Currently, in Missouri State Law, Landlords are required to hold all tenant security deposits in a trust account. Not many even know what that means, the cost to legally have a trust account is prohibitive, and not many follow the law. These bills will repeal this law.
HB1901: Introduced by Representative Gary Cross of Lees Summit
This Bill was referred to the General Laws Committee and Passed.
Bill has now been referred to the Rules – Legislative Oversight Committee in the House
Gary Cross tells us the committee will be discussing this bill on Tuesday February 6th at 8 am.
Summary: This bill repeals:
(1) The requirement that security deposits held by landlords for
tenants be held in a trust in a bank, credit union, or depository
institution that is insured by an agency of the federal government, in an account in the name of the trustee;
(2) The provision prohibiting security deposits from being
commingled with other funds of the landlord;
(3) The provision specifying that all interest earned on a security
deposit shall be the property of the landlord; and
(4) The provision that a housing authority created under Section
99.040, RSMo, or any other government entity acting as a landlord shall not be subject to the terms of the above-mentioned provisions.
Missouri POA Supports this Bill
This Bill has been Referred to the Rules – Legislative Oversight Committee in the House on February 14th
- Rep. Shawn Rhoads (R) Chair
- Rep. Dan Houx (R) Vice-Chair
- Rep. Deb Lavender (D) Ranking Minority Member
- Rep. Jack Bondon (R)
- Rep. Cloria Brown (R)
- Rep. Michael Butler (D)
- Rep. Courtney Allen Curtis (D)
- Rep. J. Eggleston (R)
- Rep. Travis Fitzwater (R)
- Rep. Elijah Haahr (R)
SB 581: Introduced by Senator Doug Libla
This Bill passed the Senate
This act repeals provisions of law which require a landlord to keep all security deposits in a trust account and prohibits commingling of the security deposit with other funds of the landlord.
This act is similar to SCS/SB 234 (2017).
Missouri POA Supports This Bill
Passed the Senate Small Business & Industry Committee
Perfected and Passed Senate.
Read Twice in the House