MS HB1330

Authorizes banks to invest in small business investment companies (SBICs) recognized by the U.S. Small Business Administration and licensed under the Small Business Investment Act of 1958, regardless of incorporation location.

Changes bank board meeting requirement from "once each quarter" to "quarterly, unless otherwise directed by the Department of Banking and Consumer Finance based on an examination or applicable regulatory finding."

Eliminates the requirement for executive and auditing committees to meet periodically when the board meets quarterly, but preserves the requirement for audit committees to meet at least quarterly.

Effective July 1, 2025.