Missouri set up a special bank account called the Motor Vehicle Financial Responsibility Verification and Enforcement Fund. Money collected by the Department of Revenue for vehicle insurance checks goes into this account. That money can only be used to run the insurance verification program — it cannot be spent on anything else. Any leftover money stays in the fund and does not get moved to the state's general account. The state treasurer watches over the fund and can invest the money, and any earnings from those investments go back into the same fund.
303.422. created, use of moneys. — 1. There is hereby created in the the "Motor Vehicle and Fund", which shall consist of money received by the under sections 303.420 to 303.440. The shall be . In accordance with sections 30.170 and 30.180, the state treasurer may approve . The fund shall be a and money in the fund shall be used solely by the department of revenue for the of sections 303.420 to 303.440.
2. the of section 33.080 to the contrary, any moneys remaining in the fund at the end of the shall not to the of the .
3. The state treasurer shall invest moneys in the fund in the same manner as other funds are invested. Any interest and moneys earned on such investments shall be to the fund.
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Source & history notes
(L. 2023 S.B. 398)
Related Missouri laws
Definitions
RSMo 303.420
Incentive program created
RSMo 303.425
Effective and expiration dates
RSMo 303.415
Verification of financial responsibility, web-based system established
RSMo 303.430
Reporting by insurance companies, frequency, required information
RSMo 303.412
Failure to maintain financial responsibility, notice, right to hearing
RSMo 303.409
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.