SB 496 -- LICENSURE OF FINANCIAL INSTITUTIONS

SPONSOR:  Yeckel

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Financial Services by a vote of 19 to 0.

This bill allows the Division of Finance to issue biennial
consumer credit licenses for certain finance companies.  One-half
of the fees would be paid at the time of licensing and the
remaining balance one year later.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the number of finance companies
has increased dramatically in recent years, up from 600 to more
than 2,000.  This has placed a significant burden on the Division
of Finance at license renewal time.  By spreading out the
renewals, the division will be able to handle the increase
without adding staff.

Testifying for the bill were Representative Luetkemeyer; Division
of Finance; and Missouri Financial Services Association.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Senior Legislative Analyst

Missouri House of Representatives
Last Updated July 25, 2003 at 10:13 am