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 to 367.533, and all title pledges accepted by such person, shall be null and void. Any borrower who enters into a title loan agreement with a person who acts in violation of the provisions of sections 367.500 to 367.533 shall not be bound by such agreement, and such borrower's only liability shall be for the return of the principal.
3. The attorney general may initiate a civil action against any person who acts as a title lender without a title loan license. Such action shall be commenced in the circuit court for any county in which the person executed any title loan agreement and any county in which any of the pledged titled personal property is normally kept. The civil penalty for title lending without a title loan license shall be not less than one thousand dollars and not more than five thousand dollars for each day that a person acts in violation of the licensing requirement. If the violation of the licensing requirement is intentional or knowing, the person shall be barred from applying for a title loan license for a period of five years from the date of the last violation.
4. A first offense violation of the licensing requirement pursuant to this section shall be a class C misdemeanor. Second and subsequent offenses shall be class A misdemeanors. For purposes of jurisdiction and venue, the crime of unlawful title lending shall be deemed to have occurred in both the county in which an unlawful title loan agreement was executed and the county in which the pledged property is normally kept.
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(L. 1998 H.B. 1526 § 3, A.L. 2001 H.B. 738 merged with S.B. 186)
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.