill > SB1546

This bill creates new provisions for financial institutions in Missouri, specifically by adding sections 361.1200 and 362.1200 to state law. Section 361.1200 prohibits any "person" (defined broadly to include individuals, corporations, and even federally chartered banks that accept state deposits) from discriminating against another person or a "trade association" (a non-profit organization representing businesses, like those in the firearms industry) by refusing, terminating, or discriminating in the provision of "financial services" (any service or product offered by a regulated financial entity) solely because that person or trade association is lawfully engaged in the commerce of firearms or ammunition products. The Attorney General is empowered to investigate violations and bring legal action to stop such discriminatory practices, seeking civil penalties of up to $10,000 per violation, plus expenses and attorney fees. Section 362.1200 provides that a "financial institution" (banks, credit unions, etc.) will not be held civilly liable under state law for actions or omissions made in compliance with or good faith reliance on any "written guidance" (rules, regulations, or official interpretations) from a "regulatory agency" (state or federal bodies overseeing financial institutions), even if that guidance is later changed or found invalid, unless the institution engaged in fraudulent or intentional misconduct. This protection applies to various areas, including mortgage disclosures, overdraft practices, and digital accessibility, and does not override federal law or the authority of regulatory agencies to bring enforcement actions.

Business and Industry

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=627696