SECOND REGULAR SESSION
93RD GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES SALVA (Sponsor), WALSH, LOWE (44), MEADOWS, WILDBERGER, PARSON AND HARRIS (110) (Co-sponsors).
Read 1st time March 6, 2006 and copies ordered printed.
STEPHEN S. DAVIS, Chief Clerk
AN ACT
To amend chapter 67, RSMo, by adding thereto one new section relating to local economic development and certain banking institutions.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 67, RSMo, is amended by adding thereto one new section, to be known as section 67.302, to read as follows:
67.302. 1. The governing body of each county, city, or village may establish a local economic development commission consisting of seven members appointed by the governing body. No more than four members serving on the commission shall be from the same political party. Each member shall serve staggered terms as determined by the governing body.
2. Any business consisting of ten thousand or more employees in this state and planning to expand such business in a county, city, or village in this state shall present such plan to the local economic development commission.
3. The commission shall study the plan and report to the governing body, no later than ninety days after submission of the plan, on the impact of local businesses and financial institutions with regards to the business expansion and any recommendation to approve or disapprove such plan. The governing body shall vote to approve or reject such plan within thirty days after the commission issues its report and recommendation. Any business proceeding with the plan to expand after the governing body votes to disapprove such expansion plan shall forfeit any claim to any future state tax credit, abatement, or exemption otherwise related to the expanded business.
4. Notwithstanding any other provision of law to the contrary, no law of this state shall be deemed to permit an industrial loan company or industrial bank to establish or to maintain one or more branches or other physical locations for the purpose of conducting any banking business within this state, and such businesses are hereby prohibited in this state. As used in this subsection, the terms "industrial loan company" and "industrial bank" include any company chartered under the laws of any state that:
(1) Is insured or regulated by the Federal Deposit Insurance Corporation;
(2) Engages in one or more banking activities; and
(3) Is owned, directly or indirectly, by a commercial entity that is not a bank holding company or a financial holding company subject to regulation under the Federal Bank Holding Company Act of 1956.
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