The Missouri House this week passed a bill that will allow the Department of Revenue to create and implement an electronic lien release system. HB 1999, sponsored by Rep. Tony Dugger (R-District 141), would allow a lienholder – including credit unions – to electronically release a lien on a motor vehicle or trailer if the lien was filed electronically. The bill passed by a vote of 148-2 and now moves to the Senate.
A number of bills concerning credit unions are continuing to move through the legislature. 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.
General Assembly Spending Less Time in Committees, More Time on the Debate Floor
With only four weeks of session remaining, Missouri General Assembly is starting to spend less time in committee hearings and more time on the floor debating bills. This is also the time of year when members start adding amendments to current bills in committee or on the House or Senate floor.
Missouri Credit Union Association's (MCUA) advocacy staff is busy monitoring and tracking amendments, in addition to the normal bills, to provide input and perspective on any potential affect they may have on credit unions.
In fact, a well-intentioned committee substitute (a bill that is amended in committee) to a House bill was introduced and voted out of a Senate committee Tuesday morning. However, the committee substitute may have negatively impacted credit unions. After discussing concerns with the Senator who introduced the committee substitute a compromise was reached and the bill will now move forward without the potentially-damaging changes.
Update on the General Assembly - Tax Cut Bill Goes to the Governor
The most significant piece of legislation addressed in the General Assembly this week was the House passing SB's 509 and 496. The bill, sponsored by Senator Will Kraus (R-District 8) (pictured), provides broad tax cuts totaling more than $350 million. The bill is being phased in over a number of years so it shows no impact in the near term.
The House heard the bill last week in committee and quickly moved it out of committee and to the floor. The House made no changes in the version passed by the Senate, so it now goes to Governor Jay Nixon for his review and consideration. SB's 509 and 496 passed the House by a vote of 102-49.
Because the bill was passed so early in the session, the Governor must take some action before the General Assembly adjourns in May. It is widely believed he will veto the bill setting the stage for an attempted veto override.
Financial “Tip of the Week” – Protect Against the Heartbleed Virus
During the 2014 legislative session, MCUA provides lawmakers with a financial “Tip of the Week” to share with constituents. This week, MCUA provided tips on how to protect against the Heartbleed computer virus. Credit unions are welcome to share these tips with members. 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.
April Events Calendar