Gov. Parson approved HB 1803, Rep. Terry Thompson’s bill, to increase the cap on the MoBuck’s program from $800 million to $1.2 billion. Additionally, SB 1359 includes the Money Modernization Transmission ACT. The act regulates money transmission, defined as any of the following:
- Selling or issuing payment instruments to a person located in Missouri.
- Selling or issuing stored value to a person located in Missouri.
- Receiving money for transmission from a person located in Missouri.
- Payroll processing services.
Money transmission does not include the provision solely of online or telecommunications services or network access. The director of the Division of Finance within the Department of Commerce and Insurance is responsible for administering this act.
With only 15 regular Senate bills and 11 regular House bills passing this year, 26 in all (this total does not include appropriations bills), MIBA got two wins. Additionally, MIBA killed legislation proffered by the credit unions to expand their footprint in the state.
With the August Primaries just around the corner, our next column will be a run-down of Primary winners and what we believe that means for MIBA moving forward.
