MO SB777

Repeals and reenacts nine sections of Missouri law relating to real estate appraisals, banking fees, insurance solvency standards, and consumer lending practices.

Allows lenders to offer and finance automobile club memberships, service contracts, motor vehicle service contracts, vehicle protection devices, and other optional plans to borrowers, provided products are disclosed separately and not required for loan approval.

Permits sale of deficiency waiver addendums, guaranteed asset protection, and similar products with collateral-based loans when borrower consents in writing, costs are reasonable and disclosed, and refunds are available within 15 days of purchase using pro rata calculation.

Establishes comprehensive standards for determining insurer financial solvency, including capital requirements, reserve adequacy, management competence, and ability to handle reinsurance and qualified financial contracts; authorizes director to issue corrective orders if insurer poses hazard to policyholders.

Provides protections for netting agreements and qualified financial contracts in insurer insolvency proceedings, allowing counterparties to terminate or liquidate obligations while preventing receivers from avoiding transfers made in good faith.