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 property, including its vehicle identification or serial number, license plate number, year, make, model, type, and color;
(2) The date of the title loan agreement;
(3) The amount of the loan;
(4) The date of maturity of the loan; and
(5) The name, date of birth, Social Security number, residential address, and the type of photo identification of the borrower.
2. The title lender shall photocopy the photo identification of the borrower or shall take an instant photograph of the borrower, and shall attach such photocopy or photograph to the lender's copy of the title loan agreement and all renewals.
3. The borrower shall sign the title loan agreement and shall be provided with a copy of such agreement. The title lender, or the lender's employee or agent shall also sign the title loan agreement. The title lender shall provide each customer with and retain a photocopy of the pledged title at the time the note is signed.
4. The title lender shall keep the numbered records and copies of its title loan agreements, including a copy of the notice required pursuant to subsection 1 of section 367.525, for a period of no less than two years from the date of the closing of the last transaction reflected therein. A title lender who ceases engaging in the business of making title loans shall keep these records for at least two years from the date the lender ceased engaging in the business. A title lender must notify the director to request an examination at least ten days before ceasing business.
5. The records required by this section shall be made available for inspection by any employee of the division of finance upon request during ordinary business hours without warrant or court order.
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(L. 1998 H.B. 1526 § 9, 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.