Effective – 28 Aug 2008 367.500. Definitions. — As used in sections 367.500 to 367.533, unless the context otherwise requires, the following terms mean: (1) “Borrower”, a person who borrows money pursuant to a title loan agreement; (2) “Capital”, the assets of a person less the liabilities of that person. Assets and liabilities shall be […]
Effective – 28 Aug 2001 367.503. Allows division of finance to regulate lending on titled property. — 1. The director shall administer and regulate sections 367.500 to 367.533. The director, deputy director, other assistants and examiners, and all special agents and other employees shall keep all information concerning title lenders confidential as required by sections […]
Effective – 28 Aug 2001 367.506. Licensure of title lenders, penalty. — 1. Any person who acts as a title lender without a title loan license is subject to both civil and criminal penalties. 2. All title loan agreements entered into by a person who acts in violation of the licensing requirements of sections 367.500 […]
Effective – 28 Aug 2003 367.509. Qualifications of applicants, fee, license issued, when. — 1. A title loan license applicant must have and maintain capital of at least seventy-five thousand dollars at all times. 2. The license application shall be in writing, under oath and in the form prescribed by the director. The application shall […]
Effective – 28 Aug 2001 367.512. Title loan requirements — liability of borrower. — 1. Every title loan, and each extension or renewal of such title loan, shall be in writing, signed by the borrower and shall provide that: (1) The title lender agrees to make a loan to the borrower, and the borrower agrees […]
Effective – 28 Aug 2001 367.515. Interest and fees. — A title lender shall contract for and receive simple interest and fees in accordance with sections 408.100 and 408.140. ——– (L. 1998 H.B. 1526 § 6, A.L. 2001 H.B. 738 merged with S.B. 186)
Effective – 28 Aug 2002 367.518. Title loan agreements, contents, form. — 1. Each title loan agreement shall disclose the following: (1) All disclosures required by the federal Truth in Lending Act and regulation Z; (2) That the transaction is a loan secured by the pledge of titled personal property and, in at least ten-point […]
Effective – 28 Aug 2001 367.521. Redemption of certificate of title — expiration or default, lender may proceed against collateral. — The borrower shall be entitled to redeem the security by timely satisfaction of the terms of the title loan agreement. Upon expiration or default of a title loan agreement, the title lender may proceed […]
Effective – 28 Aug 2001 367.524. Records of loan agreements. — 1. Every title lender shall keep a consecutively numbered record of each title loan agreement executed, which number shall be placed on the corresponding title loan agreement itself. Such record shall include the following: (1) A clear and accurate description of the titled personal […]
Effective – 28 Aug 2001 367.525. Notice to borrower prior to acceptance of title loan application. — 1. Before accepting a title loan application, the lender shall provide the borrower the following notice in at least ten-point bold type and receipt thereof shall be acknowledged by signature of the borrower: (Name of Lender) NOTICE TO […]
Effective – 28 Aug 2001 367.527. Limitations of title lenders. — 1. A title lender shall not: (1) Accept a pledge from a person under eighteen years of age or from anyone who appears to be intoxicated; (2) Make a loan which exceeds five thousand dollars; (3) Accept any waiver of any right or protection […]
Effective – 28 Aug 2001 367.530. Safekeeping of certificates of title — liability insurance maintained, when — liability of title lender. — 1. Every title lender shall maintain a fireproof place for the pledged certificates of title and a safe place for pledged property delivered to or repossessed by the title lender. 2. Every title […]
Effective – 28 Aug 2001 367.531. Applicability to certain transactions. — The provisions of sections 408.552 to 408.557 and sections 408.560 to 408.562 are applicable to all transactions pursuant to sections 367.500 to 367.533. ——– (L. 2001 H.B. 738 merged with S.B. 186)
Effective – 28 Aug 2001 367.532. Violations, penalties. — 1. Any title lender which fails, refuses or neglects to comply with sections 367.500 to 367.533, sections 408.551 to 408.557, sections 408.560 to 408.562, or any laws relating to title loans or commits any criminal act may have its license suspended or revoked by order of […]
Effective – 28 Aug 1998 367.533. Pawn or pawnbroker title prohibited. — No business licensed pursuant to sections 367.500 to 367.530 shall use the terms “pawn” or “pawnbroker” in its title, business name or advertising. ——– (L. 1998 H.B. 1526 § 12)
