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April 19, 2024

Lawmakers Pass Measure To Increase MOBUCK$ Cap

MBA-priority legislation to increase the cap on the state’s linked-deposit program, also known as MOBUCK$, is heading to the governor’s desk after the Senate unanimously approved the measure Thursday. House Bill 1803, sponsored by Rep. Terry Thompson, R-Lexington, and carried in the Senate by Sen. Sandy Crawford, R-Buffalo, would increase the cap from $800 million to $1.2 billion. If approved by Gov. Parson, the bill will take effect Aug. 28.

“This is a significant win for Missouri farmers and business owners,” said MBA Senior Vice President David Kent. “We thank Rep. Thompson and Sen. Crawford for their leadership in guiding the bill through the legislative process, as well as state Treasurer Vivek Malek.”

Kent also credits MBA members for their efforts in the bill’s passage.

“Our members were key to this bill’s success,” Kent said. “In their discussions with their state lawmakers, they emphasized the importance of increasing the cap to ensure Missouri farmers and small business owners can access credit at lower rates to support their operations.”

House Bill 1803, approved by the House in February, is the first policy bill approved by the Missouri General Assembly in the 2024 legislative session.

Panel Discusses MBA-Priority Measure On Consumer Loans

The House Financial Institutions Committee met Tuesday to hear testimony on Senate Bill 835. The original bill includes MBA-priority legislation that allows banks to pass the costs of credit reports on consumer loans to customers. MBA expects the bill will take on several amendments when it is voted out of committee next week. The bill is sponsored by Sen. Sandy Crawford, R-Buffalo, and carried in the House by Rep. Michael O’Donnell, R-St. Louis.

House Approves MBA-Supported Bills

Several MBA-supported bills were approved by the House this week. This includes legislation to update the Uniform Commercial Code with the 2022 amendments approved by the Uniform Law Commission (House Bill 2780) and a bill to eliminate the residential Property Assessed Clean Energy program (House Bill 2756). House Bill 2780 is sponsored by Rep. Justin Hicks, R-Lake St. Louis, and House Bill 2756 is sponsored by Rep. Michael O’Donnell, R-St. Louis.  Both bills now head to the Senate for further debate.

Other Bills of Interest

  • House Bill 2385, sponsored by Rep. Ben Keathley, R-Chesterfield, was heard in the Senate Emerging Issues Committee. This bill would ban a local government from prohibiting a landlord to use credit history or criminal records when leasing to a tenant.
  • House Bill 1886, sponsored by Rep. Rudy Veit, R-Wardsville, was approved by the House. This bill includes several provisions, including the “Missouri Electronic Wills and Electronic Estate Planning Documents Act.”
  • Senate Bill 735, sponsored by Sen. Bill Eigel, R-St. Charles, was given first round approval in the Senate. This bill would require state agencies to accept gold/silver as a form of payment.
  • Senate Bill 894, sponsored by Sen. Travis Fitzwater, R-Holts Summit, was heard in the House General Laws Committee. This bill includes the Right-to-Start Act and the Regulatory Sandbox Act.

The Missouri General Assembly returns next week to begin the final stretch of the session. Just four weeks remain, and the budget must be approved by Friday, May 10, or the legislature will be called in for a special session.

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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.
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