Missouri Statute | Act | Code |Ownership And Conveyance Of Property| US Code - US Statute

If any person finds any money, goods, right in action, or other
personal property, or valuable thing whatever, of the value of ten
dollars or more, the owner of which is unknown, he shall, within ten
days, make an affidavit before some judge of the circuit court of the
county, other than a municipal judge, stating when and where he found the
same, that the owner is unknown to him, and that he has not secreted,
withheld or disposed of any part thereof. (RSMo 1939 § 15317, A.L. 1978
H.B. 1634)

Prior revisions: 1929 § 14227; 1919 § 7287; 1909 § 8268

Effective 1-2-79

CROSS REFERENCE: Strays, Chap. 271, RSMo

Such judge shall then, if necessary, summon three disinterested
householders to appraise the same; such appraisers, or any two of them,
shall make two lists of the valuation and description of such property,
money, or other valuable thing, and sign and make oath to the same, and
shall deliver one of the lists to the finder and the other to the judge.
(RSMo 1939 § 15318, A.L. 1978 H.B. 1634)

Prior revisions: 1929 § 14228; 1919 § 7288; 1909 § 8269

Effective 1-2-79

The judge shall file such list and the finder shall transmit a
copy of the same to the clerk of the county commission within fifteen
days, and shall set up at the courthouse door, and four other public
places in the township or city, a copy of such valuation within ten days.
(RSMo 1939 § 15319, A.L. 1978 H.B. 1634)

Prior revisions: 1929 § 14229; 1919 § 7289; 1909 § 8270

Effective 1-2-79

If no owner appear and prove the money or property within forty
days, and the value exceed twenty dollars, the finder shall, within
thirty days thereafter, cause a copy of the description to be inserted in
some newspaper of general circulation, qualified pursuant to chapter 493,
RSMo, and located in the county where the money or property was found,
once per week for three consecutive weeks; and if no owner prove the
property within one hundred eighty days after such publication, the same
shall vest in the finder. (RSMo 1939 § 15320, A.L. 2003 S.B. 288)

Prior revisions: 1929 § 14230; 1919 § 7290; 1909 § 8271

If, within one year, any owner appear and prove the property,
and pay all reasonable charges, the finder shall restore the same to him;
and on failure to make restoration of such property, or the appraised
value thereof, on being tendered such charges, the owner may recover the
same or the value thereof, by civil action, in any court having
jurisdiction. (RSMo 1939 § 15321)

Prior revisions: 1929 § 14231; 1919 § 7291; 1909 § 8272

If any person find any money, property or other valuable thing,
and fail to make discovery of the same as required by this chapter, he
shall forfeit to the owner double the value thereof. (RSMo 1939 § 15322)

Prior revisions: 1929 § 14232; 1919 § 7292; 1909 § 8273

When any goods, merchandise or other property shall have been
received by any railroad or express company, or other common carrier,
commission merchant or warehouseman, and shall not be received by the
owner, consignee, or other authorized person, it shall be lawful to hold
the same by said carrier, commission merchant or warehouseman, or the
same may be stored with some responsible person, and be retained until
the freight and all just and reasonable charges be paid. (RSMo 1939 §
15323)

Prior revisions: 1929 § 14233; 1919 § 7293; 1909 § 8274

If no person call for said goods, merchandise or other property,
within sixty days from the receipt thereof, and pay freight and charges
thereon, it shall be lawful for such carrier, commission merchant or
warehouseman to sell such goods, merchandise or other property, or so
much thereof at auction, to the highest bidder, as will pay said freight
and charges, first having given twenty days' notice of the time and place
of sale to the owner, consignee or consignor, when known, and by
advertisement in a daily paper, or if in a weekly paper, four weeks,
published where such sale is to take place; and if any surplus be left
after paying freight, storage, cost of advertising and all other just and
reasonable charges, the same shall be paid over to the rightful owner of
said property at any time thereafter, upon demand being made therefor,
within sixty days; provided, however, that any common carrier may sell
such goods, merchandise, or other property in accordance with the
provisions of the bill of lading applicable thereto, where the form of
bill of lading used has been duly filed with the public service
commission of Missouri. (RSMo 1939 § 15324)

Prior revisions: 1929 § 14234; 1919 § 7294; 1909 § 8275

(1969) Action by widow to take against the will affects the title to the
real estate in question and Supreme Court has exclusive appellate
jurisdiction. In re Estate of Youngblood (A.), 447 S.W.2d 824.

If the rightful owner or his agent fail to demand such surplus
within sixty days of the time of such sale, then said surplus shall be
paid into the county treasury, subject to the order of the owner. (RSMo
1939 § 15325)

Prior revisions: 1929 § 14235; 1919 § 7295; 1909 § 8276

After the storage of goods, merchandise or property as herein
provided, the responsibility of the carrier shall cease, nor shall the
person with whom the same may be stored be liable for any loss or damage
on account thereof, unless the same shall result from his negligence or
want of proper care. (RSMo 1939 § 15326)

Prior revisions: 1929 § 14236; 1919 § 7296; 1909 § 8277

When any commission merchant or warehouseman shall receive, on
consignment, produce, merchandise or other property, and shall make
advances thereon, either to the owner or for freight and charges, it
shall be lawful for the person who may make such advances, if the same be
not paid to him within sixty days from the date of such advances, to
cause the produce, merchandise or property on which the advances were
made to be advertised and sold as provided in section 447.080. (RSMo 1939
§ 15327)

Prior revisions: 1929 § 14237; 1919 § 7297; 1909 § 8278

1. Sections 447.500 to 447.595 may be cited as the "Uniform
Disposition of Unclaimed Property Act".

2. Sections 447.500 to 447.595 shall be so construed as to effectuate its
general purpose to make uniform the law of those states which enact it,
except when the words in sections 447.500 to 447.595 do not conform to
the uniform laws enacted by other states. (L. 1984 H.B. 1088 §§ 27, 30,
A.L. 1989 H.B. 506, A.L. 1994 S.B. 757)

Effective 7-1-94

As used in sections 447.500 to 447.595, unless the context
otherwise requires, the following terms mean:

(1) "Banking organization", any bank, trust company, or safe deposit
company, engaged in business in this state;

(2) "Business association", any corporation, joint stock company,
business trust, partnership, limited partnership, or any association for
business purposes, or any mutual fund or other similar entity, whether
operating in the form of a corporation or a trust, including but not
limited to any investment companies registered under the federal
Investment Company Act of 1940;

(3) "Engaged in business in this state", any transaction of business
within this state sufficient to support personal jurisdiction in the
courts of this state;

(4) "Financial organization", any savings and loan association, credit
union, or loan and investment company engaged in business in this state;

(5) "Holder", any person in possession of property subject to sections
447.500 to 447.595 belonging to another, or who is trustee in case of a
trust, or is indebted to another on an obligation subject to sections
447.500 to 447.595;

(6) "Insurance corporation", any association or corporation transacting
within this state the business of property insurance or casualty
insurance or life insurance on the lives of persons or insurance
appertaining thereto, including, but not by way of limitation, endowments
and annuities;

(7) "Owner", a depositor in case of a deposit, a beneficiary in case of a
trust except a trust defined in section 456.500, RSMo, the unclaimed
property of which has not escheated pursuant to the provisions of section
456.650, RSMo, a creditor, claimant, or payee in case of other choses in
action, or any person having a legal or equitable interest in property
subject to sections 447.500 to 447.595, or such person's legal
representative;

(8) "Person", any individual, business association, government or
political subdivision, public corporation, public authority, estate,
trust except a trust defined in section 456.500, RSMo, two or more
persons having a joint or common interest, or any other legal or
commercial entity;

(9) "Reasonable and necessary diligence as is consistent with good
business practice", efforts appropriate to and commensurate with the
nature and value of the property at issue; however, the holder shall send
a notice regarding the unclaimed property via first class mail postage
prepaid, marked "Address Correction Requested". Such letter shall be sent
by the holder within twelve months prior to turning the property over to
the treasurer. Notwithstanding the provisions of this section, the holder
may treat letters sent in the ordinary course of business, first class
and "Address Correction Requested" as satisfying the definition of
"reasonable and necessary diligence as is consistent with good business
practice". The holder may treat notices regarding the unclaimed property
as satisfying the "reasonable and necessary standard" for contacting
owners. If the postal service provides the holder with additional
information as part of the address correction process, the holder shall
send second and subsequent notices in the same format as the first notice
to any new address provided to the holder;

(10) "Treasurer", the Missouri state treasurer;

(11) "Utility", any person who owns or operates within this state, for
public use, any plant, equipment, property, franchise, or license for the
transmission of communications or the production, storage, transmission,
sale, delivery, or furnishing of electricity, water, steam, or gas or who
engages in such business in this state. (L. 1984 H.B. 1088 § 1, A.L. 1986
H.B. 1547, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

The following property held or owing by a banking or financial
organization or by a business association is presumed abandoned;
provided, however, that neither this section nor any other provision of
sections 447.500 to 447.595 shall apply to an instrument issued as an
offer to settle a claim when failure to present the instrument for
payment may be deemed a refusal of the offer to settle:

(1) Any deposit held in this state with a banking organization, together
with any interest or dividend thereon that would be due had the owner not
abandoned the account, excluding any charges that may lawfully be
withheld, unless the owner has, within seven years or five years as
provided in section 447.536:

(a) Increased or decreased the amount of the deposit, or presented the
passbook or other similar evidence of the deposit for the crediting of
interest; or

(b) Corresponded in writing with, or accepted mail from, the banking
organization concerning the deposit; and the term "accepted mail from the
banking organization" shall mean the banking organization did send
correspondence in writing to the owner by first class mail postage
prepaid, marked "Address Correction Requested", and such correspondence
was not returned by the post office; or

(c) Otherwise indicated an interest in the deposit as evidenced by a
memorandum on file with the banking organization;

(2) Any funds paid in this state toward the purchase of shares or other
interest in a financial organization, or any deposit made therewith in
this state, and any interest or dividends thereon that would be due had
the owner not abandoned the account, excluding any charges that may
lawfully be withheld, unless the owner has within seven years or five
years as provided in section 447.536:

(a) Increased or decreased the amount of the funds or deposit, or
presented an appropriate record for the crediting of interest or
dividends; or

(b) Corresponded in writing with, or accepted mail from, the financial
organization concerning the funds or deposit; and the term "accepted mail
from the financial organization" shall mean the financial organization
did send correspondence in writing to the owner by first class mail
postage prepaid, marked "Address Correction Requested", and such
correspondence was not returned by the post office; or

(c) Otherwise indicated an interest in the funds or deposit as evidenced
by a memorandum on file with the financial organization;

(3) Any sum payable on checks certified in this state or on written
instruments issued in this state on which a banking or financial
organization or business association is directly liable, including, by
way of illustration but not of limitation, certificates of deposit,
drafts, money orders, and traveler's checks, that, with the exception of
traveler's checks and money orders, has been outstanding for more than
seven years or five years as provided in section 447.536 from the date it
was payable, or from the date of its issuance if payable on demand, or,
in the case of traveler's checks, that has been outstanding for more than
fifteen years from the date of its issuance, unless the owner has within
seven years or five years as provided in section 447.536, or within
fifteen years in the case of traveler's checks, corresponded in writing
with the banking or financial organization or business association
concerning it, or otherwise indicated an interest as evidenced by a
memorandum on file with the banking or financial organization or business
association;

(a) No holder may deduct from the amount of any money order any charges
imposed by reason of the failure to present those instruments for payment
unless there is a valid and enforceable written contract between the
issuer and the owner of the property pursuant to which the issuer may
impose those charges and the issuer regularly imposes those charges and
does not regularly reverse or otherwise cancel those charges with respect
to the property. Disclosure of the amount of any such charges shall be
deemed adequate if set forth on the money order;

(b) No sum payable on a traveler's check, money order, or similar written
instrument (other than a third-party bank check) described in this
subdivision may be subjected to the custody of this state as unclaimed
property unless:

a. The records of the issuer show that the traveler's check, money order,
or similar written instrument was purchased in this state;

b. The issuer has its principal place of business in this state and the
records of the issuer do not show the state in which the traveler's
check, money order, or similar written instrument was purchased; or

c. The issuer has its principal place of business in this state, the
records of the issuer show the state in which the traveler's check, money
order, or similar written instrument was purchased and the laws of the
state of purchase do not provide for the escheat or custodial taking of
the property or its escheat or unclaimed property law is not applicable
to the property;

(4) Any funds or other personal property, tangible or intangible, removed
from a safe deposit box or any other safekeeping repository or agency or
collateral deposit box in this state on which the lease or rental period
has expired due to nonpayment of rental charges or other reason, or any
surplus amounts arising from the sale thereof pursuant to law, that have
been unclaimed by the owner for more than seven years or five years as
provided in section 447.536 from the date on which the lease or rental
period expired;

(5) Gift certificates, credit memos and credit balances that are
redeemable in merchandise only shall be reportable at a rate equal to
sixty percent of their respective face value. The state treasurer shall
reimburse the owner the full face value. (L. 1984 H.B. 1088 § 2, A.L.
1989 H.B. 506, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

1. For the purpose of sections 447.500 to 447.595, a banking
organization, business association, or financial organization may impose
charges including prepayment penalties on certificates of deposit, on
property subject to sections 447.500 to 447.595 that are lawful when
collected, provided such organization or association gives prior
constructive or actual notice to their customers that such charges may be
imposed.

2. Incorrect computations or other bona fide errors that result in
recredited charges to a customer's account that are made despite the
holder's standard procedures to the contrary do not establish a pattern
of custom or usage for charges on unclaimed property. (L. 1989 H.B. 506,
A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

1. Unclaimed funds, as defined in this section, held and owing
by an insurance corporation shall be presumed abandoned if the last known
address, according to the records of the corporation, of the person
entitled to the funds is within this state. If a person other than the
insured or annuitant is entitled to the funds and no address of such
person is known to the corporation or if it is not definite and certain
from the records of the corporation what person is entitled to the funds,
it is presumed that the last known address of the person entitled to the
funds is the same as the last known address of the insured or annuitant
according to the records of the corporation.

2. "Unclaimed funds", as used in this section, means all moneys held and
owing by any insurance corporation unclaimed and unpaid for more than
seven years or five years as provided in section 447.536 after the moneys
became due and payable as established from the records of the corporation
under any property insurance or casualty insurance policy or any life or
endowment insurance policy or annuity contract which has matured or
terminated, including all unpaid drafts, except drafts issued for the
purpose of an offer of settlement. It shall be the responsibility of the
issuing company to establish that an unpaid draft was tendered as a
settlement offer. A life insurance policy not matured by actual proof of
the death of the insured is deemed to be matured and the proceeds thereof
are deemed to be due and payable if such policy was in force when the
insured attained the limiting age under the mortality table on which the
reserve is based, unless the person appearing entitled thereto has within
the preceding seven years or five years as provided in section 447.536:

(1) Assigned, readjusted, or paid premiums on the policy, or subjected
the policy to loan; or

(2) Corresponded in writing with the life insurance corporation
concerning the policy.

Moneys otherwise payable according to the records of the corporation are
deemed due and payable although the policy or contract has not been
surrendered as required.

3. (1) Property distributable in the course of a demutualization,
rehabilitation, or related reorganization of an insurance company is
deemed abandoned two years after the date the property is first
distributable if at the time of the first distribution the last known
address of the owner on the books and records of the holder is known to
be incorrect, or the distribution or statements are returned by the post
office as undeliverable; and the owner:

(a) Has not communicated in writing with the holder or its agent
regarding the property; or

(b) Otherwise communicated with the holder regarding the property as
evidenced by a memorandum or other record on file with the holder or its
agent.

(2) Property distributable in the course of demutualization,
rehabilitation, or related reorganization of a mutual insurance company
that is not subject to subsection 1 of this section shall be reportable
as otherwise provided in section 447.536.

(3) The initial report for December 31, 2002, required pursuant to this
subsection shall be filed no later than November 1, 2003. Any additional
reports of property subject to subsection 1 of this section shall be
reported and delivered no later than May first of each year for all
property to be reported pursuant to this subsection for December of the
preceding year. (L. 1984 H.B. 1088 § 3, A.L. 1994 S.B. 757, A.L. 1998
H.B. 1510, A.L. 2003 S.B. 346)

1. The following funds held or owing by any utility are presumed
abandoned:

(1) Any deposit made by a subscriber with a utility to secure payment
for, or any sum paid in advance for, utility services to be furnished in
this state, less any lawful deductions, that has remained unclaimed by
the person appearing on the records of the utility entitled thereto for
more than seven years or five years as provided in section 447.536 after
the termination of the services for which the deposit or advance payment
was made;

(2) Any sum which a utility has been ordered to refund and which was
received for utility services rendered in this state, together with any
interest thereon, less any lawful deductions, that has remained unclaimed
by the person appearing on the records of the utility entitled thereto
for more than seven years or five years as provided in section 447.536
after the date it became payable in accordance with the final
determination or order providing for the refund.

2. For purposes of corporations organized pursuant to chapter 274, RSMo,
corporations organized pursuant to chapter 357, RSMo, corporations
organized pursuant to chapter 394, RSMo, and electric service
corporations organized pursuant to chapter 351, RSMo, which have received
a loan or loans pursuant to the Rural Electrification Act of 1936, Title
VII, U.S. Code as amended, sections 447.500 to 447.595 shall only apply
to property and funds which become held or owing and for which the period
of time which must expire before such property or funds are presumed
abandoned has begun after August 13, 1984. (L. 1984 H.B. 1088 § 4, A.L.
1994 S.B. 757, A.L. 1998 H.B. 1510)

1. Any stock or other certificate of ownership, or any dividend,
profit, distribution, interest, payment on principal, or other sum held
or owing by a business association for or to a shareholder, certificate
holder, member, bondholder, or other security holder, or a participating
patron of a cooperative, who has not claimed it, or corresponded in
writing with the business association concerning it, within seven years
or five years as provided in section 447.536 after the date prescribed
for payment or delivery, is presumed abandoned if:

(1) It is held or owing by a business association organized pursuant to
the laws of or created in this state; or

(2) It is held or owing by a business association doing business in this
state, but not organized pursuant to the laws of or created in this
state, and the records of the business association indicate that the last
known address of the person entitled thereto is in this state.

2. Any intangible interest in a business association, as evidenced by the
stock records or membership records of the association, is presumed
abandoned if:

(1) The interest in the association is owned by a person who for more
than seven years or five years as provided in section 447.536 has neither
claimed a dividend or other sum nor corresponded in writing with the
association or otherwise indicated an interest as evidenced by a
memorandum or other record on file with the association; and

(2) The association does not know the location of the owner at the end of
such seven-year period or five-year period as provided in section 447.536.

With respect to such interest, the business association shall be deemed
the holder.

3. Any dividend or other distribution held for or owing to a person at
the time the stock or other security to which such dividend or other
distribution attaches is considered abandoned at the same time. (L. 1984
H.B. 1088 § 5, A.L. 1998 H.B. 1510)

All intangible personal property distributable in the course of
a dissolution of a business association, banking organization, or
financial organization organized under the laws of or created in this
state, that is unclaimed by the owner within two years after the date for
final distribution, is presumed abandoned, notwithstanding the provisions
of section 375.1224, RSMo. (L. 1984 H.B. 1088 § 6, A.L. 1998 H.B. 1510)

All intangible personal property, and any income or increment
thereon that would be due had the owner not abandoned the account, held
in a fiduciary capacity for the benefit of another person and including
property held by an attorney in fact or an agent, except a trust defined
in section 456.500, RSMo, subject to escheat pursuant to the provisions
of sections 456.220 or 456.640 to 456.660, RSMo, is presumed abandoned
unless the owner has, within seven years or five years as provided in
section 447.536 after it becomes payable or distributable, increased or
decreased the principal, accepted payment of principal or income,
corresponded in writing concerning the property, or otherwise indicated
an interest as evidenced by a memorandum on file with the fiduciary. If
unclaimed property in a trust defined in section 456.500, RSMo, has not
escheated within the time periods specified in section 456.640, RSMo,
then such property is subject to the provisions of sections 447.500 to
447.595:

(1) If the property is held by a banking organization or a financial
organization, or by a business association organized pursuant to the laws
of or created in this state; or

(2) If it is held by a business association, doing business in this
state, but not organized pursuant to the laws of or created in this
state, and the records of the business association indicate that the last
known address of the person entitled thereto is in this state; or

(3) If it is held in this state by any other person; or

(4) Except any property that is held for the benefit of another whether
absolute or contingent where the owner has not reached the age of
twenty-one and such property is in a trust or agency account, or is not
subject to a trust as permitted by section 456.012 or 456.013, RSMo. (L.
1984 H.B. 1088 § 7, A.L. 1986 H.B. 1547, A.L. 1994 S.B. 757, A.L. 1998
H.B. 1510)

1. Notwithstanding the provisions of section 447.536, all
intangible personal property held as of June 19, 2002, for the owner by
any court, including any receivership or custodianship under court
supervision, or public corporation, public authority, or public officer
of this state, or a political subdivision thereof, that has remained
unclaimed by the owner for more than three years is deemed abandoned and
shall be turned over immediately to the treasurer pursuant to section
447.543.

2. Notwithstanding the provisions of section 447.536, all intangible
personal property held for the owner whose last known address is located
in Missouri, by a public officer, official, agency, department, or court,
of the United States or any state or local government or governmental
subdivision, agency, or entity thereof that has remained unclaimed by the
owner for more than three years is deemed abandoned and shall be turned
over to the treasurer pursuant to section 447.543. If no address is
listed or if the address is outside this state, all intangible personal
property held for the owner by such entities listed in this section and
located in this state, or held for a holder that is located in this
state, that has remained unclaimed by the owner for more than three years
is deemed abandoned and shall be turned over immediately to the treasurer
pursuant to section 447.543, except as provided in section 447.547.

3. All intangible personal property referred to in this section is
subject to the provisions of sections 447.500 to 447.595. (L. 1984 H.B.
1088 § 8, A.L. 1989 H.B. 506, A.L. 1990 H.B. 1052, A.L. 1994 S.B. 757,
A.L. 1998 H.B. 1510, A.L. 2002 S.B. 1248)

Effective 6-19-02

1. All intangible property, including but not limited to any
interest, dividend, or other earnings thereon that would be due had the
owner not abandoned the account, less any lawful charges, held by a
business association, federal, state or local government or governmental
subdivision, agency or entity, or any other person or entity, regardless
of where the holder may be found, if the owner has not claimed or
corresponded in writing concerning the property within seven years or
five years as provided in section 447.536 after the date prescribed for
payment or delivery, is presumed abandoned and subject to the custody of
this state as unclaimed property if:

(1) The last address of the owner is unknown; and

(2) The person or entity originating or issuing the intangible property
is this state or any political subdivision of this state, or is
incorporated, organized, created or otherwise located in this state.

2. The provisions of subsection 1 of this section shall not apply to
property which is or may be presumed abandoned and subject to the custody
of this state pursuant to any other provision of law containing a
dormancy period different than that prescribed in subsection 1 of this
section.

3. The provisions of subsection 1 of this section shall apply to all
property held as of August 28, 1990, or at any time thereafter,
regardless of when such property became or becomes presumptively
abandoned.

4. The provisions of subsection 1 of this section shall not apply to any
property held in this state where the holder is a banking organization or
financial organization which has a principal place of business in this
state. (L. 1990 H.B. 1052, A.L. 1992 S.B. 661 & 620, A.L. 1998 H.B. 1510)

All intangible personal property, not otherwise covered by
sections 447.500 to 447.595, including any income or increment thereon,
and deducting any lawful charges, that is held or owing in this state in
the ordinary course of the holder's business and has remained unclaimed
by the owner for more than seven years or five years as provided in
section 447.536 after it became payable or distributable is presumed
abandoned. Intangible personal property where the property is held in a
jurisdiction in which the abandonment presumption is less than seven
years or five years as provided in section 447.536 shall be accepted by
the state of Missouri. (L. 1984 H.B. 1088 § 9, A.L. 1986 H.B. 1547, A.L.
1994 S.B. 757, A.L. 1998 H.B. 1510)

Except for the abandonment period for travelers checks and money
orders provided for in subdivision (3) of section 447.505; the
abandonment period for dissolution of business associations, banking
organizations and financial organizations as provided for in section
447.527; and the abandonment period for court-related bond proceeds as
provided for in section 447.595; all other abandonment periods referenced
in sections 447.505 to 447.595, shall change from seven to five years
beginning January 1, 2000. The abandonment periods provision of this
section shall not apply to property which is held pursuant to any
resolution, order or trust indenture entered into prior to August 28,
1998, by a city, county, school district, authority, agency or other
political subdivision where the abandonment period or other abandonment
provision specified in the resolution, order or trust indenture is
different than the abandonment period specified in this section. (L. 1998
H.B. 1510)

If specific property which is subject to the provisions of
sections 447.505, 447.520, 447.527, 447.530 and 447.535 is held for or
owed or distributable to an owner whose last known address is in another
state by a holder who is subject to the jurisdiction of that state, the
specific property is not presumed abandoned in this state and subject to
sections 447.500 to 447.595 if:

(1) It may be claimed as abandoned or escheated under the laws of such
other state; and

(2) The laws of such other state make reciprocal provision that similar
specific property is not presumed abandoned or escheatable by such other
state when held for or owed or distributable to an owner whose last known
address is within this state by a holder who is subject to the
jurisdiction of this state; provided, however, such other state shall
only enforce its claim by trial de novo in the appropriate court in
Missouri. (L. 1984 H.B. 1088 § 10, A.L. 1994 S.B. 757)

Effective 7-1-94

1. Every person holding funds or other property, tangible or
intangible, presumed abandoned pursuant to sections 447.500 to 447.595
shall report to the treasurer with respect to the abandoned property as
provided in this section.

2. The report shall be verified by the person filing the report and shall
include:

(1) The name, if known, and last known address, if any, of each person
appearing from the records of the holder to be the owner of any property
of the value of fifty dollars or more presumed abandoned pursuant to
sections 447.500 to 447.595;

(2) The nature and identifying number, if any, or description of the
property and the amount appearing from the records to be due, except that
items of value under fifty dollars each may be reported in aggregate;

(3) The date when the property became payable, demandable, or returnable,
and the date of the last transaction with the owner with respect to the
property; and

(4) Other information under the control of the holder which the treasurer
prescribes by rule as necessary for the administration of sections
447.500 to 447.595; however, the treasurer shall not request a history of
fees and charges on the property in question for information prior to the
cutoff date for reporting.

Should the case be referred to the attorney general for legal action, the
attorney general may examine records that are retained under the
authority applicable to the entity's record retention law.

3. If the person holding property presumed abandoned is a successor to
other persons who previously held the property for the owner, or if the
holder has changed his or her name while holding the property, the person
shall file with his or her report all prior known names and addresses of
each holder of the property.

4. Except for the year ending June 30, 1984, the report shall be filed
before November first of each year as of June thirtieth next preceding,
but the report of life insurance corporations shall be filed before May
first of each year as of December thirty-first next preceding. The report
for the year ending June 30, 1984, may be combined with the report for
the year ending June 30, 1985, and may be included in the report due on
November 1, 1985. The treasurer may extend the reporting deadline for
periods of thirty days upon written request by any person required to
file a report.

5. If the holder of property presumed abandoned pursuant to sections
447.500 to 447.595 knows the whereabouts of the owner, if the owner's
claim has not been barred by the statute of limitations, and the property
involved is valued at fifty dollars or more, the holder shall, before
filing the annual report, communicate with the owner and take necessary
steps to prevent abandonment from being presumed. The holder shall
exercise such reasonable and necessary diligence as is consistent with
good business practice to ascertain the whereabouts of such owner of
property valued at fifty dollars or more within one year prior to
reporting the property to the state treasurer.

6. Verification, if made by a partnership, shall be executed by a
partner; if made by an unincorporated association or corporation, by an
officer.

7. If the treasurer determines that the person holding property presumed
abandoned failed to exercise such reasonable and necessary diligence as
is consistent with good business practice to ascertain the whereabouts of
a property owner, the treasurer may impose a penalty on such holder of up
to twenty percent of the value of the property returned to the owner by
the treasurer.

8. Any amount (including any penalty) assessed against a holder of
property presumed abandoned by the treasurer pursuant to sections 447.500
to 447.595 shall be due and payable to the treasurer thirty days after
the holder has received written notice of such assessment, unless the
holder has filed a written request for reconsideration by the treasurer.
Any amount assessed against a holder upon reconsideration by the
treasurer shall be deemed the final decision of the treasurer and shall
be due and payable thirty days after the holder has received written
notice of such final decision. Any assessment that remains unpaid
forty-five days after the holder has received written notice of the final
decision by the treasurer shall accrue interest at the rate of one and
one-half percent per month, which interest shall be added to and included
in the amount due and payable to the treasurer. The treasurer may, for
good cause, waive in part, or in whole, any penalty (including interest)
assessed against the holder pursuant to sections 447.500 to 447.595. The
treasurer is authorized to take the appropriate legal action necessary to
collect any unpaid assessment pursuant to sections 447.500 to 447.595.
Any penalty imposed and collected by the treasurer pursuant to the
provisions of sections 447.500 to 447.595 shall be deposited in the state
general revenue fund.

9. The holder shall retain such records necessary to verify the
relationship of the owner to the holder for a period of not less than
five years subsequent to reporting the property to the treasurer.

10. If a holder has failed to retain records sufficient to allow the
treasurer to determine the holder's compliance with sections 447.500 to
447.595, the treasurer shall use estimation techniques, in accordance
with generally accepted accounting principles to determine the amount of
abandoned property that is reportable for and limited to the most current
reportable abandonment period. In cases where multiple states have
examined a holder, the treasurer may use reasonable estimation techniques
in accordance with generally accepted accounting principles to determine
the holder's compliance with sections 447.500 to 447.595, for all
reportable periods that were subject to the examination. The amount
determined by such methods shall be used as the amount of property
presumed abandoned in the holder's report of such property to the
treasurer. The holder may contest the estimation techniques used by the
treasurer in an appeal de novo to a circuit court of competent
jurisdiction. (L. 1984 H.B. 1088 § 11, A.L. 1989 H.B. 506, A.L. 1993 H.B.
566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

Entities which are exempt from federal taxation pursuant to
Section 501(c)(3) of the Internal Revenue Code shall report and remit as
required by this chapter. (L. 1990 H.B. 1361 § 1, A.L. 1998 H.B. 1510)

1. Within two hundred forty days from the due date of the report
required by section 447.539, the treasurer shall cause notice to be
published at least once each week for two successive weeks in a newspaper
of general circulation as defined in section 493.050, RSMo, in the county
in this state in which is located the last known address of any person to
be named in the notice. If no address is listed or if the address is
outside this state and the property may be subject to sale or
liquidation, the notice shall be published in the county in which the
holder of the abandoned property has his principal place of business
within this state.

2. The published notice shall be entitled "Notice of Names of Persons
Appearing to be Owners of Abandoned Property", and shall contain:

(1) The names in alphabetical order and last known addresses, if any, of
persons listed in the report and entitled to notice within the county as
specified in subsection 1 of this section;

(2) A statement that information concerning the amount or description of
the property and the name and address of the holder may be obtained by
any persons possessing an interest in the property by addressing an
inquiry to the treasurer;

(3) A statement that if proof of claim is not presented by the owner to
the holder and if the owner's right to receive the property is not
established to the treasurer's satisfaction within one year from the date
of the delivery of the property to the treasurer, the abandoned property
will be sold as provided in section 447.558. The treasurer is not
required to publish in the notice any items of less than fifty dollars
unless, in the aggregate, the items total fifty or more dollars for any
one individual. The treasurer shall use reasonable diligence to determine
if small items in fact belong to the same individual.

3. Within one hundred twenty days from the receipt of the report required
by section 447.539, the treasurer shall mail a notice to each person
having an address listed therein who appears to be entitled to property
of the value of fifty dollars or more presumed abandoned under sections
447.500 to 447.595.

4. The mailed notice shall contain:

(1) A statement that, according to a report filed with the treasurer,
property is being held by the treasurer to which the addressee appears
entitled; and

(2) A statement that, if satisfactory proof of claim is not presented by
the owner to the treasurer by the date specified in the published notice,
the property will be sold as provided in section 447.558.

5. Subsections 1 and 4 of this section are not applicable to sums payable
on traveler's checks or money orders.

6. In addition to the above forms of notice to owners of abandoned
property, the treasurer shall work with other state agencies to provide
notice to holders of their rights and responsibilities pursuant to
sections 447.500 to 447.595 by including information regarding Missouri's
unclaimed property laws. (L. 1984 H.B. 1088 § 12, A.L. 1986 H.B. 1547,
A.L. 1989 H.B. 506, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998
H.B. 1510)

1. Every person who has filed a report pursuant to section
447.539 shall pay all moneys to the treasurer and deliver to the
treasurer all other abandoned property specified in the report at the
time of filing the report, provided the holder may retain from any such
moneys the reasonable costs of complying with sections 447.500 to
447.595, which costs shall be approved by the treasurer. The treasurer
shall approve such costs provided such costs are not unreasonable given
the facts and circumstances of each case. The holder may recover the
total bona fide costs for compliance with sections 447.500 to 447.595. If
the owner establishes his or her right to receive the abandoned property
to the satisfaction of the holder before such report is filed, or if it
appears that for some other reason the presumption of abandonment is
erroneous, the holder need not pay or deliver the property as required in
this subsection, which will no longer be presumed abandoned, but in lieu
thereof shall file a verified written explanation of the proof of claim
or of the error in the presumption of abandonment with the treasurer.

2. The treasurer shall record the name and the last known address of each
person appearing from the holders' reports to be entitled to the
abandoned funds and cause such funds to be deposited in the special
account known as the "Abandoned Fund Account", which is hereby created.
The abandoned fund account created by this section shall be the successor
account to the abandoned fund account previously in the state treasury
and all funds in such accounts on August 13, 1984, shall be transferred
to the abandoned fund account created by this section. Records made
herein, and open for public inspection pursuant to section 447.560, shall
be available for public inspection at all reasonable business hours;
except that, the records shall not be subject to public inspection or
available for copying, reproduction, or scrutiny by commercial or
professional locators of property presumed abandoned who charge any
service or finder's fee until ninety days after the names of the people
to whom property is owed have been published or officially disclosed.
From this account the treasurer shall make prompt payment of claims duly
allowed by the treasurer. At any time when the balance of the account
exceeds one-twelfth of the previous fiscal year's total disbursement from
the abandoned property fund, the treasurer may, and at least once every
fiscal year shall, transfer to the general revenue of the state of
Missouri the balance of the abandoned fund account which exceeds
one-twelfth of the previous fiscal year's total disbursement from the
abandoned property fund, and, notwithstanding the provisions of section
33.080, RSMo, to the contrary, no other moneys in the fund shall lapse at
the end of the biennium. Should any claims be allowed or refunds ordered
which reduce the balance to less than one-twenty-fourth of the previous
fiscal year's total disbursement from the abandoned property fund, the
treasurer shall transfer from the general funds of the state an amount
which is sufficient to restore the balance to one-twelfth of the previous
fiscal year's total disbursement from the abandoned property fund. (L.
1984 H.B. 1088 § 13, A.L. 1986 H.B. 1547, A.L. 1989 H.B. 506, A.L. 1993
H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

1. Upon the payment or delivery of abandoned property, the state
shall assume custody and shall be responsible for the safekeeping
thereof. Any person who pays or delivers abandoned property pursuant to
sections 447.500 to 447.595 is relieved of all liability for any claim
which then exists or which thereafter may arise or be made in respect to
the property.

2. In the event legal proceedings are instituted against a prior holder
in a court of this state, or in any other state or federal court, by any
other state claiming to be entitled to unclaimed funds or abandoned
property previously paid or delivered to the treasurer, such holder shall
give timely written notice to the treasurer and the attorney general of
this state of such proceedings, or in the alternative at least ten days
before the return date on which an answer or similar pleading is required
to be filed. The attorney general may intervene or take such other action
as the attorney general deems appropriate or necessary to protect the
interests of this state.

3. If the notice provided in subsection 2 of this section is given by the
holder and thereafter a judgment is entered against the holder for any
amount paid to the treasurer pursuant to the terms of sections 447.500 to
447.595, the treasurer shall, upon being furnished with proof thereof,
return to the holder the amount of such judgment, not to exceed the
amount of the property reported which is the subject of the dispute.

4. The holder of any interest pursuant to section 447.520 evidenced only
by the stock records or membership records of the business association
may deliver a duplicate certificate to the treasurer. Upon such delivery,
the holder and any transfer agent, registrar, or other person acting for
or on behalf of the holder in executing or delivering such duplicate
certificate shall be relieved from all liability of every kind to the
person acquiring the original certificate or the duplicate of such
certificate issued to the treasurer, not to exceed the liquidated value
of the property on the date of delivery, or if unliquidated, the market
value of the property on the date of delivery. If the holder elects not
to issue and deliver a duplicate certificate, the holder shall transfer
title of the underlying shares to the state on the records of the issuing
corporation in a manner acceptable to the treasurer. (L. 1984 H.B. 1088 §
14, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

1. Sections 447.500 to 447.595 shall not affect property the
title to which is vested in a holder by the operation of a statute of
limitations prior to August 13, 1984, nor to any property held in a
fiduciary capacity that was unclaimed property prior to August 13, 1974.
This subsection shall not apply to property the title to which is vested
in the holder when the holder is a federal, state, or local government or
governmental subdivision, agency, entity, officer, or appointee thereof.

2. Payment and delivery of unclaimed property to the treasurer is not
barred by statutes of limitations when title to the property has not
vested in the holder prior to August 13, 1984.

3. Sections 447.500 to 447.595 shall not apply to final orders, judgments
or decrees of distribution or to abandoned property entered by the
probate division of the circuit court after August 13, 1984.

4. Sections 447.500 to 447.595 shall not apply to institutions chartered
pursuant to the provisions of an act of the Congress of the United States
known as the Farm Credit Act of 1971 and acts amendatory thereto.

5. In addition to other exclusions, sections 447.500 to 447.595 shall not
apply to any property that had been unclaimed prior to January 1, 1965,
where the holder is a financial organization or banking organization
which has a principal place of business in this state. (L. 1984 H.B. 1088
§§ 15, 26, A.L. 1989 H.B. 506, A.L. 1990 H.B. 1052, A.L. 1993 H.B. 566,
A.L. 1994 S.B. 757)

Effective 7-1-94

1. The expiration of any period of time specified by law during
which an action or proceeding may be commenced or enforced to secure
payment of a claim for money or recovery of property shall not serve as a
defense in any action or proceeding brought by or on behalf of the
treasurer against any federal or state government, or agency or entity
thereof, for the payment or delivery of any abandoned property to the
treasurer pursuant to sections 447.500 to 447.595, or to enforce or to
collect any penalty provided by sections 447.500 to 447.595.

2. This section shall apply to all abandoned property held by any federal
or state government, or agency or entity thereof, as of August 28, 1990,
or any time thereafter, regardless of when such property became or
becomes presumptively abandoned. (L. 1990 H.B. 1052, A.L. 1993 H.B. 566,
A.L. 1994 S.B. 757)

Effective 7-1-94

1. All abandoned property delivered to the treasurer pursuant to
sections 447.500 to 447.595 shall, within two years after the delivery,
be sold by the treasurer to the highest bidder at public sale in whatever
manner affords in the treasurer's judgment the most favorable market for
the property involved. The treasurer may decline the highest bid and
reoffer the property for sale if the treasurer considers the price bid
insufficient. The treasurer need not offer any property for sale if, in
the treasurer's opinion, the probable cost of sale exceeds the value of
the property.

2. Any sale held pursuant to this section, except for the sale of
marketable securities, shall be preceded by a single publication of
notice thereof, at least three weeks in advance of sale, in a newspaper
qualified to publish public notices as provided in chapter 493, RSMo,
published in the county, or if no such qualified paper is published in
the county, then in a county adjacent to such county, and in the city,
town, or village where the property is to be sold if the property is to
be sold there.

3. The purchaser at any sale conducted by the treasurer pursuant to
sections 447.500 to 447.595 shall receive title to the property
purchased, free from all claims of the owner or prior holder thereof and
of all persons claiming through or under them. The treasurer shall
execute all documents necessary to complete the transfer of title.

4. The proceeds from the sale of abandoned property pursuant to this
section shall forthwith be deposited in the abandoned funds account. (L.
1984 H.B. 1088 § 16, A.L. 1986 H.B. 1547, A.L. 1993 H.B. 566, A.L. 1994
S.B. 757, A.L. 1998 H.B. 1510)

All abandoned tangible personal property delivered to the
treasurer pursuant to subdivision (4) of section 447.505 that has
possible historical significance shall be reviewed as follows:

(1) The treasurer at the treasurer's discretion shall screen such
property to determine if the property indicates a need for further review;

(2) In the event it is determined that such property needs further
review, the treasurer shall make available such property to the state
historical society of Missouri for historical review. The state
historical society shall issue to the treasurer its report and recommend
to the treasurer the appropriate state department or agency to act as
custodian of any property deemed to be of such historical significance as
to be retained;

(3) The state historical society shall receive a reasonable fee for its
services. If the treasurer and the state historical society cannot agree
on the amount of the fee, the commissioner of administration shall
determine the fee. The fee shall be paid out of appropriations made from
the abandoned fund account. (L. 1989 H.B. 506, A.L. 1993 H.B. 566, A.L.
1998 H.B. 1510)

1. The treasurer shall retain a record of the name and last
known address of each person appearing from the holders' reports to be
entitled to the abandoned moneys and property and of the name and last
known address of each insured person or annuitant, and with respect to
each policy or contract listed in the report of a life insurance
corporation, its number, the name of the corporation, and the amount due.
The record shall be available for public inspection at all reasonable
business hours.

2. Except as specifically provided by this section, no information
furnished to the treasurer in the holder reports, including Social
Security numbers or other identifying information, shall be open to
public inspection or made public. Any officer, employee or agent of the
treasurer who, in violation of the provisions of this section, divulges,
discloses or permits the inspection of such information shall be guilty
of a misdemeanor.

3. If an amount is turned over to the state that is less than fifty
dollars, the amount reported may be made available as public information,
along with the name and last known address of the person appearing from
the holder report to be entitled to the abandoned moneys; except that, no
additional information other than provided for in this section may be
released, and any individual other than the person appearing from the
holder report to be entitled to the abandoned moneys shall be governed by
sections 447.500 to 447.595 and other applicable Missouri law in his or
her use or dissemination of such information. (L. 1984 H.B. 1088 § 17,
A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

If the treasurer determines after investigation that any
property delivered under the provisions of sections 447.500 to 447.595
has insubstantial commercial value, the treasurer may destroy or
otherwise dispose of the property at any time. No action or proceeding
may be maintained against this state or any of its officers or against
the holder of any property for or on account of any action taken by the
treasurer pursuant to the provisions of this section. (L. 1989 H.B. 506,
A.L. 1993 H.B. 566, A.L. 1994 S.B. 757)

Effective 7-1-94

Any person claiming an interest in any moneys or property
delivered to the state under sections 447.500 to 447.595 may file a claim
to such property or to the proceeds from the sale thereof. The form of
the claim shall be prescribed by the treasurer and shall be signed by the
claimant and shall contain a statement that it is made under oath or
affirmation and that its representations are true, correct and complete
to the best knowledge and belief of the claimant, subject to the
penalties of making a false affidavit or declaration. Any holder who has
paid moneys to the treasurer pursuant to sections 447.500 to 447.595 may
make payment to any person appearing to the holder to be entitled
thereto, and upon proof of the payment and proof that the payee was
entitled thereto, the treasurer shall reimburse the holder for the
payment at any time after the moneys or property is delivered to the
state, unless the treasurer has already made payment to said person
pursuant to a claim filed under the provisions of this section. (L. 1984
H.B. 1088 § 18, A.L. 1989 H.B. 506, A.L. 1993 H.B. 566, A.L. 1994 S.B.
757)

Effective 7-1-94

1. The treasurer shall consider any claim filed pursuant to
sections 447.500 to 447.595 and may hold a hearing and receive evidence
concerning it. If a hearing is held, the treasurer shall prepare a
finding and a decision in writing on each claim filed, stating the
substance of any evidence heard by the treasurer and the reasons for the
treasurer's decision. The decision shall be a public record.

2. If the claim is allowed, the treasurer shall make payment forthwith.
The claim shall be paid without deduction for costs of notices or sale or
for service charges, and any such claim paid shall include interest, if
the owner would have been entitled interest had the property not been
presumed to be abandoned. Such interest shall equal the year-to- date
annualized average rate of return on all funds invested by the state
treasurer for each year of accrual and the previous year's annualized
average rate of return for the current fiscal year, but shall not accrue
more than seven years after such property has been determined to be
abandoned and transferred to the custody of the state.

3. The treasurer*, after paying a claim, is discharged and released to
the same extent as if the treasurer dealt with a legal representative of
the owner. The treasurer is not required to see to the application of the
payment or to inquire into the truth of any statement made in the claim
except to the extent that confirmatory information is provided to the
treasurer. Any claimant, attorney in fact, attorney, or anyone
representing a claimant to whom payment is made is accountable therefor
to any other person having a superior right to the payment. (L. 1984 H.B.
1088 § 19 subsecs. 1, 2, A.L. 1989 H.B. 506, A.L. 1993 H.B. 566, A.L.
1994 S.B. 757, A.L. 1998 H.B. 1510)

*Word "treasure" appears in original rolls.

Any person aggrieved by a decision of the treasurer or as to
whose claim the treasurer has failed to act within ninety days after the
filing of a claim shall be entitled to a hearing under the provisions of
chapter 536, RSMo, and the proceedings instituted by him shall be deemed
a contested case under chapter 536, RSMo. (L. 1984 H.B. 1088 § 20, A.L.
1993 H.B. 566)

Effective 7-1-93

The treasurer, after receiving reports of property deemed
abandoned pursuant to sections 447.500 to 447.595, may decline to receive
any property reported which the treasurer deems to have a value less than
the cost of giving notice and holding sale, or the treasurer may, if the
treasurer deems it desirable because of the small sum involved, postpone
taking possession until a sufficient sum accumulates, but in no event
shall the treasurer postpone taking possession for longer than one year.
Unless the holder of the property is notified to the contrary within one
hundred twenty days after filing the report required pursuant to section
447.539, the treasurer shall be deemed to have elected to receive the
custody of the property. Nothing in this chapter shall prevent the
treasurer from accepting property prior to the date it becomes unclaimed
or abandoned as defined in sections 447.500 to 447.595. (L. 1984 H.B.
1088 § 21, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

The treasurer may at reasonable times and upon reasonable notice
examine the records of any person if the treasurer has reason to believe
that such person has failed to report property that should have been
reported pursuant to sections 447.500 to 447.595; provided, however, that
examination of the records of any person or entity subject to the
supervision of the divisions of finance, credit unions, the department of
insurance, or the public service commission shall be made by the chief
officer of the respective agency at the request of the treasurer. Such
examination by the chief officer of the respective agency may be
delegated to the chief officer's full-time employees, who otherwise
examine the specific listed institution regulated by such agency. Such
chief officer of the respective agency shall certify in writing to the
treasurer and the institution under examination when the chief officer
has reason to believe that such institution has failed to report property
that should have been reported pursuant to sections 447.500 to 447.595.
In such case the treasurer may examine such institution. The
communications between such chief officers and the treasurer concerning
this section shall be considered exceptions to any applicable
confidentiality statutes. The treasurer may delegate any duty imposed
upon the treasurer pursuant to the provisions of sections 447.500 to
447.595 to such other agency employees as the treasurer deems
appropriate. (L. 1984 H.B. 1088 § 22, A.L. 1989 H.B. 506, A.L. 1993 H.B.
566, A.L. 1994 H.B. 1165 merged with S.B. 757, A.L. 1998 H.B. 1510)

If any person refuses to deliver property to the state as
required under sections 447.500 to 447.595, the treasurer shall bring an
action in a court of appropriate jurisdiction to enforce such delivery.
(L. 1984 H.B. 1088 § 23, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757)

Effective 7-1-94

(2002) Section constitutes unconstitutional delegation of power to the
State Treasurer to collect property in violation of Article IV, Section
15 of the Missouri Constitution. Farmer v. Kinder, 89 S.W.3d 447
(Mo.banc).

1. Any person who intentionally fails to render any report or
perform other duties required pursuant to sections 447.500 to 447.595 may
be assessed a penalty of five percent of the total value of the property
at issue, but not less than one hundred dollars, for each month the
report is not filed or duty not performed, up to twenty-five percent of
the total value of the property at issue. Any penalty imposed pursuant to
this subsection shall be in lieu of, and not in addition to, other
penalties established pursuant to sections 447.500 to 447.595.

2. Any person who intentionally refuses to pay or deliver abandoned
property as required pursuant to sections 447.500 to 447.595 may be
assessed a penalty of not less than one hundred dollars per day, not to
exceed a maximum of ten thousand dollars, and shall be guilty of a class
A misdemeanor.

3. Any person who intentionally makes a false statement in any report
required pursuant to sections 447.500 to 447.595 may be fined not less
than one hundred dollars nor more than ten thousand dollars and shall be
guilty of a class B misdemeanor. (L. 1984 H.B. 1088 § 24, A.L. 1994 S.B.
757, A.L. 1998 H.B. 1510)

The treasurer is hereby authorized to make necessary rules and
regulations to carry out the provisions of sections 447.500 to 447.595.
(L. 1984 H.B. 1088 § 25, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757)

Effective 7-1-94

1. No agreement entered into after a report is filed is valid if
any person undertakes thereby to locate or reveal the whereabouts of
property included in that report for a fee or compensation, unless the
agreement discloses the nature and value of the property, is in writing,
duly signed and acknowledged by the property owner.

2. Any agreement to pay compensation to recover or assist in the recovery
of property reported or delivered to the treasurer under the provisions
of sections 447.500 to 447.595 which is made within twelve months after
the date of payment or delivery to the treasurer is unenforceable. Any
agreement to pay compensation to recover or assist in the recovery of
property reported or delivered to the treasurer which is made more than
twelve months, but less than twenty-four months, after the date of
payment or delivery to the treasurer shall be invalid if the compensation
for recovery is greater than ten percent of the property at issue. Any
agreement to pay compensation to recover or assist in the recovery of
property reported or delivered to the treasurer which is made more than
twenty-four months, but less than thirty-six months, after the date of
payment or delivery to the treasurer shall be invalid if the compensation
for recovery is greater than fifteen percent of the property at issue.
Any agreement to pay compensation to recover or assist in the recovery of
property reported or delivered to the treasurer which is made more than
thirty-six months after the date of payment or delivery to the treasurer
shall be invalid if the compensation for recovery is greater than twenty
percent of the property at issue.

3. Except as provided in subsection 7 of this section, any person who
enters into an agreement to recover or perform in a representative
capacity to assist in the recovery of property reported or delivered to
the treasurer under sections 447.500 to 447.595, for compensation, shall
register with the treasurer prior to submitting a claim to the treasurer
for recovery of such property. Any claim filed by a person acting in a
representative capacity for the recovery of property reported or
delivered to the treasurer under sections 447.500 to 447.595, for
compensation, shall be invalid unless the person is registered with the
treasurer in accordance with this section. Every person who registers
with the treasurer in accordance with this section shall certify
compliance and good standing with the tax, business registration and
other regulatory requirements of the state of Missouri. To remain
registered a person must annually recertify compliance with such
requirements.

4. The treasurer may require such additional information from persons
wishing to register in accordance with the provisions of this section as
the treasurer reasonably believes to be necessary to protect the rightful
owners of property presumed abandoned and the citizens of the state of
Missouri, generally.

5. If the treasurer receives information, directly or indirectly, which
gives the treasurer reason to believe that a person registered in
accordance with the provisions of this section to recover or perform in a
representative capacity to assist in the recovery of property reported or
delivered to the treasurer, for compensation, has violated the provisions
of sections 447.500 to 447.595, or any other provision of law, the
treasurer may suspend the registration of such person. In such a case,
the treasurer shall notify the person in writing of the grounds for the
proposed suspension of registration and provide the person an opportunity
to respond to the allegations in writing or, upon request, through a
hearing conducted in accordance with the provisions of chapter 536, RSMo.
For good cause shown, the treasurer may refrain from acting on any claim
filed by such a person pending determination of the appropriateness of
suspending such a person's registration. Suspension of a person's
registration by the treasurer shall not be a prerequisite nor a
substitute for any other civil or criminal causes of action to which such
person may otherwise be subject, but is in addition to such possible
remedies. Any information obtained or compiled by the treasurer in
determining whether to register or suspend such a person's registration
may be disclosed to appropriate law enforcement agencies, in any
investigation, action or proceeding, civil, criminal or mixed, brought by
a governmental agency to enforce the laws of this state, and except for
the treasurer's office work product, upon court order in any action or
proceeding where such information is material to an issue in the action
or proceeding.

6. Any person whose registration has been suspended or which has lapsed
pursuant to this section may thereafter seek to reregister in accordance
with the provisions of this section.

7. Subsection 1 of this section shall not apply to any agreement made by
any person, including personal representatives, guardians, trustee, and
others in a representative capacity, with another to discover property in
which such person has an interest for a fixed fee or hourly or daily
rate, not contingent upon the discovery of property or the value of
property discovered; provided, however, that any agreement entered into
under this subsection for the purpose of evading the provisions of
subsection 1 of this section shall be invalid and unenforceable.

8. Nothing in this section shall be construed to prevent an owner from
asserting, at any time, that any agreement to locate or reveal the
whereabouts of properties is based on an excessive or unjust
consideration. (L. 1986 H.B. 1547, A.L. 1994 S.B. 757)

Effective 7-1-94

1. The treasurer may enter into reciprocal agreements with other
states to provide information needed to determine what abandoned property
such states may be entitled to escheat if such other states or officials
thereof agree to provide this state with information needed to enable
this state to determine what abandoned property it may be entitled to
escheat.

2. At the request of another state, the attorney general of this state
may bring an action in the name of the other state, in any court of
appropriate jurisdiction within this state, to enforce the abandoned
property laws of the other state against a holder in this state of
property subject to escheat by the other state if:

(1) The courts of the other state cannot obtain jurisdiction over the
holder;

(2) The other state has agreed to bring actions in the name of this state
at the request of the attorney general of this state to enforce the
provisions of sections 447.500 to 447.595 against any person in the other
state believed by the treasurer to hold property subject to escheat under
the provisions of sections 447.500 to 447.595 when the courts of this
state cannot obtain jurisdiction over such person;

(3) The other state has agreed to pay reasonable costs incurred by the
attorney general in bringing the action; and

(4) The other state's laws do not require the holder to a greater duty
than that provided in sections 447.500 to 447.595. (L. 1984 H.B. 1088 §
28, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757)

Effective 7-1-94

The treasurer, with the approval of the governor, may enter into
agreements with any person, firm or corporation to assist in the
identification, collection, and processing of abandoned property held by
any business entity domiciled and located in another state. The treasurer
may agree to pay a fee for such services based in whole or in part on a
percentage of the value of any property received pursuant to such
agreements. Any expenses paid pursuant to this section may not be
deducted from the amount subject to claim by the owner under sections
447.500 to 447.595. (L. 1986 H.B. 1547, A.L. 1993 H.B. 566, A.L. 1994
S.B. 757)

Effective 7-1-94

1. At any time after property has been paid for or delivered to
the state under the provisions of sections 447.500 to 447.595, another
state is entitled to recover the property if:

(1) The last known address of the apparent owner of the property
appearing on the records of the holder is in such other state and, under
the laws of that state, the property has escheated to that state;

(2) The property is the sum payable on a traveler's check, money order,
or other similar instrument that escheated to this state and the
traveler's check, money order, or other similar instrument was in fact
purchased in such other state, and, under the laws of that state, the
property escheated to that state; or

(3) The property is funds held or owing by a life insurance corporation
that escheated to this state pursuant to sections 447.500 to 447.595, the
last known address of the person entitled to the funds was in fact in
such other state, and, under the laws of that state, the property
escheated to that state.

2. The claim of another state to recover escheated property under the
provisions of this section shall be presented in writing to the
treasurer, who shall treat the claim as if it were filed under section
447.562. (L. 1984 H.B. 1088 § 29, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757)

Effective 7-1-94

1. Notwithstanding any law to the contrary, including sections
447.500 to 447.595, a banking organization as defined in section 447.503
may retain any fees and charges, including enforcing possessory liens for
such fees and charges permitted by safe deposit law or the banking
organization's safe deposit box contract, when the contents of the safe
deposit box becomes unclaimed property.

2. Notwithstanding any law to the contrary, including sections 447.500 to
447.595, a financial organization as defined in section 447.503 may
retain any fees and charges, including enforcing possessory liens for
such fees and charges permitted by safe deposit law or the financial
organization's safe deposit box contract, when the contents of the safe
deposit box becomes unclaimed property.

3. Notwithstanding any law to the contrary, including sections 447.500 to
447.595, a business association as defined in section 447.503 may retain
any fees and charges, including enforcing possessory liens for such fees
and charges permitted by safe deposit law or the business association's
safe deposit box contract, when the contents of the safe deposit box
becomes unclaimed property. (L. 1989 H.B. 506 §§ 1, 2, 3, A.L. 1994 S.B.
757)

Effective 7-1-94

Where a person or party is required by the terms of an arrest
warrant or of his probation to post a cash bond or cash probation bond or
a civil cash bond ordered by the court, the court shall return the bond,
less any outstanding court costs, to such person or party upon the
termination of the court proceedings or probation period. If such person
or party does not claim the bond proceeds within one year of the date of
final court action or termination of his probation period, the court
shall transfer the cash bond or cash probation bond to the treasurer for
disposition pursuant to sections 447.500 to 447.595. (L. 1989 H.B. 506 §
4, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757)

Effective 7-1-94

As used in sections 447.620 to 447.640, the following terms mean:

(1) "Housing code", a local building, fire, health, property maintenance,
nuisance, or other ordinance which contains standards regulating the
condition or maintenance of residential buildings;

(2) "Last known address", the address where the property is located or
the address as listed in the property tax records;

(3) "Municipality", any incorporated city, town, or village;

(4) "Nuisance", any property which because of its physical condition or
use is a public nuisance or any property which constitutes a blight on
the surrounding area or any property which is in violation of the
applicable housing code such that it constitutes a substantial threat to
the life, health, or safety of the public. For purposes of sections
447.620 to 447.640, any declaration of a public nuisance by a
municipality pursuant to an ordinance adopted pursuant to sections 67.400
to 67.450, RSMo, shall constitute prima facie evidence that the property
is a nuisance;

(5) "Organization", any Missouri not-for-profit organization validly
organized pursuant to law and whose purpose includes the provision or
enhancement of housing opportunities in its community and which has been
incorporated for at least six months;

(6) "Parties in interest", any owner or owners of record, occupant,
lessee, mortgagee, trustee, personal representative, agent, or other
party having an interest in the property as shown by the land records of
the recorder of deeds of the county wherein the property is located,
except in any municipality contained wholly or partially within a county
with a charter form of government and with more than six hundred thousand
but less than seven hundred thousand inhabitants, "parties in interest"
shall mean owners, lessees, mortgagees, or lienholders whose interest has
been recorded or filed in the public records;

(7) "Rehabilitation", the process of improving the property, including,
but not limited to, bringing the property into compliance with the
applicable housing code. (L. 1993 S.B. 376 § 1, A.L. 1998 H.B. 977 &
1608, A.L. 2002 H.B. 1634 merged with S.B. 1086 & 1126, A.L. 2005 H.B. 58)

Any organization may petition to have property declared
abandoned pursuant to the provisions of sections 447.620 to 447.640 and
for temporary possession of such property, if:

(1) The property has been continuously unoccupied by persons legally
entitled to possession for at least six months prior to the filing of the
petition;

(2) The taxes are delinquent on the property;

(3) The property is a nuisance; and

(4) The organization intends to rehabilitate the property. (L. 1993 S.B.
376 § 2, A.L. 1994 S.B. 513, A.L. 2002 H.B. 1634 merged with S.B. 1086 &
1126, A.L. 2005 H.B. 58)

The proceedings shall be commenced by filing a verified petition
in the circuit court in the county in which the property is located. The
petition shall allege that the property meets the conditions to be
declared abandoned pursuant to the provisions of section 447.622. All
parties in interest of the property shall be named as defendants in the
petition and summons shall be issued and service had as in other civil
cases. (L. 1993 S.B. 376 § 3)

1. Any petition filed under the provisions of sections 447.620
to 447.640 which pertains to property located within any home rule city
shall meet the requirements of this section.

2. Summons shall be issued and service of process shall be had as in
other in rem or quasi in rem civil actions.

3. The petition shall contain a prayer for a court order approving the
organization's rehabilitation plan and granting temporary possession of
the property to the organization. The petition shall also contain a
prayer for a sheriff's deed conveying title to the property to the
organization upon the completion of rehabilitation when no owner has
regained possession of the property pursuant to section 447.638.

4. The court shall stay any ruling on the organization's prayer for a
sheriff's deed until rehabilitation has been completed.

5. The owner may file a motion for restoration of possession of the
property prior to the completion of rehabilitation. The court shall
determine whether to restore possession to the owner and proper
compensation to the organization in the same manner as in section 447.638.

6. Upon completion of rehabilitation the organization may file a motion
for sheriff's deed in place of a petition for judicial deed under section
447.640.

7. The provisions of sections 447.620 to 447.640 shall apply except where
they are in conflict with this section. (L. 1998 H.B. 977 & 1608, A.L.
2002 H.B. 1634 merged with S.B. 1086 & 1126, A.L. 2005 H.B. 58)

Any action brought pursuant to the provisions of sections
447.620 to 447.640 shall be expedited by the court and may be given
precedence over other suits. Trial shall be by the court without a jury.
(L. 1993 S.B. 376 § 4)

In any civil action brought pursuant to the provisions of
sections 447.620 to 447.640, the plaintiff shall file for record, with
the recorder of deeds of the county in which any such real estate is
situated, a written notice of the pendency of the suit pursuant to the
requirements of section 527.260, RSMo. From the time of filing such
notice the pendency of suit shall be constructive notice to persons
thereafter acquiring an interest in the building. (L. 1993 S.B. 376 § 5)

The court shall hold a hearing on the organization's petition at
which time the organization shall submit to the court a plan for the
rehabilitation of the property and present evidence that the organization
has adequate resources to rehabilitate and thereafter manage the
property. For the purpose of developing such a plan, representatives of
the organization may be permitted entry into the property by the court at
such time and on such terms as the court may deem appropriate. Any
defendant shall be given an opportunity to show cause why such
organization should not be allowed to rehabilitate the property. (L. 1993
S.B. 376 § 6)

The court shall grant the organization's petition if the court
finds that the conditions alleged by the plaintiff as specified in
section 447.622 existed at the time the verified petition was filed in
the circuit court, that the plan for the rehabilitation of the property
submitted to the court by the plaintiff is feasible, and defendant has
failed to demonstrate that the plaintiff should not be allowed to
rehabilitate the property. (L. 1993 S.B. 376 § 7, A.L. 2002 H.B. 1634
merged with S.B. 1086 & 1126)

If the court grants the petition, the court shall enter an order
approving the rehabilitation plan and granting temporary possession of
the property to the organization. The organization may, subject to court
approval, enter into leases or other agreements in relation to the
property. (L. 1993 S.B. 376 § 8)

The organization shall file a quarterly report of its
rehabilitation and use of the property, including a statement of all
expenditures made by the organization and all income and receipts from
the property for the preceding quarters. (L. 1993 S.B. 376 § 9, A.L. 2002
H.B. 1634 merged with S.B. 1086 & 1126)

The owner may petition the circuit court for restoration of
possession of the property and, upon due notice to the plaintiff
organization, for a hearing on such petition. At the hearing, the court
shall determine whether the owner has the capacity and the resources to
complete rehabilitation of the property if such work has not been
completed by the organization. If the court determines that the owner
does not have the capacity or the resources to complete rehabilitation of
the property, the court shall not restore possession to the owner. If the
court determines that the rehabilitation work has been completed by the
organization or that the owner has the capacity and the resources to
complete the rehabilitation, the court shall then determine proper
compensation to the organization for its expenditures, including
management fees, based on the organization's reports to the court. The
court, in determining the proper compensation to the organization, may
consider income or receipts received from the property by the
organization. After the owner pays the compensation to the organization
as determined by the court, the owner shall resume possession of the
property, subject to all existing rental agreements, whether written or
verbal, entered into by the organization. (L. 1993 S.B. 376 § 10, A.L.
2002 H.B. 1634 merged with S.B. 1086 & 1126)

If an owner does not regain possession of the property in the
one-year period following entry of an order granting temporary possession
of the property to the organization, the organization may file a petition
for judicial deed and, upon due notice to the named defendants, an order
may be entered granting a quitclaim judicial deed to the organization. A
conveyance by judicial deed shall operate to extinguish all existing
ownership interests in, liens on, and other interest in the property,
except tax liens. Any party in interest of the property shall present any
claim for compensation prior to the entering of the court order conveying
title to the organization. (L. 1993 S.B. 376 § 11, A.L. 1994 S.B. 513,
A.L. 2002 H.B. 1634 merged with S.B. 1086 & 1126, A.L. 2005 H.B. 58)

As used in sections 447.700 to 447.718, the following terms mean:

(1) "Abandoned property", real property previously used for, or which has
the potential to be used for, commercial or industrial purposes which
reverted to the ownership of the state, a county, or municipal
government, or an agency thereof, through donation, purchase, tax
delinquency, foreclosure, default or settlement, including conveyance by
deed in lieu of foreclosure; or a privately owned property endorsed by
the city, or county if the property is not in a city, for inclusion in
the program which will be transferred to a person other than the
potentially responsible party as defined in chapter 260, RSMo, and has
been vacant for a period of not less than three years from the time an
application is made to the department of economic development;

(2) "Allowable cost", all or part of the costs of project facilities,
including the costs of acquiring the property, relocating any remaining
occupants, constructing, reconstructing, rehabilitating, renovating,
enlarging, improving, equipping or furnishing project facilities,
demolition, site clearance and preparation, backfill, supplementing and
relocating public capital improvements or utility facilities, designs,
plans, specifications, surveys, studies and estimates of costs, expenses
necessary or incident to determining the feasibility or practicability of
assisting an eligible project or providing project facilities,
architectural, engineering and legal service fees and expenses, the costs
of conducting any other activities as part of a voluntary remediation and
such other expenses as may be necessary or incidental to the
establishment or development of an eligible project and reimbursement of
moneys advanced or applied by any governmental agency or other person for
allowable costs. Allowable costs shall also include the demolition and
reconstruction of any building or structure which is not the object of
remediation as defined in section 260.565, RSMo, but which is located on
the site of an abandoned or underutilized property approved for financial
assistance pursuant to sections 447.702 to 447.708, provided that any
such demolition is contained in a redevelopment plan approved by the
director of the department of economic development and the municipal or
county government having jurisdiction in the area in which the project is
located;

(3) "Applicant", the person that submits an application for consideration
of a project or location or real property for financial, tax credit or
other assistance pursuant to sections 447.700 to 447.718; an applicant
may not be any party who intentionally or negligently caused the release
or potential release of hazardous substances at the eligible project as
that term is defined pursuant to chapter 260, RSMo;

(4) "Eligible project", abandoned or underutilized property to be
acquired, established, expanded, remodeled, rehabilitated or modernized
for industry, commerce, distribution or research, or any combination
thereof, the operation of which, alone or in conjunction with other
facilities, will create new jobs or preserve existing jobs and employment
opportunities, attract new businesses to the state, prevent existing
businesses from leaving the state and improve the economic welfare of the
people of the state. The term "eligible project", without limitation,
includes voluntary remediation conducted pursuant to sections 260.565 to
260.575, RSMo. To be an "eligible project" pursuant to sections 447.700
to 447.718, the obligations of the prospective applicant and the
governmental agency shall be defined in a written agreement signed by
both parties. The facility, when completed, shall be operated in
compliance with applicable federal, state and local environmental
statutes, regulations and ordinances. An "eligible project" shall be
determined by consideration of the entire project. The definition or
identification of an "eligible project" shall not be segmented into parts
to separate commercial and industrial uses from residential uses. Any
property immediately adjacent to any abandoned or underutilized property
may also be an "eligible project" pursuant to sections 447.700 to
447.718, provided that the abandoned or underutilized property otherwise
meets the qualifications of this subdivision;

(5) "Financial assistance", direct loans, loan guarantees, and grants
pursuant to sections 447.702 to 447.706; and tax credits, inducements and
abatements pursuant to section 447.708;

(6) "Governmental action", any action by a state, county or municipal
agency relating to the establishment, development or operation of an
eligible project and project facilities that the governmental agency has
authority to take or provide for the purpose under law, charter or
ordinance, including but not limited to, actions relating to contracts
and agreements, zoning, building, permits, acquisition and disposition of
property, public capital improvements, utility and transportation
service, taxation, employee recruitment and training, and liaison and
coordination with and among governmental agencies;

(7) "Governmental agency", the state, county and municipality and any
department, division, commission, agency, institution or authority,
including a municipal corporation, township, and any agency thereof and
any other political subdivision or public corporation; the United States
or any agency thereof; any agency, commission or authority established
pursuant to an interstate compact or agreement and any combination of the
above;

(8) "Person", any individual, firm, partnership, association, limited
liability company, corporation or governmental agency, and any
combination thereof;

(9) "Project facilities", buildings, structures and other improvements
and equipment and other property or fixtures, excluding small tools,
supplies and inventory, and public capital improvements;

(10) "Public capital improvements", capital improvements or facilities
owned by a governmental agency and which such agency has authority to
acquire, pay the costs of, maintain, relocate or operate, or to contract
with other persons to have the same done, including but not limited to,
highways, roads, streets, electrical, gas, water and sewer facilities,
railroad and other transportation facilities, and air and water pollution
control and solid waste disposal facilities;

(11) "Underutilized", real property of which less than thirty-five
percent of the commercially usable space of the property and improvements
thereon, are used for their most commercially profitable and economically
productive use; or property that was used by the state of Missouri as a
correctional center for a period of at least one hundred years and which
requires environmental remediation before redevelopment can occur, if
approval from the general assembly has been given for any improvements
to, or remediation, lease or sale of, said property;

(12) "Voluntary remediation", an action to remediate hazardous substances
and hazardous waste pursuant to sections 260.565 to 260.575, RSMo. (L.
1995 H.B. 414, A.L. 1998 S.B. 827, A.L. 2001 H.B. 133)

1. The director of the department of economic development may
consider the direct and indirect economic benefits projected to be
provided by the eligible project. An applicant for funding or tax credit
and exemption assistance pursuant to sections 447.702 to 447.708 may
prepare and submit an estimate of the direct and indirect economic
benefits in accordance with this section. The department of economic
development may accept the applicant's projection of the economic benefit
of the eligible project. The total amount of state funding, tax credits
or tax exemptions for each eligible project shall be limited to the
projected state economic benefit, as determined by the department of
economic development.

2. In the event the owner sells the abandoned or underutilized property
within a five-year period after the receipt of remediation tax credits,
grants, loans or loan guarantee, subject to sections 447.700 to 447.718,
the owner shall repay a portion of the tax credits and grant funds
provided based on the percentage of the owner's investment for the
project to the department of economic development's total financial
assistance, upon achieving an annual internal rate of return of
twenty-five percent. The internal rate of return calculation shall be
documented by the owner's capital gains tax calculation. Owner investment
is equity and debt for the eligible project. (L. 1998 S.B. 827)

1. The director of economic development, with the approval of
the director of the department of natural resources, subject to the other
provisions of sections 447.700 to 447.718, may lend moneys in the
property reuse fund to persons for the purpose of paying allowable costs
of an eligible project if the director determines that:

(1) The project is an eligible project and is economically sound; except
that, the costs of remediation may exceed the fair market value of the
property prior to redevelopment;

(2) The borrower is unable to finance necessary allowable costs through
ordinary financial channels, and that the loan is the least amount
necessary to cause the project to occur;

(3) The amount to be lent from the property reuse fund will not exceed
one million dollars of the total allowable costs of the eligible project;

(4) When completed, the eligible project is projected to create not less
than ten new jobs , or shall retain a business which supplies not less
than twenty-five existing jobs, or a combination thereof, providing not
less than an average of thirty-five hours of employment per week per job.
Such projection shall be made by the department of economic development;

(5) The eligible project could not be achieved in the local area in which
it is to be located if the portion of the project to be financed by the
loan instead were to be financed by a loan guarantee pursuant to section
447.704; and

(6) The amount of the loan from the property reuse fund to be repaid will
be adequately secured by a mortgage, lien, assignment or pledge at such
amount and level of priority as the director may require.

2. The determinations of the director of economic development pursuant to
subsection 1 of this section shall be conclusive for purposes of the
validity of a loan commitment evidenced by a loan agreement signed by the
director.

3. Fees, charges, rates of interest, times of payment of interest and
principal and other terms, conditions and provisions of, and security
for, loans made from the property reuse fund pursuant to this section
shall be such as the director of economic development determines to be
appropriate and in furtherance of the purpose for which the loans are
made. The moneys used in making such loans shall be disbursed from the
property reuse fund upon the written order of the director. The director
shall give special consideration in setting the required job creation
ratios and interest rates for loans that are for voluntary remediation
actions.

4. The director of economic development may take all actions necessary or
appropriate to collect or otherwise deal with any loan made under this
section.

5. The director of economic development may fix service charges for the*
making of a loan. Such charges shall be payable at such times and place
and in such amounts and manner as may be prescribed by the director. (L.
1995 H.B. 414, A.L. 1998 S.B. 827)

*Word "the" does not appear in original rolls.

1. The director of economic development, with the approval of
the director of the department of natural resources, subject to other
applicable provisions of sections 447.700 to 447.718, may guarantee loans
issued by private financial institutions to persons for the purpose of
paying the allowable costs of an eligible project if:

(1) The project otherwise qualifies as an eligible project and is
economically sound, except that the costs of remediation may exceed the
fair market value of the property prior to redevelopment;

(2) The private lender is unwilling to make the loan without the
guarantee, and that the guarantee is the minimum necessary to cause the
loan;

(3) The amount to be guaranteed will not exceed one million dollars of
the total allowable costs of the eligible project;

(4) The loan will be adequately secured by a mortgage, lien, assignment
or pledge, at such a level of priority as is acceptable to the lender and
the director of economic development; and

(5) When completed, the eligible project is projected to create not less
than ten new jobs, or shall retain a business which supplies not less
than twenty-five existing jobs, or a combination thereof, providing not
less than an average of thirty-five hours of employment per week per job.
Such projection shall be made by the department of economic development.

2. The determinations of the director of economic development pursuant to
subsection 1 of this section shall be conclusive for purposes of the
validity of a guarantee agreement signed by the director.

3. Fees, charges, rates of interest, times of payment of interest and
principal and other terms, conditions and provisions of, and security
for, loans guaranteed from the property reuse fund pursuant to this
section shall be such as the director of economic development determines
to be appropriate and in furtherance of the purpose for which the
guarantees are made. The director shall give special consideration in
setting the required job creation ratios and project locations for loan
guarantees that are for voluntary remediation actions. Interest rates on
such guaranteed loans shall not exceed three percentage points above the
prime interest rate and the director may require a lower rate be used as
is appropriate based upon the financial merits of the application and
financial statement of the borrower. Nor may the term of the underlying
loan exceed twenty years.

4. The director of economic development may take all actions necessary or
appropriate to collect on loan defaults and deficiencies or otherwise
deal with the borrower for any loan guarantee made pursuant to this
section. The director of economic development shall enact appropriate
regulations establishing guidelines for the property reuse fund guarantee
program, including guidelines regarding the manner and timing of payouts
of guarantee moneys, the order and manner in which security, other than
the underlying abandoned or underutilized property, provided by the
borrower will be valued, and in the event of default or breach of this
program, applied to the reduction of the borrower's debt prior to payment
of guarantee moneys to the private lender.

5. The director of economic development may fix service charges for
making of a loan guarantee. Such charges shall be payable at such times
and place and in such amounts and manner as may be prescribed by the
director.

6. The private lender shall be immune from any liability arising out of
the performance of the project, including potential liability from the
incomplete or unsuccessful remediation of the facility; its lender status
by which it holds indicia of ownership primarily to protect its security
interest; and any potential liability arising out of or under the
environmental laws of this state pursuant to the protections of sections
427.011 to 427.041, RSMo. Upon written request from a private lender who
has foreclosed upon the property of an eligible project and has held the
abandoned or underutilized property for a period of at least two years,
or longer, the director of the department of economic development shall
use the guarantee moneys from the property reuse fund to repay the lender
the unpaid amount of the defaulted loan. Such written request by the
private lender shall describe the efforts made to sell the property and,
to the extent known, the reasons the property is unable to be sold to a
new buyer. (L. 1995 H.B. 414, A.L. 1998 S.B. 827)

1. The director of economic development, with the approval of
the director of the department of natural resources, subject to other
applicable provisions of sections 447.700 to 447.718, may issue a grant
to a governmental* agency for the purpose of paying the allowable costs
of public capital improvements needed to cause an eligible project if:

(1) The project otherwise qualifies as an eligible project and is
economically sound;

(2) The project proposed is a cooperative venture between a municipal or
county government and a prospective private purchaser of the facility;

(3) The prospective purchaser is unable to finance the entire cost of the
project through ordinary financial channels upon comparable terms and,
further, a lender is unwilling to make the loan even with a loan
guarantee pursuant to section 447.704. When completed, the eligible
project is projected to create not less than ten new jobs, or shall
retain a business which supplies not less than twenty-five existing jobs,
or a combination thereof, providing not less than an average of
thirty-five hours of employment per week per job. Such projection shall
be made by the department of economic development; and

(4) The amount to be issued in a grant shall not exceed one million
dollars.

2. The determinations of the director of economic development pursuant to
subsection 1 of this section shall be conclusive for purposes of the
validity of a grant agreement signed by the director.

3. Grants from the property reuse fund pursuant to this section shall be
such as the director of economic development determines to be appropriate
and in furtherance of the purpose for which the grants are made. The
moneys used in making such grants shall be disbursed from the property
reuse fund upon written order of the director of economic development.
The director shall give special consideration in setting the required job
creation ratios and project locations for project grants that are for
voluntary remediation actions.

4. The director of economic development shall issue such grants to a
governmental agency to administer and direct the expenditure of the funds
for public capital improvements. Such grant money shall not be used to
hire or pay additional employees of the recipient governmental agency.

5. The director of economic development may fix service charges for the**
making of a property reuse grant. Such charges shall be payable at such
times and place and in such amounts and manner as may be prescribed by
the director. (L. 1995 H.B. 414, A.L. 1998 S.B. 827)

*Word "government" appears in original rolls.

**Word "the" does not appear in original rolls.

1. For eligible projects, the director of the department of
economic development, with notice to the directors of the departments of
natural resources and revenue, and subject to the other provisions of
sections 447.700 to 447.718, may not create a new enterprise zone but may
decide that a prospective operator of a facility being remedied and
renovated pursuant to sections 447.700 to 447.718 may receive the tax
credits and exemptions pursuant to sections 135.100 to 135.150, RSMo, and
sections 135.200 to 135.257, RSMo. The tax credits allowed pursuant to
this subsection shall be used to offset the tax imposed by chapter 143,
RSMo, excluding withholding tax imposed by sections 143.191 to 143.265,
RSMo, or the tax otherwise imposed by chapter 147, RSMo, or the tax
otherwise imposed by chapter 148, RSMo. For purposes of this subsection:

(1) For receipt of the ad valorem tax abatement pursuant to section
135.215, RSMo, the eligible project must create at least ten new jobs or
retain businesses which supply at least twenty-five existing jobs. The
city, or county if the eligible project is not located in a city, must
provide ad valorem tax abatement of at least fifty percent for a period
not less than ten years and not more than twenty-five years;

(2) For receipt of the income tax exemption pursuant to section 135.220,
RSMo, and tax credit for new or expanded business facilities pursuant to
sections 135.100 to 135.150, and 135.225, RSMo, the eligible project must
create at least ten new jobs or retain businesses which supply at least
twenty-five existing jobs, or combination thereof. For purposes of
sections 447.700 to 447.718, the tax credits described in section
135.225, RSMo, are modified as follows: the tax credit shall be four
hundred dollars per employee per year, an additional four hundred dollars
per year for each employee exceeding the minimum employment thresholds of
ten and twenty-five jobs for new and existing businesses, respectively,
an additional four hundred dollars per year for each person who is "a
person difficult to employ" as defined by section 135.240, RSMo, and
investment tax credits at the same amounts and levels as provided in
subdivision (4) of subsection 1 of section 135.225, RSMo;

(3) For eligibility to receive the income tax refund pursuant to section
135.245, RSMo, the eligible project must create at least ten new jobs or
retain businesses which supply at least twenty-five existing jobs, or
combination thereof, and otherwise comply with the provisions of section
135.245, RSMo, for application and use of the refund and the eligibility
requirements of this section;

(4) The eligible project operates in compliance with applicable
environmental laws and regulations, including permitting and registration
requirements, of this state as well as the federal and local requirements;

(5) The eligible project operator shall file such reports as may be
required by the director of economic development or the director's
designee;

(6) The taxpayer may claim the state tax credits authorized by this
subsection and the state income exemption for a period not in excess of
ten consecutive tax years. For the purpose of this section, "taxpayer"
means an individual proprietorship, partnership or corporation described
in section 143.441 or 143.471, RSMo, who operates an eligible project.
The director shall determine the number of years the taxpayer may claim
the state tax credits and the state income exemption based on the
projected net state economic benefits attributed to the eligible project;

(7) For the purpose of meeting the new job requirement prescribed in
subdivisions (1), (2) and (3) of this subsection, it shall be required
that at least ten new jobs be created and maintained during the
taxpayer's tax period for which the credits are earned, in the case of an
eligible project that does not replace a similar facility in Missouri.
"New job" means a person who was not previously employed by the taxpayer
or related taxpayer within the twelve-month period immediately preceding
the time the person was employed by that taxpayer to work at, or in
connection with, the eligible project on a full-time basis. "Full-time
basis" means the employee works an average of at least thirty-five hours
per week during the taxpayer's tax period for which the tax credits are
earned. For the purposes of this section, "related taxpayer" has the same
meaning as defined in subdivision (9) of section 135.100, RSMo;

(8) For the purpose of meeting the existing job retention requirement, if
the eligible project replaces a similar facility that closed elsewhere in
Missouri prior to the end of the taxpayer's tax period in which the tax
credits are earned, it shall be required that at least twenty-five
existing jobs be retained at, and in connection with the eligible
project, on a full-time basis during the taxpayer's tax period for which
the credits are earned. "Retained job" means a person who was previously
employed by the taxpayer or related taxpayer, at a facility similar to
the eligible project that closed elsewhere in Missouri prior to the end
of the taxpayer's tax period in which the tax credits are earned, within
the tax period immediately preceding the time the person was employed by
the taxpayer to work at, or in connection with, the eligible project on a
full-time basis. "Full-time basis" means the employee works an average of
at least thirty-five hours per week during the taxpayer's tax period for
which the tax credits are earned;

(9) In the case where an eligible project replaces a similar facility
that closed elsewhere in Missouri prior to the end of the taxpayer's tax
period in which the tax credits are earned, the owner and operator of the
eligible project shall provide the director with a written statement
explaining the reason for discontinuing operations at the closed
facility. The statement shall include a comparison of the activities
performed at the closed facility prior to the date the facility ceased
operating, to the activities performed at the eligible project, and a
detailed account describing the need and rationale for relocating to the
eligible project. If the director finds the relocation to the eligible
project significantly impaired the economic stability of the area in
which the closed facility was located, and that such move was detrimental
to the overall economic development efforts of the state, the director
may deny the taxpayer's request to claim tax benefits;

(10) Notwithstanding any provision of law to the contrary, for the
purpose of this section, the number of new jobs created and maintained,
the number of existing jobs retained, and the value of new qualified
investment used at the eligible project during any tax year shall be
determined by dividing by twelve, in the case of jobs, the sum of the
number of individuals employed at the eligible project, or in the case of
new qualified investment, the value of new qualified investment used at
the eligible project, on the last business day of each full calendar
month of the tax year. If the eligible project is in operation for less
than the entire tax year, the number of new jobs created and maintained,
the number of existing jobs retained, and the value of new qualified
investment created at the eligible project during any tax year shall be
determined by dividing the sum of the number of individuals employed at
the eligible project, or in the case of new qualified investment, the
value of new qualified investment used at the eligible project, on the
last business day of each full calendar month during the portion of the
tax year during which the eligible project was in operation, by the
number of full calendar months during such period;

(11) For the purpose of this section, "new qualified investment" means
new business facility investment as defined and as determined in
subdivision (7) of section 135.100, RSMo, which is used at and in
connection with the eligible project. "New qualified investment" shall
not include small tools, supplies and inventory. "Small tools" means
tools that are portable and can be hand held.

2. The determination of the director of economic development pursuant to
subsection 1 of this section, shall not affect requirements for the
prospective purchaser to obtain the approval of the granting of real
property tax abatement by the municipal or county government where the
eligible project is located.

3. (1) The director of the department of economic development, with the
approval of the director of the department of natural resources, may, in
addition to the tax credits allowed in subsection 1 of this section,
grant a remediation tax credit to the applicant for up to one hundred
percent of the costs of materials, supplies, equipment, labor,
professional engineering, consulting and architectural fees, permitting
fees and expenses, demolition, asbestos abatement, and direct utility
charges for performing the voluntary remediation activities for the
preexisting hazardous substance contamination and releases, including,
but not limited to, the costs of performing operation and maintenance of
the remediation equipment at the property beyond the year in which the
systems and equipment are built and installed at the eligible project and
the costs of performing the voluntary remediation activities over a
period not in excess of four tax years following the taxpayer's tax year
in which the system and equipment were first put into use at the eligible
project, provided the remediation activities are the subject of a plan
submitted to, and approved by, the director of natural resources pursuant
to sections 260.565 to 260.575, RSMo.

(2) The director of the department of economic development, with the
approval of the director of the department of natural resources, may, in
addition to the tax credits otherwise allowed in this section, grant a
demolition tax credit to the applicant for up to one hundred percent of
the costs of demolition that are not part of the voluntary remediation
activities, provided that the demolition is either on the property where
the voluntary remediation activities are occurring or on any adjacent
property, and that the demolition is part of a redevelopment plan
approved by the municipal or county government and the department of
economic development.

(3) The amount of remediation and demolition tax credits issued shall be
limited to the least amount necessary to cause the project to occur, as
determined by the director of the department of economic development.

(4) The director may, with the approval of the director of natural
resources, extend the tax credits allowed for performing voluntary
remediation maintenance activities, in increments of three-year periods,
not to exceed five consecutive three-year periods. The tax credits
allowed in this subsection shall be used to offset the tax imposed by
chapter 143, RSMo, excluding withholding tax imposed by sections 143.191
to 143.265, RSMo, or the tax otherwise imposed by chapter 147, RSMo, or
the tax otherwise imposed by chapter 148, RSMo. The remediation and
demolition tax credit may be taken in the same tax year in which the tax
credits are received or may be taken over a period not to exceed twenty
years.

(5) The project facility shall be projected to create at least ten new
jobs or at least twenty-five retained jobs, or a combination thereof, as
determined by the department of economic development, to be eligible for
tax credits pursuant to this section.

(6) No more than seventy-five percent of earned remediation tax credits
may be issued when the remediation costs were paid, and the remaining
percentage may be issued when the department of natural resources issues
a "Letter of Completion" letter or covenant not to sue following
completion of the voluntary remediation activities. It shall not include
any costs associated with ongoing operational environmental compliance of
the facility or remediation costs arising out of spills, leaks, or other
releases arising out of the ongoing business operations of the facility.

4. In the exercise of the sound discretion of the director of the
department of economic development or the director's designee, the tax
credits and exemptions described in this section may be terminated,
suspended or revoked, if the eligible project fails to continue to meet
the conditions set forth in this section. In making such a determination,
the director shall consider the severity of the condition violation,
actions taken to correct the violation, the frequency of any condition
violations and whether the actions exhibit a pattern of conduct by the
eligible facility owner and operator. The director shall also consider
changes in general economic conditions and the recommendation of the
director of the department of natural resources, or his or her designee,
concerning the severity, scope, nature, frequency and extent of any
violations of the environmental compliance conditions. The taxpayer or
person claiming the tax credits or exemptions may appeal the decision
regarding termination, suspension or revocation of any tax credit or
exemption in accordance with the procedures outlined in subsections 4 to
6 of section 135.250, RSMo. The director of the department of economic
development shall notify the directors of the departments of natural
resources and revenue of the termination, suspension or revocation of any
tax credits as determined in this section or pursuant to the provisions
of section 447.716.

5. Notwithstanding any provision of law to the contrary, no taxpayer
shall earn the tax credits, exemptions or refund otherwise allowed in
subdivisions (2), (3) and (4) of subsection 1 of this section and the tax
credits otherwise allowed in section 135.110, RSMo, or the tax credits,
exemptions and refund otherwise allowed in sections 135.215, 135.220,
135.225 and 135.245, RSMo, respectively, for the same facility for the
same tax period.

6. The total amount of the tax credits allowed in subsection 1 of this
section may not exceed the greater of:

(1) That portion of the taxpayer's income attributed to the eligible
project; or

(2) One hundred percent of the total business' income tax if the eligible
facility does not replace a similar facility that closed elsewhere in
Missouri prior to the end of the taxpayer's tax period in which the tax
credits are earned, and further provided the taxpayer does not operate
any other facilities besides the eligible project in Missouri; fifty
percent of the total business' income tax if the eligible facility
replaces a similar facility that closed elsewhere in Missouri prior to
the end of the taxpayer's tax period in which the credits are earned, and
further provided the taxpayer does not operate any other facilities
besides the eligible project in Missouri; or twenty-five percent of the
total business income if the taxpayer operates, in addition to the
eligible facility, any other facilities in Missouri. In no case shall a
taxpayer operating more than one eligible project in Missouri be allowed
to offset more than twenty-five percent of the taxpayer's business income
in any tax period. That portion of the taxpayer's income attributed to
the eligible project as referenced in subdivision (1) of this subsection,
for which the credits allowed in sections 135.110 and 135.225, RSMo, and
subsection 3 of this section, may apply, shall be determined in the same
manner as prescribed in subdivision (6) of section 135.100, RSMo. That
portion of the taxpayer's franchise tax attributed to the eligible
project for which the remediation tax credit may offset, shall be
determined in the same manner as prescribed in paragraph (a) of
subdivision (6) of section 135.100, RSMo.

7. Taxpayers claiming the state tax benefits allowed in subdivisions (2)
and (3) of subsection 1 of this section shall be required to file all
applicable tax credit applications, forms and schedules prescribed by the
director during the taxpayer's tax period immediately after the tax
period in which the eligible project was first put into use. Otherwise,
the taxpayer's right to claim such state tax benefits shall be forfeited.
Unused business facility and enterprise zone tax credits shall not be
carried forward but shall be initially claimed for the tax period during
which the eligible project was first capable of being used, and during
any applicable subsequent tax periods.

8. Taxpayers claiming the remediation tax credit allowed in subsection 3
of this section shall be required to file all applicable tax credit
applications, forms and schedules prescribed by the director during the
taxpayer's tax period immediately after the tax period in which the
eligible project was first put into use, or during the taxpayer's tax
period immediately after the tax period in which the voluntary
remediation activities were performed.

9. The recipient of remediation tax credits, for the purpose of this
subsection referred to as assignor, may assign, sell or transfer, in
whole or in part, the remediation tax credit allowed in subsection 3 of
this section, to any other person, for the purpose of this subsection
referred to as assignee. To perfect the transfer, the assignor shall
provide written notice to the director of the assignor's intent to
transfer the tax credits to the assignee, the date the transfer is
effective, the assignee's name, address and the assignee's tax period and
the amount of tax credits to be transferred. The number of tax periods
during which the assignee may subsequently claim the tax credits shall
not exceed twenty tax periods, less the number of tax periods the
assignor previously claimed the credits before the transfer occurred.

10. In the case where an operator and assignor of an eligible project has
been certified to claim state tax benefits allowed in subdivisions (2)
and (3) of subsection 1 of this section, and sells or otherwise transfers
title of the eligible project to another taxpayer or assignee who
continues the same or substantially similar operations at the eligible
project, the director shall allow the assignee to claim the credits for a
period of time to be determined by the director; except that, the total
number of tax periods the tax credits may be earned by the assignor and
the assignee shall not exceed ten. To perfect the transfer, the assignor
shall provide written notice to the director of the assignor's intent to
transfer the tax credits to the assignee, the date the transfer is
effective, the assignee's name, address, and the assignee's tax period,
and the amount of tax credits to be transferred.

11. For the purpose of the state tax benefits described in this section,
in the case of a corporation described in section 143.471, RSMo, or
partnership, in computing Missouri's tax liability, such state benefits
shall be allowed to the following:

(1) The shareholders of the corporation described in section 143.471,
RSMo;

(2) The partners of the partnership.

The credit provided in this subsection shall be apportioned to the
entities described in subdivisions (1) and (2) of this subsection in
proportion to their share of ownership on the last day of the taxpayer's
tax period. (L. 1995 H.B. 414, A.L. 1996 H.B. 1237, A.L. 1998 S.B. 827,
A.L. 2001 H.B. 133)

CROSS REFERENCE: Tax Credit Accountability Act of 2004, additional
requirements, RSMo 135.800 to 135.830

1. There is hereby created in the state treasury a fund to be
known as the "Property Reuse Revolving Fund". The property reuse fund is
intended to provide ten million dollars annually in uncommitted funds for
direct loans, loan guarantees and grants. The revolving fund shall
consist of all moneys which may be appropriated to it by the general
assembly any gifts, contributions, grants or bequests received from
federal, private or other sources, and moneys from the repayment of any
loans or loan guarantees. Notwithstanding the provisions of section
33.080, RSMo, no portion of the revolving fund shall be transferred to
the general revenue fund at the end of any biennium.

2. At least annually, the state treasurer shall certify the amount
deposited in the fund to the departments of economic development, natural
resources and revenue.

3. Any portion of the property reuse revolving fund not immediately
needed for the purposes authorized shall be invested by the state
treasurer as provided by the constitution and laws of this state. All
income from such investments shall be credited to the property reuse
revolving fund. (L. 1995 H.B. 414, A.L. 1997 2d Ex. Sess. S.B. 1)

Effective 12-23-97

1. As used in this section, the following terms shall mean:

(1) "Harm", injury, damage, restitution, death or loss to persons or
property, including equitable damages or injunctive relief, caused by or
arising out of exposure to a hazardous substance or petroleum at the
location of the eligible project, but shall not include harms arising
from other causes even if the harm occurs on the remediation site;

(2) "Tort action", a civil action for harm, as defined in this
subsection, including an action for recovery for costs of conducting a
voluntary remediation as part of a qualified eligible project, but does
not include a civil action for damages for a breach of contract or
another agreement between a government agency and one or more persons, or
for breach of an express warranty contained in such agreement.

2. A government agency, as that term is used in sections 447.700 to
447.718, and any officer or employee thereof and the prospective
purchaser are immune from liability and are not liable in a tort action
resulting from, or arising out of, performance of an eligible project,
including harm inflicted in the performance of any voluntary remediation
associated with the eligible project. This immunity shall extend to acts,
and failures to act, of the governmental agency and its officers and
employees which are required by law or authorized by law as necessary or
essential to the exercise of the powers and duties described in sections
447.700 to 447.718. This immunity shall also include the actions or
failures to act which were within the discretion of an officer or
employee of the government agency with respect to policy-making,
planning, implementation or enforcement responsibilities under sections
447.700 to 447.718. This immunity of the government agency and its
employees and the prospective purchaser shall also include any actions
and failures to act by the project contractors, subcontractors, suppliers
or materialmen as it may apply to performance of the voluntary
remediation. The tort immunity described in this subsection shall cease
upon issuance by the department of natural resources of written approval
of the completed voluntary remediation.

3. The immunity described in subsection 2 of this section shall not apply
to acts or failures to act of a government agency or its officers and
employees which were:

(1) Manifestly outside the scope of employment, duties or
responsibilities; or

(2) Committed maliciously, in bad faith, or in a wanton and reckless
manner.

4. No state, county or municipal government or any agency, officer or
employee thereof shall be liable in tort or under the state's
environmental laws for the ownership of real or personal property
acquired by foreclosure upon or acceptance of a deed in lieu of
foreclosure pursuant to a defaulted loan issued under section 447.702 or
repurchase and reversion of the property to the original governmental
agency owner under subsection 6 of section 447.704, provided the agency
did not directly cause or contribute to the cause of the new
contamination. Such state, county or municipal governments or agencies
thereof shall receive the creditor protections afforded financial
institutions under sections 427.011 to 427.041, RSMo. (L. 1995 H.B. 414)

1. For any eligible project, the purchaser of the abandoned
property shall be released from further liability to the extent described
in subsection 2 of this section based upon the voluntary remediation work
actually performed and consistent with the level of risk to human health
and the environment remaining after performance of the voluntary
remediation activities to remedy the existence of hazardous substances on
the property, the release of which occurred prior to the date of
acquisition.

2. For any eligible project, the department of natural resources shall:

(1) Issue a letter requiring no further action from a purchaser who has
performed a Phase I and Phase II environmental site assessments, as
defined at 10 C.S.R. 25-15.010 (2)(A)7 and 8, which demonstrate that no
remedial action is necessary to protect the public health and welfare and
the environment;

(2) Issue a letter requiring no further action from a purchaser who has
performed voluntary remediation action, as part of an eligible project,
pursuant to the requirements of sections 260.565 to 260.575, RSMo, the
purchaser certifies to the department of natural resources that the goals
of the purchaser's voluntary remediation plan have been attained,
attainment of the remediation plan goals is verified by the department
and, when completed, the voluntary remediation does not treat all
hazardous substances present to levels below regulatory action levels due
to use of alternative clean-up goals, risk reduction solutions,
institutional controls, including, but not limited to, use restrictions
contained in the deed or other alternative actions. The department of
natural resources shall not issue a no further action letter unless the
voluntary remediation activities significantly restore, in whole or in
part, the environment so as to minimize the harmful effects from a
release of a hazardous substance to acceptable risk levels;

(3) Provide a covenant not to sue to a purchaser who has performed
voluntary remediation action, as part of an eligible project, pursuant to
the requirements of sections 260.565 to 260.575, RSMo, the purchaser
certifies to the department of natural resources that the remediation
goals have been attained, attainment of the remediation goals is verified
by the department and, when completed, the voluntary remediation has
treated all hazardous substances of concern to levels below then existing
regulatory action levels; or

(4) To receive a covenant not to sue from the department of natural
resources, the corrective action plan must be submitted for public
comment and a public hearing must be held by the department after not
less than thirty days' notice to determine the effectiveness of the
remedy for the intended use of the eligible project. The public hearing
shall be held in a community where the eligible project is located.

3. Upon successful completion of a voluntary remediation action, as part
of an eligible project, the purchaser shall be immune from liability in a
civil action brought by any third party to recover clean-up costs,
response costs or other legal or equitable damages, including costs of
restitution. Such immunity shall not apply to the failure to remediate
hazardous substances in accordance with the voluntary remediation action
site plan, statutes and regulations or the failure to operate the
facility in compliance with applicable federal, state and local
environmental statutes, regulations and ordinances.

4. The department of natural resources shall not release the purchaser
for liability arising from, or associated with:

(1) Conditions not identified or addressed in the voluntary remediation
action work;

(2) Contamination or violations caused or contributed to by the purchaser
after acquiring the abandoned property; except that, this shall not
include contamination existing prior to acquisition of the abandoned
property or releases of those prior existing contaminants occurring in
the course of performing the voluntary remediation activities; and

(3) Unknown hazardous substance contamination or conditions at the time
of performance of the eligible project, including the voluntary
remediation activities. (L. 1995 H.B. 414)

1. Any person who agrees to purchase abandoned property as part
of a qualified project and subsequently breaches the agreement or fails
to use the property reuse fund moneys for allowable costs may be
responsible for immediate repayment of the moneys with interest to the
property reuse fund together with a ten percent penalty on the total
amount granted or loaned. The director of the department of economic
development, or the director's designee, shall take such action as the
director deems appropriate to effect and secure repayment of the moneys,
together with the interest and penalties due, to the property reuse fund.
Nor may such person be eligible to receive the tax exemptions and credits
described in section 447.708 and the liability releases and immunity
described in section 447.714.

2. Any person who agrees to purchase abandoned property as part of a
qualified project and subsequently fails to properly perform its
voluntary remediation activities to the satisfaction and approval of the
department of natural resources, may be responsible for immediate
repayment of the moneys with interest to the property reuse fund together
with a ten percent penalty on the total amount granted or loaned. Nor may
such person be eligible to receive the tax exemptions and credits
described in section 447.708 and the liability releases and immunity
described in section 447.714.

3. Any person who obtained private financing for a qualified project and
a loan guarantee pursuant to section 447.704 and violates any provision
of sections 447.700 to 447.718 as described in subsection 1 or 2 of this
section:

(1) May have the guarantee withdrawn by the department of economic
development to the extent the amount of the guarantee exceeds the
outstanding balance of principal and accrued interest under the private
financing at the time of withdrawal;

(2) Shall not be eligible to receive the tax exemptions and credits
described in section 447.708; and

(3) Shall not receive the liability releases and immunities described in
section 447.714.

4. In the event of bankruptcy, insolvency, merger, acquisition or other
valid change of business conditions of the purchaser or prospective
purchaser which makes completion of the eligible project economically
unsound or infeasible, the purchaser or prospective purchaser may elect
to terminate their obligations for the eligible project upon ninety days'
written notice to the affected governmental agency and the department of
economic development. The director of the department of economic
development may require repayment of the loan balance together with the
interest which would have been received over the remaining term of the
loan. Such purchaser or prospective purchaser may not receive the tax
credits and abatements of section 447.708. In the discretion of the
director of the department of natural resources, the purchaser or
prospective purchaser may receive a release under section 447.714, as
warranted by the voluntary remediation work actually performed.

5. The director of the department of economic development, with the
approval of the director of the department of natural resources, shall
determine which of the sanctions described in this section shall be
imposed, taking into consideration the severity and materiality of the
breach or violation, and the promptness with which the breach or
violation is remedied. The director of the department of economic
development shall consult with the officer or other designee of the
state, county or municipal government, or agency thereof, affected by the
eligible project regarding the circumstances of the breach or violation.
(L. 1995 H.B. 414)

1. The department of economic development may promulgate rules
and regulations necessary to administer the provisions of sections
447.700 to 447.718.

2. No rule or portion of a rule promulgated under the authority of
sections 447.700 to 447.718 shall become effective until it has been
approved by the joint committee on administrative rules in accordance
with the procedures provided in this section, and the delegation of the
legislative authority to enact law by the adoption of such rules is
dependent upon the power of the joint committee on administrative rules
to review and suspend rules pending ratification by the senate and the
house of representatives as provided in this section.

3. Upon filing any proposed rule with the secretary of state, the
department shall concurrently submit such proposed rule to the committee,
which may hold hearings upon any proposed rule or portion thereof at any
time.

4. A final order of rulemaking shall not be filed with the secretary of
state until thirty days after such final order of rulemaking has been
received by the committee. The committee may hold one or more hearings
upon such final order of rulemaking during the thirty-day period. If the
committee does not disapprove such order of rulemaking within the thirty-
day period, the department may file such order of rulemaking with the
secretary of state and the order of rulemaking shall be deemed approved.

5. The committee may, by majority vote of the members, suspend the order
of rulemaking or portion thereof by action taken prior to the filing of
the final order of rulemaking only for one or more of the following
grounds:

(1) An absence of statutory authority for the proposed rule;

(2) An emergency relating to public health, safety or welfare;

(3) The proposed rule is in conflict with state law;

(4) A substantial change in circumstance since enactment of the law upon
which the proposed rule is based.

6. If the committee disapproves any rule or portion thereof, the
department shall not file such disapproved portion of any rule with the
secretary of state and the secretary of state shall not publish in the
Missouri Register any final order of rulemaking containing the
disapproved portion.

7. If the committee disapproves any rule or portion thereof, the
committee shall report its findings to the senate and the house of
representatives. No rule or portion thereof disapproved by the committee
shall take effect so long as the senate and the house of representatives
ratify the act of the joint committee by resolution adopted in each house
within thirty legislative days after such rule or portion thereof has
been disapproved by the joint committee.

8. Upon adoption of a rule as provided in this section, any such rule or
portion thereof may be suspended or revoked by the general assembly
either by bill or, pursuant to section 8, article IV of the Constitution
of Missouri, by concurrent resolution upon recommendation of the joint
committee on administrative rules. The committee shall be authorized to
hold hearings and make recommendations pursuant to the provisions of
section 536.037, RSMo. The secretary of state shall publish in the
Missouri Register, as soon as practicable, notice of the suspension or
revocation. (L. 1995 H.B. 414)

1. There is hereby created in the state treasury the "Contiguous
Property Redevelopment Fund", which shall consist of all moneys
appropriated to the fund, all moneys required by law to be deposited in
the fund, and all gifts, bequests or donations of any kind to the fund.
The fund shall be administered by the department of economic development.
Subject to appropriation, the fund shall be used solely for the
administration of and the purposes described in this section.
Notwithstanding the provisions of section 33.080, RSMo, to the contrary,
moneys in the fund shall not be transferred to the general revenue fund
at the end of the biennium; provided, however, that all moneys in the
fund on August 28, 2006, shall be transferred to the general revenue fund
and the fund shall be abolished as of that date. All interest and moneys
earned on investments from moneys in the fund shall be credited to the
fund.

2. The governing body of any city not within a county, any county of the
first classification without a charter form of government and a
population of more than two hundred seven thousand but less than three
hundred thousand, any county of the first classification with a
population of more than nine hundred thousand, any county of the first
classification without a charter form of government and with a population
of more than eighty-five thousand nine hundred but less than eighty-six
thousand, any city with a population of more than three hundred fifty
thousand that is located in more than one county or any county of the
first classification with a charter form of government and a population
of more then six hundred thousand but less than nine hundred thousand may
apply to the department of economic development for a grant from the
contiguous property redevelopment fund. The department of economic
development may promulgate the form for such applications in a manner
consistent with this section. Grants from the fund may be made to the
governing body to assist the body both acquiring multiple contiguous
properties within such city and engaging in the initial redeveloping of
such properties for future use as private enterprise. For purposes of
this section, "initial redeveloping" shall include all allowable costs,
as that term is defined in section 447.700, and any other costs involving
the improvement of the property to a state in which its redevelopment
will be more economically feasible than such property would have been if
such improvements had not been made.

3. In awarding grants pursuant to this section, the department shall give
preference to those projects which propose the assembly of a greater
number of acreage than other projects and to those projects which show
that private interest exists for usage of the property once any
redevelopment aided by grants pursuant to this section is completed.

4. The department of economic development may promulgate rules for the
enforcement of this section. Any rule or portion of a rule, as that term
is defined in section 536.010, RSMo, that is created under the authority
delegated in this section shall become effective only if it complies with
and is subject to all of the provisions of chapter 536, RSMo, and, if
applicable, section 536.028, RSMo. This section and chapter 536, RSMo,
are nonseverable and if any of the powers vested with the general
assembly pursuant to chapter 536, RSMo, to review, to delay the effective
date or to disapprove and annul a rule are subsequently held
unconstitutional, then the grant of rulemaking authority and any rule
proposed or adopted after August 28, 2002, shall be invalid and void.

5. The provisions of this section shall expire on August 28, 2006.

(L. 2001 H.B. 133, A.L. 2002 S.B. 992)

Expires 8-28-06

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