|
Missouri
Consumer Loan Laws
|
Substantive
Law |
Licensing Year/Fee |
Maximum
Rate |
Loan
Min/Max |
Terms
Min/Max |
Nonrefundable
Fee |
Late
Charge |
Refunding |
Other
Fees |
Required
Bond |
Subject to Consumer Provisions
§§408.551-408.562 |
Security Permitted |
|
"Traditional
Consumer
Loan
License"
(§§367.100-367.215) |
§§408.100-408.210 |
7/1-6/30
$300 per location §367.140 |
As Parties
Agree
§408.100 |
$500
(§367.100)/ No |
No/No |
5% not to
exceed $75 on loans of 30 days or more §408.140 |
Per
§408.140.1(3) |
Rule of 78s
if less than $5,000 and less than 61 months §408.170 |
Insurance,
extension fees, etc. §408.140 |
$1,000
§367.130 (optional) $100,000 in lieu of audit §367.215 |
Yes |
Any
personalty with limitations set by §408.558 (§408.100) |
|
"Title Loan
License" (§§367.500-367.533) |
§§367.500-367.533, §408.100 & §408.140 |
Calendar
Year $1,000 per location §367.509 |
As Parties
Agree - simple interest
§367.515 |
No/$5,000
(§367.527) |
30 days /No
(but see §367.512(3) and (4)) |
5% not to
exceed $75 on loans of 30 days or more §408.140 |
Per
§408.140.1(3) |
Simple
Interest |
Insurance,
extension fees, etc. §408.140 |
$20,000 per
location §367.509.2 |
Yes |
Unencumbered
titled personalty (but not mobile homes) See §§367.527.1(6),
367.512.2(1) & 367.500(10) |
|
"Payday Loan
License"
a/k/a
"Small, Small
Loan License" (§408.500) |
§408.500,
§408.100 & §408.140 |
Calendar
Year $300 per location §408.500 |
As Parties
Agree - simple interest
§408.500 |
No/$500
(§408.500) |
14 days/10
months 4 CSR 140-11.010 and see also §408.500.6 |
5% not to
exceed $25 on loans of 30 days or more §408.140 |
Per
§408.140.1(3) |
Simple
Interest |
Insurance,
extension fees, etc. §408.140 |
No |
No |
No but see 4
CSR 140-11.010(7) |
|
"Consumer
Installment
Loan
License" (§408.510) |
§§408.100 &
408.140 |
(A Variant
of 367.100 License) 7/1-6/30 $300 per location §367.140 |
As Parties
Agree - simple interest
§408.100 |
No/No |
120 days
(§408.510)/No |
5% not to
exceed $75 on loans of 30 days or more §408.140 |
Per
§408.140.1(3) |
Rule of 78s
if less than $5,000 and less than 61 months §408.170 |
Insurance,
extension fees, etc. §408.140 |
$1,000
§367.130 (optional) $100,000 in lieu of audit §367.215 |
Yes |
Any
personalty with limitations set by §408.558 (§408.100) |
|
"Retail
Credit Sales (other goods) License"
(§§364.010-364.070) |
§§408.250-408.370 |
Calendar
Year $300 per location §364.030 |
As Parties
Agree
§408.300 |
No/No |
No/No |
No |
Per
§408.330 |
Simple
Interest |
None but see
definitions §405.250 |
No |
Yes |
Without
restriction (but see §408.558) |
|
"Motor
Vehicle Time
Sales
License"
(Chapter
365) |
Chapter 365 |
Calendar
Year $300 per location §365.030 |
As Parties
Agree
§365.120 |
No/No |
No/No |
No |
Per
§365.100 |
Simple
Interest |
None, but
see §365.020(1) |
No |
Yes |
Without
restriction |
|
"Insurance
Premium
Finance
License"
(§§364.100-364.160) |
§§364.100-364.160 |
7/1-6/30
$300 per location §364.105 |
$15 add-on
§364.120 |
No/No |
No/No |
$10
§364.120 |
Per
§364.125 |
Simple
Interest |
None |
No |
No |
Unearned
premium (§364.135) |
|
1st Deed of
Trust Residential Real Estate (§§408.030, 408.036, 408.052) |
Title V PL
96-221 & §§408. 030, 408.036 & 408.052 |
None but see
§443.805.1 |
As parties
agree - see Title V PL 96-221 |
No/No |
No/No |
As parties
agree - see Title V PL- 96-221 |
After 15
days per 408.052 |
Simple
interest less 2% prepay-ment penalty per §408.036 |
Insurance,
extension fees, etc., see §408.052 |
No but see
§443.849 |
No |
Without
restriction |
|
2nd Deed of
Trust Residential Real Estate (§§408.231-408.241) |
§§408.231-408.241 |
None but see
§443.805.1 |
As parties
agree - §408.232 |
$2,500/No
(§408.234) |
No/No |
5%
§408.233.1(5) |
Per
§408.233.1 |
Simple
interest less 2% prepay-ment penalty per §408.036 |
Insurance,
extension fees, etc., see §408.233 |
No but see
§443.849 |
Yes |
Without
restriction |
