HB 329 Summary

• Reorganizes department references by renaming "division of family services" to "family support division" throughout public assistance eligibility sections.

• Allows private trust companies that operate exclusively for a single family or family lineage to be examined once every 36 months instead of every 18 months.

• Increases loan fees for certain credit extensions: raises the maximum fee from 5% to 10% (up to $75) for loans of 30+ days, and increases credit advance fees from 5% to 10% (up to $75) for open-end credit accounts tied to depository institutions.

• Expands the personal funeral trust account exemption to allow up to $9,999 in deposits with restrictions on trustee fees (maximum 10% setup fee, 3% annual maintenance), limited to state or federally chartered financial institutions.

• Repeals section 408.592 regarding residential real estate loan reporting requirements for certain financial institutions with locations in counties or cities exceeding 250,000 population.