SB 1546

                                      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:
1Section A.  Chapters 361 and 362, RSMo, are amended by
2  adding thereto two new sections, to be known as sections
3  361.1200 and 362.1200, to read as follows:
1361.1200.  1.     As used in this section, the following
2  terms mean:
3(1)      "Financial services", any service or product
4  offered to the consumer or business market by a bank, trust
5  company, building and loan association, credit union, or any
6  other entity regulated by the division of finance;
7(2)      "Person", one or more individuals, partnerships,
8  associations, limited liability companies, corporations,
9  unincorporated organizations, mutual companies, joint stock
10  companies, trusts, agents, legal representatives, trustees,
11  trustees in bankruptcy, receivers, labor organizations,
12  public bodies, and public corporations and the state of
13  Missouri and all political subdivisions and agencies
14  thereof.  Such term shall include federally chartered
15  banking institutions that accept state deposits;
16(3)      "Trade association", any corporation,
17  unincorporated association, federation, business league, or
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18 professional or business organization not organized or
19 operated for profit and no part of the net earnings of which
20 inures to the benefit of any private shareholder or
21 individual that is:
22(a)    An organization described in 26 U.S.C. Section
23 501(c)(6) and exempt from tax under Section 501(a) of such
24 title; and
25(b)    Two or more members of which are manufacturers or
26 sellers of a qualified product as defined by 15 U.S.C.
27 Section 7903(4).
282.    It shall be an unlawful discriminatory practice for
29 any person to refuse to provide financial services, refrain
30 from continuing to provide existing financial services,
31 terminate existing financial services with, or otherwise
32 discriminate in the provision of financial services to, a
33 person or trade association solely because such person or
34 trade association is engaged in the lawful commerce of
35 firearms or ammunition products and is licensed pursuant to
36 18 U.S.C. Chapter 44 or is a trade association.
373.    Whenever the attorney general has reason to believe
38 that any person is engaging, has engaged, or is about to
39 engage in any act or practice declared unlawful by this
40 section, the attorney general shall, upon written request or
41 by his or her own initiative, investigate and, upon finding
42 a probable violation of this section, bring an action in the
43 name of the state against such person:
44(1)    To obtain a declaratory judgment that the act or
45 practice violates the provisions of this section;
46(2)    To enjoin any act or practice that violates the
47 provisions of this section by issuance of a temporary
48 restraining order or preliminary or permanent injunction,
49 without bond, upon the giving of appropriate notice;
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50(3)   To recover civil penalties of up to ten thousand
51 dollars per violation of this section plus reasonable
52 expenses, investigative costs, and attorney's fees.
1362.1200.   1.   As used in this section, the following
2 terms mean:
3(1)   "Financial institution", a bank, savings and loan
4 association, trust company, credit union, or any other
5 entity that directly or indirectly holds an account
6 belonging to a consumer that is organized and operating
7 according to the laws of any state, the District of
8 Columbia, or the United States that is lawfully operating
9 within this state;
10(2)   "Regulatory agency", any regulatory or
11 administrative officer or body existing under the laws or
12 constitution of any state or the United States with
13 jurisdiction with regard to the activities and operations of
14 financial institutions.     This term includes, but is not
15 limited to, the following:
16(a)   The Missouri division of credit unions, and any
17 successor division;
18(b)   The federal Consumer Financial Protection Bureau,
19 and any successor agency;
20(c)   The National Credit Union Administration, and its
21 successors;
22(d)   The federal Office of the Comptroller of the
23 Currency, and its successors;
24(e)   The Federal Deposit Insurance Corporation and its
25 successors; and
26(f)   The United States Department of Justice, and its
27 successors;
28(3)   "Written guidance", a record of general
29 applicability developed by a regulatory agency that states
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30 the regulatory agency's current approach to, or
31 interpretation of, law, or describes how the regulatory
32 agency will exercise discretionary functions, such as
33 promulgated rules and regulations, advisory opinions,
34 regulatory notices, guidance documents, manuals,
35 interpretative memoranda, staff instructions, policy
36 statements, circulars, bulletins, press releases, appendices
37 to any rules and regulations, sample forms provided in such
38 appendices or by a regulatory agency, and a regulatory
39 agency's written response to an inquiry by a financial
40 institution.    This term includes records that are publicly
41 available or communicated directly to the financial
42 institution.    This definition includes, but is not limited
43 to, written guidance related to:
44(a)   Mandatory mortgage loan disclosures, as may be
45 required by the federal Truth in Lending Act, 15 U.S.C.
46 Section 1601, et seq., the federal Real Estate Procedures
47 Act, 12 U.S.C. Section 2601, et seq., Regulation X, 12 CFR
48 Section 1024, and Regulation Z, 12 CFR Section 1026, et
49 seq., and any amendments thereto or any regulations
50 promulgated thereunder;
51(b)   Mandatory overdraft disclosures and opt-in
52 practices, as may be required by the federal Electronic Fund
53 Transfer Act, 15 U.S.C. Section 1693, et seq., Regulation E,
54 12 CFR Section 1005, et seq., and any amendments thereto or
55 any regulations promulgated thereunder; and
56(c)   Digital and website accessibility, as may be
57 required by the federal Americans with Disabilities Act, 42
58 U.S.C. Section 12101, et seq., Section 508 of the federal
59 Rehabilitation Act, 29 U.S.C. Section 794d, and any
60 amendments thereto or regulations promulgated thereunder.
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612.    (1) Notwithstanding any other provision of law to
62 the contrary, a financial institution shall not be civilly
63 liable under the laws of this state for any act or omission
64 made when in compliance with or in good faith reliance on
65 any applicable rule, regulation, or written guidance issued
66 by a regulatory agency.
67(2)    This subsection shall be a bar to an action or
68 proceeding, notwithstanding that after such act or omission,
69 such rule, regulation, or written guidance is modified,
70 rescinded, or is held to be invalid by a court.
71(3)    This subsection shall not bar any actions or
72 proceeding when the act or omission of the financial
73 institution constituted fraudulent activity, intentional
74 misconduct, wanton or willful misconduct, or gross
75 negligence.
763.    This section does not apply to the extent that any
77 statute, regulation, or treaty of the United States preempts
78 it.
794.    Nothing in this section shall be construed to
80 impair, limit, or affect the authority of the federal or any
81 state government, and any regulatory agencies thereof, to
82 bring any civil, criminal, or administrative enforcement
83 action.
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