SB 36:
Immunity for real estate licensees reporting information about the size or square footage of a property they obtain from a source other than themselves or the seller of the property was perfected this past Wednesday, February 20. Unlike last year, discussion concluded in just over an hour. Last year, this issue was discussed for over five hours and laid to rest to never be taken up again.
We expect this to be Third Read (the final stage of consideration of a legislative bill before a vote on its final disposition) and sent to the House in the coming week.
HB 215:
The House Committee on Financial Institutions heard testimony on HB 215 - changes in Property Assessed Clean Energy (PACE) legislation. Most changes deal with increasing consumer protection provisions for residential PACE loans. There is also a provision requiring that when the load is made, notice be given to the holder of the first deed of trust. The hearing was long and somewhat contentious.
SJR 20:
Senator Andrew Koenig has introduced SJR 20; a Senate Joint Resolution proposing a change in the Constitution. In order for the change to take effect, the proposal will have to pass both the House and Senate; it does not go to the Governor for approval. Instead, it is put before the voters. SJR 20 prohibits the General Assembly from setting an income tax rate exceeding 5.9%; it prohibits a combined local sales tax rate of more than 12%; and it repeals Article X, Section 26 of the Missouri Constitution. Article X, Section 26 is the provision prohibiting new sales taxes on services. SJR 20 is assigned to the Senate Committee on Ways and Means, chaired by Senator Andrew Koenig. There will likely be a hearing on this legislation.
SB 140:
The Senate Financial Institutions Committee heard testimony on SB 140 on February 19. SB 140 makes significant changes to laws dealing with notaries, including the setup of provisions for remote notarization. The office of the Secretary of State drafted the bill.