We have concluded another busy week in the Missouri Senate. The Missouri Senate Insurance and Banking Committee heard my Senate Bill 834. Senate Bill 834 establishes rules confirming that common loan modifications, such as lowering interest rates, extending loan terms, or adjusting payment schedules, do not change or alter a lender’s lien priority. For example, if a borrower has a cash flow problem the lender may agree to lower the interest rate and/or extend the number of payments. This bill clarifies that if there is also a second mortgage, the original bank retains their first mortgage even though they modified the loan.

The same panel also heard Senate Bill 835, which I sponsor. SB 835 updates Missouri’s bankruptcy and garnishment laws to improve clarity, fairness and efficiency in civil judgement enforcement.

SAC Osage Electric (Cedar County)

Brian Hubbard, Tim Minehart, Senator Sandy Crawford and Ken Hacker.

I am honored to serve as your senator in the Missouri Senate. If, at any time, you have questions, concerns or ideas regarding state government, please feel free to contact me at 573-751-8793 or Sandy.Crawford@senate.mo.gov.