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House passes bill creating umbrella offense for financial-institution fraud, adds campaign-payment and payment-modernization fixes
Summary
House members said Missouri faces a dramatic increase in fraud losses and that current statutes do not fully cover novel scams enabled by new technology.
Legislators on the House floor passed House Bill 707, a measure creating a new criminal provision to cover modern scams that target banking, investment and retirement accounts, and adopted several sponsor amendments including fixes to lending exemptions and a change allowing electronic campaign contributions.
Lede: House members said Missouri faces a dramatic increase in fraud losses and that current statutes do not fully cover novel scams enabled by new technology. House Bill 707 establishes a new umbrella offense, with graduated penalties tied to fraud amounts, and the sponsor added technical and bipartisan amendments addressing related financial rules and campaign-payment processes.
Why it matters: The sponsor cited FBI data showing a sharp rise in fraud losses and told members…
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