MBA Legislative Update masthead
March 15, 2024


The Missouri General Assembly has adjourned for its annual spring break, and eight weeks remain in the 2024 legislative session when lawmakers return Monday, March 25. At this unofficial halfway point, MBA priority bills are in good position. In the last two weeks, the Missouri Senate was able to send 10 bills to the House. However, there are several challenges awaiting legislators when they return.

MOBUCK$ Cap Increase Progressing Through Legislative Process

Bills to increase the cap on the state treasurer’s investment in the MOBUCK$ program from $800 million to $1.2 billion have been approved by their respective chambers, increasing the chances one will reach the governor’s desk. If an increase is approved, it will go into effect Aug. 28. We appreciate the work of Sen. Sandy Crawford, R-Buffalo, and Rep. Terry Thompson, R-Lexington, as they usher Senate Bill 736 and House Bill 1803 through the process.

Chambers To Debate Measures On Consumer Loans

Legislation to allow banks to pass through to consumers the cost of credit reports on consumer loans is poised for floor debate by the House and Senate. House Bill 2086, sponsored by Rep. Michael O’Donnell, R-St. Louis, has received first round approval by the House and needs one more vote before moving on to the Senate. Senate Bill 835, sponsored by Crawford, is ready for consideration by the Senate. These bills also include two updates that remove outdated provisions from state law.

House Committee Approves UCC Updates

Updates to the Uniform Commercial Code were approved by House committees this week. House Bill 2780, sponsored by Rep. Justin Hicks, R-Lake St. Louis, would adopt 2022 updates to the UCC and includes an explicit prohibition on the use of central bank digital currency in Missouri. The bill will soon be available for debate by the full House.

MBA-Supported Legislation Advances

Other bills supported by MBA that advanced this week follow.

  • A bill to terminate Missouri’s residential Property Assessed Clean Energy (R-PACE) program was approved unanimously by the House Committee on Local Government. House Bill 2756 is sponsored by O’Donnell. R-PACE loans are often predatory and take first lien position in the same manner as property taxes, ahead of a first mortgage. The bill does not affect commercial PACE.
  • Changes to the Missouri Family Trust Company Act were approved by the House Committee on Financial Institutions. House Bill 2798, sponsored by O’Donnell, moves the oversight of family trust companies from the Office of the Secretary of State to the Missouri Division of Finance and ensures appropriate compliance standards are maintained.
  • House Bill 2526, sponsored by Rep. Bill Owen, R-Springfield, was heard in the House Committee on Financial Institutions. The bill would update the process for municipalities to select a depository institution.

Lawmakers Expected To Begin Budget Debates

When the legislature reconvenes, the House is expected to begin floor debate on the state budget. This is a late start compared to most years, especially considering the Senate will likely take longer than usual to complete its work on the proposed budget because of rifts among Republican senators. Other controversial issues also will spur more Senate filibusters and slowdowns, including renewing the federal reimbursement allowance, defunding Planned Parenthood and reforming initiative petition.

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MBA Job Board

Visit MBA's Job Board to learn more about these exciting opportunities.
  • Southern Bank, headquartered in Poplar Bluff, is hiring a Community Reinvestment Act officer. The CRA officer could be located at any of Southern Bank’s branches within its footprint, subject to office availability.
  • Mid America Bank in Wardsville is hiring a chief operating officer to oversee its core operations, retail branch operations, deposit operations, loan operations and digital banking operations.
  • The Bank of Prairie Village in metropolitan Kansas City has opportunities for a credit analyst and banking associate to join its team.