HB1400P-FINANCIAL TRANSACTIONS
Summary of the Perfected Version of the Bill

HCS HB 1400 -- FINANCIAL TRANSACTIONS (Richardson)

COMMITTEE OF ORIGIN:  Committee on Financial Institutions

This substitute changes the laws regarding financial transactions
including the investment of certain public funds, the perfection
of security interests, and residential mortgage loan brokers.

INVESTMENT OF CERTAIN PUBLIC FUNDS

Currently, political subdivisions and public entities can invest
funds not immediately needed in certificates of deposit.  The
substitute revises the provisions regarding the investment
options available by removing certificates of deposit and
replacing it with deposit account.

PERFECTION OF SECURITY INTERESTS

The substitute specifies that the filing of a financing statement
is necessary to perfect a security interest in collateral that is
inventory held for sale or lease by a person or leased by that
person as lessor and that person is in the business of selling
goods of that kind.

RESIDENTIAL MORTGAGE LOAN BROKERS

A mortgage broker making loans on manufactured or modular homes
is allowed to charge, require, or receive points or other fees
except insurance on any residential real estate loan.

A residential mortgage loan broker engaged primarily in the
business of brokering, funding, or purchasing loans that are
secured by a manufactured or modular home is allowed to be
licensed in this state without maintaining a full-service office
in Missouri.  The broker must file with his or her license
application an irrevocable consent in a form as determined by the
Director of the Division of Finance within the Department of
Insurance, Financial Institutions and Professional Registration
which provides that for any suit or action commenced against the
broker in the courts of this state, the venue will lie in
Missouri.

The division director may assess the reasonable costs of any
investigation incurred by the division which are outside the
normal expense of any annual or special examination or any other
costs incurred as a result of the broker not maintaining a
full-service office in Missouri.

FISCAL NOTE:  No impact on state funds in FY 2013, FY 2014, and
FY 2015.

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Missouri House of Representatives
Last Updated March 21, 2012 at 6:42 pm