DEPOSITORY INSTITUTIONS FOR MUNICIPALITIES

(Sections 110.075, 95.280, 95.285, and 95.355)

This act provides that municipalities shall select a municipal depository with a state-chartered or federally chartered banking institution through a competitive process. Each municipality shall develop requirements for a request for proposals, as provided in the act, to provide to banking institutions interested in becoming a municipal depository.

The governing body of a municipality shall select a banking institution and shall enter into a contract outlining the terms and conditions of the depository relationship.

Finally, this act repeals provisions relating to procedures for third and fourth class cities selecting banking institutions to be depositories for the municipality.

These provisions are identical to SB 1292 (2024).

REAL ESTATE LOANS - AGRICULTURE ACTIVITY

(Section 408.035)

Current law prohibits parties from agreeing in writing to any rate of interest, fees, and other terms and conditions in connection with any loan of less than $5,000 secured by real estate used for agricultural activity. This act repeals that prohibition.

CHARGES FOR COST OF CREDIT REPORTS

(Section 408.140)

The act permits lenders making loans pursuant to the Missouri Consumer Loan Act to charge consumers for the cost of a credit report.

REAL ESTATE TRANSACTIONS - WOMAN'S STATUS AS WIFE

(Section 442.210)

A provision of law is repealed requiring description of a woman's status as "wife" when executing a certificate of acknowledgment form in the course of a real estate transaction with her husband.

Provisions of this act are identical to HCS/HB 2086 (2024).

SCOTT SVAGERA