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SECOND REGULAR SESSION
SENATE BILL NO. 1546
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR TRENT.
6159S.02I KRISTINA MARTIN, Secretary
AN ACT
To amend chapters 361 and 362, RSMo, by adding thereto two new sections relating to financial
institutions.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Chapters 361 and 362, RSMo, are amended by 1
adding thereto two new sections, to be known as sections 2
361.1200 and 362.1200, to read as follows:3
361.1200. 1. As used in this section, the following 1
terms mean: 2
(1) "Financial services", any service or product 3
offered to the consumer or business market by a bank, trust 4
company, building and loan association, credit union, or any 5
other entity regulated by the division of finance; 6
(2) "Person", one or more individuals, partnerships, 7
associations, limited liability companies, corporations, 8
unincorporated organizations, mutual companies, joint stock 9
companies, trusts, agents, legal representatives, trustees, 10
trustees in bankruptcy, receivers, labor organizations, 11
public bodies, and public corporations and the state of 12
Missouri and all political subdivisions and agencies 13
thereof. Such term shall include federally chartered 14
banking institutions that accept state deposits; 15
(3) "Trade association", any corporation, 16
unincorporated association, federation, business league, or 17
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professional or business organization not organized or 18
operated for profit and no part of the net earnings of which 19
inures to the benefit of any private shareholder or 20
individual that is: 21
(a) An organization described in 26 U.S.C. Section 22
501(c)(6) and exempt from tax under Section 501(a) of such 23
title; and 24
(b) Two or more members of which are manufacturers or 25
sellers of a qualified product as defined by 15 U.S.C. 26
Section 7903(4). 27
2. It shall be an unlawful discriminatory practice for 28
any person to refuse to provide financial services, refrain 29
from continuing to provide existing financial services, 30
terminate existing financial services with, or otherwise 31
discriminate in the provision of financial services to, a 32
person or trade association solely because such person or 33
trade association is engaged in the lawful commerce of 34
firearms or ammunition products and is licensed pursuant to 35
18 U.S.C. Chapter 44 or is a trade association. 36
3. Whenever the attorney general has reason to believe 37
that any person is engaging, has engaged, or is about to 38
engage in any act or practice declared unlawful by this 39
section, the attorney general shall, upon written request or 40
by his or her own initiative, investigate and, upon finding 41
a probable violation of this section, bring an action in the 42
name of the state against such person: 43
(1) To obtain a declaratory judgment that the act or 44
practice violates the provisions of this section; 45
(2) To enjoin any act or practice that violates the 46
provisions of this section by issuance of a temporary 47
restraining order or preliminary or permanent injunction, 48
without bond, upon the giving of appropriate notice; 49
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(3) To recover civil penalties of up to ten thousand 50
dollars per violation of this section plus reasonable 51
expenses, investigative costs, and attorney's fees. 52
362.1200. 1. As used in this section, the following 1
terms mean: 2
(1) "Financial institution", a bank, savings and loan 3
association, trust company, credit union, or any other 4
entity that directly or indirectly holds an account 5
belonging to a consumer that is organized and operating 6
according to the laws of any state, the District of 7
Columbia, or the United States that is lawfully operating 8
within this state; 9
(2) "Regulatory agency", any regulatory or 10
administrative officer or body existing under the laws or 11
constitution of any state or the United States with 12
jurisdiction with regard to the activities and operations of 13
financial institutions. This term includes, but is not 14
limited to, the following: 15
(a) The Missouri division of credit unions, and any 16
successor division; 17
(b) The federal Consumer Financial Protection Bureau, 18
and any successor agency; 19
(c) The National Credit Union Administration, and its 20
successors; 21
(d) The federal Office of the Comptroller of the 22
Currency, and its successors; 23
(e) The Federal Deposit Insurance Corporation and its 24
successors; and 25
(f) The United States Department of Justice, and its 26
successors; 27
(3) "Written guidance", a record of general 28
applicability developed by a regulatory agency that states 29
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the regulatory agency's current approach to, or 30
interpretation of, law, or describes how the regulatory 31
agency will exercise discretionary functions, such as 32
promulgated rules and regulations, advisory opinions, 33
regulatory notices, guidance documents, manuals, 34
interpretative memoranda, staff instructions, policy 35
statements, circulars, bulletins, press releases, appendices 36
to any rules and regulations, sample forms provided in such 37
appendices or by a regulatory agency, and a regulatory 38
agency's written response to an inquiry by a financial 39
institution. This term includes records that are publicly 40
available or communicated directly to the financial 41
institution. This definition includes, but is not limited 42
to, written guidance related to: 43
(a) Mandatory mortgage loan disclosures, as may be 44
required by the federal Truth in Lending Act, 15 U.S.C. 45
Section 1601, et seq., the federal Real Estate Procedures 46
Act, 12 U.S.C. Section 2601, et seq., Regulation X, 12 CFR 47
Section 1024, and Regulation Z, 12 CFR Section 1026, et 48
seq., and any amendments thereto or any regulations 49
promulgated thereunder; 50
(b) Mandatory overdraft disclosures and opt-in 51
practices, as may be required by the federal Electronic Fund 52
Transfer Act, 15 U.S.C. Section 1693, et seq., Regulation E, 53
12 CFR Section 1005, et seq., and any amendments thereto or 54
any regulations promulgated thereunder; and 55
(c) Digital and website accessibility, as may be 56
required by the federal Americans with Disabilities Act, 42 57
U.S.C. Section 12101, et seq., Section 508 of the federal 58
Rehabilitation Act, 29 U.S.C. Section 794d, and any 59
amendments thereto or regulations promulgated thereunder. 60
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2. (1) Notwithstanding any other provision of law to 61
the contrary, a financial institution shall not be civilly 62
liable under the laws of this state for any act or omission 63
made when in compliance with or in good faith reliance on 64
any applicable rule, regulation, or written guidance issued 65
by a regulatory agency. 66
(2) This subsection shall be a bar to an action or 67
proceeding, notwithstanding that after such act or omission, 68
such rule, regulation, or written guidance is modified, 69
rescinded, or is held to be invalid by a court. 70
(3) This subsection shall not bar any actions or 71
proceeding when the act or omission of the financial 72
institution constituted fraudulent activity, intentional 73
misconduct, wanton or willful misconduct, or gross 74
negligence. 75
3. This section does not apply to the extent that any 76
statute, regulation, or treaty of the United States preempts 77
it. 78
4. Nothing in this section shall be construed to 79
impair, limit, or affect the authority of the federal or any 80
state government, and any regulatory agencies thereof, to 81
bring any civil, criminal, or administrative enforcement 82
action. 83
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