MO HB260

Expands the definition of "contract" to include all personal insurance policies (auto, property, renters, mobile home, residential condominium) rather than only automobile insurance, excluding mortgage and commercial insurance.

Prohibits insurers from taking adverse actions against new applicants based solely on credit reports or insurance credit scores without considering at least one other non-credit underwriting factor.

Requires insurers to disclose at the time of application that they may gather credit information and prohibits adverse actions on renewal contracts based on credit reports or scores.

Establishes that insurers cannot use credit information to take any adverse action against persons currently insured under existing contracts with the insurer.

Mandates insurers provide new applicants notice of adverse actions, the credit reporting agency information, and the right to request a statement of reasons within 30 days; effective January 1, 2014.