On Jul. 28, 2025, Reg-Track made an editorial update to the above summary in order to include coverage of additional provisions amended by the legislation.
On May 1, MO LEG passed bill on offense of financial accounts fraud.
MO LEG passed SB 98, to create the offense of financial institution (FI) accounts fraud.
Amends Revised statutes of Missouri by adding new MO FIN XXXVIII-570.148.
Also, amends MO LEG IX-130 on the use of credit cards and debit cards by campaign committees; MO FIN XXIV-361 on the payroll processing services exemption.
MO LEG X-143 re certain income tax deduction applicable to trusts and estates.
Creates new § in MO FIN XXIV-361 re Virtual currency kiosk consumer protection act.
Amends bank or trust company provisions re issuance of additional shares in MO FIN XXIV 362.020 and provisions re publication of certain reports in MO FIN XXIV-362.295.
Any person commits offense of financial institution accounts fraud if uses any false or fraudulent pretenses, representations, promises, or any physical or electronic device.
Also, if use any fraudulent scheme or coercion to cause moneys to be withdrawn or taken from financial institution or a customer account at a financial institution.
Also to cause moneys to be transferred, paid by financial institution to another person, financial institution with purpose depriving it or customer of custody, control of moneys
Campaign Finance
Use of credit/debit cards by committees that are authorized and paid for through the official depository account is allowed; records and account to contain card statements.
Furthermore, expenditure reports made to the Missouri Ethics Commission must indicate the total dollar amount of expenditures made by credit card or debit card.
Payroll Processing Services
Money Transmission Modernization Act of 2024 shall not apply to any person appointed as an agent of payor for payroll processing services who needs to be licensed.
Virtual Currency Kiosk
Establishes certain requirements and regulations governing virtual currency kiosk.
Including making certain disclosures to customers indicating material risks of product.
Operate live customer service as indicated; take steps to prevent fraud and have policy
Maintain written Enhanced Due Diligence Policy and designate a compliance officer.
Single Bank Pooled Collateral
Creates an alternative for banking institutions serving as depositaries for public funds to secure their deposits in lieu of current method, i.e., single bank pooled method
Prohibits use of the single bank pooled method if administrator is not appointed.
Administrator may be required to post a surety bond in an amount up to $100,000.
Use of Certified Funds
Modifies the definition of certified funds for purposes of a statute regulating the use of certain funds by real estate settlement agents and title insurance agents.
Legislative History
On Jan. 8, 2025, bill introduced into Senate; on Feb. 27, 2025, bill passed Senate.
On Feb. 27, 2025, bill introduced in the House; on Apr. 29, 2025, bill passed House.
On May 1, 2025, Senate concurred with House amendments, passed as amended.
Effectiveness
Act effective on Jul. 1, 2025.
Jul. 11, 2025 MO LEG Governor Approval
On Jul. 11, 2025, MO LEG governor approved bill, effective on Aug. 28, 2025.
Jul. 28, 2025 Editorial Update
On Jul. 28, 2025, Reg-Track made an editorial update to the above summary in order to include coverage of additional provisions amended by the legislation.
