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Missouri governor signs financial protection bills

Wednesday, July 9, 2014 | 7:49 a.m. CDT; updated 9:13 a.m. CDT, Wednesday, July 9, 2014

JEFFERSON CITY — Gov. Jay Nixon has signed a pair of bills intended to provide financial protections to businesses and public employees.

One of the bills signed Tuesday would block arrangements in which public employees sign over their future pension rights to get an upfront lump sum of money — sort of like a payday loan.

State Treasurer Clint Zweifel said Missouri is the first state to prohibit public pension advances. Vermont recently enacted a law regulating pension advances.

Nixon also signed a bill banning schemes in which businesses receive letters or emails claiming in bad faith that they are infringing on a patent and demanding money as compensation. Other states also have enacted laws taking aim at so-called patent trolls.

 


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