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News Now

CU System
Missouri CUs testify on two state bills
ST. LOUIS (3/9/09)--Missouri credit unions testified in two state legislative hearings last week and were on hand to monitor bills in several others. In the state’s Senate General Laws Committee, the Missouri Credit Union Association (MCUA) opposed Senate Bill 267, which would institute a complex system of lien waivers between general contractors and subcontractors. Also testifying against the bill were the title company industry, mortgage bankers and Missouri bankers (The Missouri difference March 6). MCUA opposes the bill because the proposed system would make it difficult to determine whether a title is clear. Using a title company to disburse funds for construction and renovation loans would also require credit unions to pass along several hundred dollars in costs to the member. Title companies said at the hearing they couldn’t estimate what they would charge to disburse funds under the proposed language. In the House Special Committee on Urban Issues, credit unions testified against House Bill 753 and House Bill 836, which would require 90-day notices of foreclosure. Credit unions are among a work group talking with bill sponsors to determine if there is an alternate solution to providing renters with notice that the owner of the home they are leasing is going into foreclosure. In Kansas City and Central Missouri, some people have returned home from work to find their belongings on the street--with no prior notice. Missouri statutes do not include a specific requirement in the unlawful detainer chapter to notify tenants. James Spafford, CEO of Postal and Community CU, St. Joseph, visited lawmakers Wednesday and helped explain details of the foreclosure process to legislators. This week, MCUA expects a meeting to be called to work on modifications to S.B. 267. The foreclosure bills are scheduled for a committee vote this week. MCUA also will visit legislators who requested information on payday loan alternative programs offered by credit unions.


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