All Roll Calls
Yes: 29 • No: 0
MissouriSB982025 Regular SessionSenateWALLET
Modifies various provisions relating to financial institutions
Sponsored By: Sandy Crawford (Republican)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
15 provisions identified: 8 benefits, 2 costs, 5 mixed.
Tax breaks for estates and trusts
For tax years beginning January 1, 2026, or later, Missouri estates and trusts get a new income subtraction. It covers income Missouri excludes when treating the estate or trust as a nonresident. Only amounts that do not determine federal distributable net income qualify. Resident estates and trusts also get a credit for income taxes paid to another state, its local governments, or Washington, D.C. That credit applies only to the extent income is excluded through this subtraction.
Stronger safeguards for crypto kiosk customers
Virtual currency kiosks must explain risks and account terms before a customer's first transaction, including the lack of federal deposit protection. They must show fraud warnings before every transaction and provide receipts showing fees, applicable exchange rates, transaction details, and refund policies. Operators must use blockchain screening against wallets known to be linked to fraud and maintain written anti-fraud policies. A governing-body-approved policy must identify customers at risk because of age or mental capacity. Live help must be available at least Monday–Friday, 8 a.m.–10 p.m., with a toll-free number displayed.
Clearer financing costs for Missouri businesses
Covered providers must give one standard disclosure by closing, showing funds provided and disbursed, total payments, dollar cost, payment terms, and prepayment costs or discounts. Coverage generally starts above five Missouri business deals yearly; exemptions include deals over $500,000, banks, real-estate-secured financing, and leases. Financing facilities may use one example based on $10,000 in receivables. Only the Attorney General enforces the law: fines are $500 per incident, capped at $20,000 for violations from the same transaction materials; after written notice of a prior violation, they rise to $1,000 and $50,000. The law creates no private lawsuit right; requirements start six months after final rules if the division intends to issue rules, otherwise February 28, 2025.
New criminal penalties for account fraud
The law creates a crime for using fraud or coercion to take or move money controlled by financial institutions or customers. Fraud involving less than $500 is a class B misdemeanor. At $500 or more, felony levels range from class E to class B based on culpability. Those levels distinguish criminal negligence, recklessness, knowing conduct, and purposeful conduct. The Attorney General has enforcement authority.
Banks can report suspected customer exploitation
Banks and credit unions may report suspected fraud or financial exploitation targeting their customers or members. Reports can go to federal, state, or local law enforcement, or an appropriate public protection agency. Institutions are protected from civil liability for making these reports. Reporting is allowed, not required.
Banks gain more stock issuance options
Missouri bank corporations can authorize additional shares or different stock classes in their formation documents. Issuance must follow state corporate procedures. Terms and procedures must be acceptable to the finance director, with required state notices or approvals.
Payroll agents gain a licensing exemption
Payroll agents are exempt from state money-transfer licensing when a written agreement appoints them to process payments for the payor. The payor must tell employees and other payees that the agent acts on its behalf. If the agent fails to send the money, the payor still owes the payees.
Real-time payments qualify for settlement funds
Qualifying real-time payments, including RTP and FedNow, count as certified funds in covered settlements. The settlement agent must receive written confirmation from a financial institution that collected funds reached the agent's account. Wire transfers count as received when the agent or its bank receives them unconditionally.
Inactive accounts lose specific statutory protections
The law repeals specific requirements for inactive consumer deposit accounts. The former rules required notice about inactivity fees and annual statements after at least 12 months without activity. They allowed a service fee of up to $5 for those statements. The repealed rules also required transfer to the state's abandoned-fund account after five years without activity.
Business financing brokers face registration costs
Paid commercial financing brokers must register with Missouri's Division of Finance before doing business. Registration costs $100 initially, with a $50 yearly renewal due by January 31. Brokers must maintain a $10,000 surety bond payable to the state, with liability limited to actual damages. Employees working within their jobs for compliant brokers do not need separate registration or bonding. Requirements start six months after final rules if the division intends to issue rules; otherwise, the start date is February 28, 2025.
Bank reports available directly to customers
Customers can request paper or electronic copies of their bank's or trust company's regular periodic reports filed with state regulators. Banks and trust companies must provide those copies. They no longer have to publish the reports in a newspaper.
Optional account contacts with liability limits
Banks and credit unions may offer programs letting customers name one or more trusted contacts; offering a program is optional. They may contact those people about unresponsive customers, emergencies when customers cannot be located, suspected exploitation, or dormant-account checks. Accounts may include transaction limits and limited activity viewing; participants and contacts may withdraw from the designation. Institutions have civil-liability protection for offering or not offering programs and for covered actions or omissions. Protection for declining contact, and for trusted contacts' conduct, requires good faith and reasonable care.
Campaign cards allowed with spending safeguards
Committees can use cards in their name with treasurer, deputy treasurer, or candidate approval; credit-card bills must use the official account. Non-in-kind spending over $50 requires a check, authorized electronic payment, or committee credit card. Cash spending is capped at $50 per purchase and the lesser of $5,000 or 10% of annual spending. Organization filings must identify credit-card issuers and account numbers, and campaign reports must total electronic spending. Committees must keep card statements and spending agreements, recording dates, amounts, payees' names and addresses, and purposes.
Crypto kiosks face licensing and oversight
Virtual currency kiosk operators need money-transmitter licenses; unlicensed operators must apply within 60 days after the section takes effect. Timely applicants can operate during review, but denied applicants must stop until licensed. Operators need approved written compliance policies and qualified, full-time compliance and consumer protection officers; neither officer may own more than 20%. Operators must report locations quarterly and provide records and compliance evidence reasonably required by the finance director. Regulatory and investigation records are confidential, but specified operator contact details, registered-agent addresses, and final violation orders may be public.
Banks can pool public deposit collateral
Authorized banks can secure uninsured government deposits through one pool of eligible securities instead of separate pledges for each government. The pool must always be worth at least 102% of deposits above federal insurance coverage. A Missouri administrator appointed by the finance director must be in place. Participating banks pay administration fees, and the administrator may need a bond of up to $100,000. The law sets rules for holding, valuing, replacing, and selling collateral if a bank fails.
Sponsors & Cosponsors
Sponsor
Sandy Crawford
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 4/29/2025
Reported Do Pass
Yes: 8 • No: 0
House vote • 4/24/2025
Reported Do Pass
Yes: 8 • No: 0
House vote • 4/3/2025
Reported Do Pass
Yes: 13 • No: 0
Actions Timeline
Delivered to Secretary of State (G)
7/10/2025Approved by Governor (G)
7/10/2025Delivered to Governor
5/30/2025Signed by House Speaker
5/29/2025HouseTruly Agreed To and Finally Passed
5/1/2025Reported to the Senate with... - House Amendment No. 1, House Amendment No. 2, House Amendment No. 3, House Amendment No. 4, House Amendment No. 5, House Amendment No. 6, House Amendment No. 7, House Amendment No. 8 and House Amendment No. 9
4/29/2025HouseThird Read and Passed with Amendments - House Amendment No. 1, House Amendment No. 2, House Amendment No. 3, House Amendment No. 4, House Amendment No. 5, House Amendment No. 6, House Amendment No. 7, House Amendment No. 8 and House Amendment No. 9
4/29/2025HouseTitle of Bill - Agreed To
4/29/2025Taken Up for Third Reading
4/29/2025HouseReported Do Pass - AYES: 8 NOES: 0 PRESENT: 0
4/29/2025HouseVoted Do Pass
4/29/2025HouseExecutive Session Completed
4/29/2025HouseReferred: Fiscal Review
4/24/2025HouseReported Do Pass - AYES: 8 NOES: 0 PRESENT: 0
4/24/2025HouseVoted Do Pass
4/23/2025HouseExecutive Session Completed
4/23/2025HouseReferred: Rules - Legislative
4/10/2025HouseReported Do Pass - AYES: 13 NOES: 0 PRESENT: 0
4/3/2025HouseVoted Do Pass
4/2/2025HouseExecutive Session Completed
4/2/2025HousePublic Hearing Completed
3/26/2025HouseReferred: Financial Institutions
3/19/2025HouseRead Second Time
2/28/2025HouseReported to the House and First Read
2/27/2025House
Bill Text
Truly Agreed to and Finally Passed
5/1/2025
Introduced
Perfected
Senate Committee Substitute
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