Bill > HB3107

This bill, by adding Section 361.1300 to Missouri law, establishes protections for financial institutions that act in good faith reliance on written guidance from regulatory agencies, which are defined as government bodies overseeing financial institutions like banks and credit unions. Specifically, a financial institution will not be held civilly liable under state law for actions taken in compliance with or good faith reliance on any applicable rule, regulation, or written guidance from a regulatory agency, even if that guidance is later changed or found invalid, unless the institution's actions involved fraudulent activity, intentional misconduct, or gross negligence. The bill also clarifies that this protection does not apply if U.S. federal law preempts it and does not limit the authority of government agencies to bring enforcement actions.