Legislation Handled by Senator Mike Cunningham Receives General Assembly’s Override

Jefferson City — This week, the Missouri Legislature met for the annual veto session to discuss the governor’s vetoed bills and attempt to override the vetoes on any beneficial legislation. One of the 29 vetoed bills was handled by Sen. Mike Cunningham, R-Rogersville, House Bill 329, which modifies certain aspects of financial institutions.

“This legislation and the different provisions dealing with such topics as real estate loans and loan fees, deserved as much consideration as the higher-profile bills that were brought to the table,” said Sen. Cunningham. “I am happy to have had the opportunity to discuss this legislation and its importance with my colleagues both in the Senate and House.”

The terms in HB 329 addresses taxes on the provision of final expense funds and its maximum distribution process, requiring the Director of Division of Finance to visit and review information for a private trust company, and adding assets such as retirement in such a manner that it will be exempt from bankruptcy proceedings.

“This legislation is a protection measure for financial institutions and their clients,” said Sen. Cunningham. “While some percentages may go up before implementation, at least some aspects will still be covered by higher fees from beginning loans.”

On Wednesday, Sept. 11, 2013, the House voted to override the governor’s veto with a vote of 109-51, the minimum needed for a two-thirds majority in that chamber. The Senate passed the override with a vote of 25-9. Any bill up for consideration of veto override requires a two-thirds vote in each body.

To view this legislation or any other legislation sponsored or handled by Sen. Cunningham, please visit www.senato.mo.gov/cunningham.