Effective - 28 Aug 1998
367.185. Loan solicitation, disclosures. — 1. Every nondepository financial institution licensed under sections 367.100 to 367.215 and otherwise defined as a person in section 367.100 shall comply with the provisions of this section.
2. In addition to any disclosures otherwise provided by law, such person soliciting loans using facsimile or negotiable checks shall disclose the following:
"THIS IS A SOLICITATION FOR A LOAN. READ THE ENCLOSED DISCLOSURES BEFORE SIGNING THIS AGREEMENT."
This notice shall be printed in not less than ten-point bold type and shall appear directly on the face of the check.
3. When such persons make loans secured by real estate as otherwise provided by law, such persons shall include in a printed portion of the contract the following notice:
"WARNING TO BORROWER: DEFAULT IN THE PAYMENT OF THIS LOAN AGREEMENT MAY RESULT IN THE LOSS OF THE PROPERTY SECURING THE LOAN. UNDER FEDERAL LAW YOU MAY HAVE THE RIGHT TO CANCEL THIS AGREEMENT. IF YOU HAVE THIS RIGHT, THE CREDITOR IS REQUIRED TO PROVIDE YOU WITH A SEPARATE WRITTEN NOTICE SPECIFYING THE CIRCUMSTANCES AND TIMES UNDER WHICH YOU CAN EXERCISE THIS RIGHT."
This notice shall be printed in not less than ten-point bold type.
4. When making or negotiating loans, such person shall take into consideration in determining the size and duration of a loan contract the financial ability of borrowers to reasonably repay the loan in the time and manner as specified in the loan contract.
5. Such person shall post in a conspicuous location in each licensed office the maximum rates and fees that such person is currently charging on any loans made.
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(L. 1998 S.B. 792)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 367 - Pawnbrokers and Small Loans
Section 367.011 - Definitions.
Section 367.021 - Secured personal credit loans — who may make — interest rate.
Section 367.040 - Loans due, when — return of collateral, when — restrictions.
Section 367.046 - Procedure to reclaim purchase price of misappropriated goods.
Section 367.049 - No criminal or civil liability for pawnbroker exercising due care and good faith.
Section 367.050 - Violation, penalties.
Section 367.060 - Sections 367.011 to 367.060 not to repeal or amend small loan laws.
Section 367.100 - Definitions.
Section 367.110 - Certificate of registration required, when.
Section 367.120 - Certificate of registration — application for.
Section 367.130 - Bond — amount — conditions — additional bond, when.
Section 367.140 - Annual registration — fee, amount — certificates, issuance, display.
Section 367.160 - Examination of lenders — authority of director — lender to pay costs, when.
Section 367.180 - Lender to keep records.
Section 367.185 - Loan solicitation, disclosures.
Section 367.190 - Certificates of registration — suspension, revocation, when — hearing — review.
Section 367.200 - Violations — penalty.
Section 367.205 - Annual audit by certified public accountant required.
Section 367.210 - Audit report to director of finance, when.
Section 367.215 - Failure to file audit report, effect of — surety bond posted, when.
Section 367.300 - Definitions.
Section 367.305 - Advance fee prohibited, penalty.
Section 367.307 - Principal liable.
Section 367.500 - Definitions.
Section 367.503 - Allows division of finance to regulate lending on titled property.
Section 367.506 - Licensure of title lenders, penalty.
Section 367.509 - Qualifications of applicants, fee, license issued, when.
Section 367.512 - Title loan requirements — liability of borrower.
Section 367.515 - Interest and fees.
Section 367.518 - Title loan agreements, contents, form.
Section 367.524 - Records of loan agreements.
Section 367.525 - Notice to borrower prior to acceptance of title loan application.
Section 367.527 - Limitations of title lenders.
Section 367.531 - Applicability to certain transactions.