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House perfects bill allowing Division of Finance to modernize licensing fees
Summary
Members perfected HB2423 to update statutory caps so Missouri’s fee-funded Division of Finance can adjust licensing fees to cover regulatory costs; sponsor said the change preserves consumer protections while maintaining competitive fee levels.
The House on Feb. 16 perfected and printed House Bill 2423, legislation aimed at modernizing how the Division of Finance sets and adjusts consumer credit licensing fees.
Representative from Saint Louis, the sponsor, said the division is funded entirely by licensing fees and current statutory fee levels no longer cover the cost of regulation. The bill would allow licensing fees to be adjusted within statutory caps, create a consumer licensing fund to house those fees, and preserve consumer protections while limiting impacts on small independent lenders.
A supporting member on the floor noted that the bill passed the Financial Institutions Committee unanimously (13-0) and urged colleagues to vote in favor. After brief discussion, the motion to perfect and print carried and the title was agreed to.
Next steps: The perfected and printed bill will proceed to subsequent legislative steps for consideration.
