Credit Unions’ Lien Priority Under Threat by Bills Filed in the House, Senate
The Missouri Credit Union Association (MCUA) is working with a coalition of trade associations and other lobbyists to prevent so called tax lien transfer bills from moving forward in the House and Senate. HB 1658 was introduced by Representative Noel Torpey (R-District 29) and SB 903 was introduced by Senator Ryan Silvey (R-District 17).
The bills would allow a third party company to pay off delinquent property taxes. In return, the third party company would receive lien priority - ahead of financial institutions. The lien priority is used by property tax lenders to leverage financial institutions into paying off the tax loan when a lender becomes delinquent on their payments.
The tax lending industry is mostly confined to the state of Texas, where it has become notorious for predatory lending. Texas passed legislation in 2007 and 2013 to better regulate the industry’s exploitative practices. However, the industry is trying to expand into other states, most notably Arizona, Georgia, Kentucky, Missouri and Nevada - to name just a few.
MCUA is actively opposing both pieces of legislation and working hard to stop the bills from moving past the committee stage.
Candidate Filing Begins
February 25 was the first day both state and federal candidates could file for the 2014 election. All members of the Missouri House and half of the members of the Missouri Senate are up for election this year. The State Auditor is the only statewide officeholder up for election in 2014. On the federal level, all U.S. House members are up for election this year. Candidates have until March 25 to file.
For a full list of filed candidates by district please click here. To find specific district numbers associated with your house, enter your address information on one of these pages: U.S. Senate, U.S. House, State Senate, State House.
Quick Update on the Missouri Legislature
This week saw both the House and Senate spend more time on the floor debating and perfecting bills. The Senate took up and debated the student transfer issue dealing with unaccredited school districts for more than 13 hours. Before the week was concluded, the Senate had Perfected, Third Read and sent the measure to the House.
The House worked it's way down the Perfection Calendar. One of the key issues it addressed was the bill to reinstate the caps on medical negligence cases.
MCUA’s Jefferson City Office Hosts Reception on Back-to-Back Nights
MCUA welcomed Representatives Dean Dohrman (R-District 51), Glen Kolkmeyer (R-District 53) and Randy Pike (R-District 126) on February 25 and the following evening welcomed Representatives Jeff Messenger (R-District 130), Lynn Morris (R-District 140) and Donna Pfautsch (R-District 33).
For the full story please click here.
Photo: Represenatives Dohrman, Pike and Kolkmeyer
Bills You Want to Know About
Click here for an overview of the bills with potential impact to credit unions. MCUA provides this information each week, and it is updated regularly as more bills are introduced and tracked.
Financial “Tip of the Week” – Understanding Credit Reports and Credit Scores
During the 2014 legislative session, MCUA is providing lawmakers with a financial “Tip of the Week” to share with their constituents. On February 27, MCUA provided tips to help consumers better understand the difference between a credit report and a credit score. Read the full tip here.
If you have any specific examples to share with legislators on this topic, please contact Amy McLard or David Kent and we will be happy to help you get that information in to the hands of the right lawmakers. MCUA Advocacy also welcomes suggestions for timely financial education/news topics with a consumer focus to share with lawmakers.