March 1, 2024

MBA Priority Bill Gains Momentum In Senate

This week, the Missouri Senate gave first round approval to legislation that increases the cap on the state’s linked-deposit program, known as MOBUCK$. Senate Bill 736, sponsored by Sen. Sandy Crawford, R-Buffalo, raises the cap from $800 million to $1.2 billion. The bill is scheduled for a hearing in the Senate Fiscal Review Committee on Monday and, if approved, is eligible for final approval by the full Senate.

Banks use MOBUCK$ to offer certain loans at a reduced interest rate. For more information on the state’s linked-deposit program, visit the state treasurer’s website.

The Senate also gave first round approval to the “Missouri Rural Access to Capital Act.” Senate Bill 802, sponsored by Sen. Curtis Trent, R-Springfield, provides a tax credit for certain investments made in businesses located in rural areas in this state.

Bill Levels Playing Field Between Banks, Credit Unions

In the House, Rep. Dane Diehl, R-Butler, filed legislation that would help level the playing field between banks and credit unions. House Bill 2886 would impose fair lending requirements on state-chartered credit unions similar to the Community Reinvestment Act. MBA thanks Diehl for spearheading this important measure.

Committees Discuss Legislation in Hearings

Several hearings were held this week in both the House and Senate.

• Senate Bill 1007, sponsored by Crawford, was heard in Senate Judiciary. This bill adopts the Uniform Fiduciary and Income Principal Act and is supported by MBA.
• The House Financial Institutions Committee heard House Bill 1955, sponsored by Rep. Bill Hardwick, R-Dixon, which establishes “The Constitutional Money Act” to authorize the use of gold and silver as legal tender; and House Bill 1676, sponsored by Rep. Mark Matthiesen, R-O’Fallon, that would prohibit governmental agencies from testing or requiring the use of a central bank digital currency.

Next week, the following bills of interest are scheduled for committee hearings.

• House Bill 2756 sponsored by Rep. Micheal O’Donnell, R-St. Louis, would prohibit residential properties from participating in the Property Assessed Clean Energy (R-PACE) program. MBA supports this measure.
• House Bill 2780, sponsored by Rep. Justin Hicks, R-Lake St. Louis, would update the Uniform Commercial Code by adopting the 2022 amendments approved by the Uniform Law Commission. MBA supports this measure.

Candidate Filing Begins for 2024 Elections