HB 2331 -- Emergency Response Within Financial Institutions

Sponsor:  Spreng

This bill allows the Governor, during the existence of a state of
emergency, to authorize the Director of the Division of Finance
within the Department of Insurance, Financial Institutions, and
Professional Regulation to suspend laws and rules applicable to
the division that are reasonable and necessary to preserve the
safety and soundness of financial institutions, facilitate
disaster response and recover efforts to serve essential civil
needs and protect the public interest, and coordinate emergency
response with financial institutions and emergency responders.
The division director must file written waivers, suspensions,
actions, and directives in the director's office.

Currently, banks and trust companies may operate under emergency
bylaws in certain circumstances.  The bill allows banks and trust
companies to do the same when the General Assembly or Governor
declares a state of emergency.  The board of directors or the
president of the bank or trust company must notify the division
director of the implementation of emergency bylaws and the status
of its emergency response operations.

Missouri House of Representatives
Last Updated March 18, 2008 at 3:58 pm