Department News GOVERNMENTAL RELATIONS
2021 State Legislative Sessions Yields Positive Results By David Kent, Vice President of Legislative and Advocacy Programming
There is much to be proud of coming out of a positive 2021 legislative session. Te Missouri Bankers Association successfully navigated its agenda through the legislative process to pass residential Property Assessed Clean Energy reforms, updates to the consumer loan act, UCC updates and bank statute modernization. MBA also supported legislation that will usher in an electronic lien and title system by providing funds to the Missouri Department of Revenue for long-awaited technology upgrades.
Tis article highlights two of the bills — R-PACE reforms and updates to the state’s consumer loan act.
R-PACE is a form of private sector financing for energy efficiency upgrades to residential properties. Te financing is attached to the home as a property tax assessment and is paid back via the county collector. Current law that enables R-PACE financing is vague, offers very few consumer protections and no oversight. Te program has been criticized recently for overextending some homeowners for improvements they don’t need or can’t afford.
House Bill 697, the R-PACE reform bill supported by MBA, has numerous consumer protections that include ability-to- repay requirements, examination by the Missouri Division of Finance, a project cost cap, loan-to-value limits and the requirement to use an assessor’s value rather than a third-party home valuation. Te bill provides much needed reforms to a controversial financing program and is a positive step forward to ensure Missouri homeowners aren’t getting into a bad financial situation and risking their homes.
Another priority in 2021 was updates to the state’s consumer loan act. Senate Bill 106, which also includes three other provisions supported by MBA, will help streamline compliance, reduce lending costs, facilitate electronic and
8
mobankers.com
remote filing and execution of documents, and promote small business and small farm lending. See Page 10 of this issue for a more in-depth overview.
We extend a very special thank you to our bill sponsors for their assistance, support and efforts ensuring MBA legislative priorities passed in 2021 — Sens. Justin Brown, R-Rolla; Sandy Crawford, R-Buffalo; Paul Wieland, R-Imperial; and Reps. Bruce DeGroot, R-Chesterfield; Bill Owen, R-Springfield; Dan Shaul, R-Imperial; and Terry Tompson, R-Lexington. We also want to thank leadership — Senate President Pro Tem Dave Schatz, R-Sullivan; Senate Floor Leader Caleb Rowden, R-Columbia; House Speaker Rob Vescovo, R-Arnold; and House Floor Leader Dean Plocher, R-St. Louis.
Mark your calendars for MBA’s upcoming regional meetings. Te dates and locations are as follows.
• Regions 1 & 3: Aug. 24, Loews Kansas City Hotel • Region 7: Aug. 31, Drury Plaza Hotel, Cape Girardeau • Region 5: Sept. 1, Doubletree by Hilton, Chesterfield • Region 6: Sept. 2, Doubletree by Hilton, Springfield • Regions 2 & 4: Sept. 8, Courtyard by Marriott, Columbia
Regional meetings are a great opportunity to learn more about state and federal advocacy efforts, as well as hear presentations from industry leaders. For more details and to register, visit
mobankers.com. We look forward to seeing you in person!
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32
