HB 478, a bill modernizing the Missouri Credit Union Statute dealing with joint accounts, is moving forward in the Missouri House of Representatives. The House Financial Institutions Committee unanimously voted HB 478 out of committee as a consent bill on March 6. Representative Paul Wieland (R-District 112) is the bill’s sponsor.
The Missouri Credit Union Association testified in support of the bill during the committee hearing.
“We are very pleased HB 478 was voted out of committee,” says Peggy Nalls, MCUA Chief Advocacy Officer. “This section of the statute hasn’t been updated since 1959. It is past time we bring our statute up to date with other financial institutions and this legislation does that.”
Consent bills are considered non-controversial and have an opportunity to move through the House more quickly. If there are no objections, HB 478 will be “perfected” after five legislative days and put on the calendar for its third reading and vote by Missouri House members. This could take place as soon as April 1, as the Missouri General Assembly was not in session March 18-22.
MCUA will provide updates as HB 478 moves through the legislative process.