Governor Parson Signs SB 599 Providing Additional Flexibility for the Missouri FIRST Program

JULY 6, 2020

 — Today, Governor Mike Parson signed SB 599 modifying provisions relating to the Missouri State Treasurer’s Office linked deposit program, Missouri FIRST. 

“At a time when businesses both large and small are feeling the effects of COVID-19 and adjusting the way they do business, we need to do all we can to equip them with the tools to succeed. Signing this legislation will allow the State Treasurer to expand the Missouri FIRST linked deposit program and provide businesses looking to expand with much needed assistance,” Governor Parson said. “Missouri is open for business, and we will remain open to any job creator that wants to expand or re-locate to our great state.” 

Through Missouri FIRST, the Treasurer’s Office invests in Missouri small businesses, agriculture, and governmental entities. The Treasurer’s Office partners with qualified lending institutions to provide low-interest loans to help grow and expand economic opportunity.

SB 599 provides additional flexibility for the program to ensure maximum benefit to borrowers and maximum investment returns to the state. The legislation increases the total amount that the State Treasurer may invest in linked deposits from $720 million to $800 million. SB 599 also increases the amount of the $800 million that may be invested in small businesses from $110 million to $190 million.

Additionally, SB 599 raises the limitation of all time deposits of state moneys authorized under the asset authorization plan that can be placed with any one banking institution from 10 percent to 15 percent.

Governor Parson also signed HB 1655 modifying provisions relating to certification of official documents, including processes for Recorder of Deeds and procedures for notaries public.

HB 1655 allows official documents to be submitted in electronic format for the purposes of recording. This legislation also allows the requirement of notarization for a document or signature to be satisfied if the electronic signature of the authorized person is attached or associated with the document or signature.

Additionally, HB 1655 establishes safeguards to the certification process by holding notaries liable for damages caused by the notary’s negligence, intentional violation of law, or official misconduct in relation to a notarization.

To view SB 599, click here. To view HB 1655, click here.