STATE OF MISSOURI CONSUMER CREDIT LAWS

STATE OF MISSOURI CONSUMER

CREDIT LAWS

Department of Insurance, Financial Institutions and Professional Registration DIVISION OF FINANCE

TABLE OF CONTENTS

Chapter 301 Chapter 361 Chapter 364 Chapter 365 Chapter 367

Chapter 381 Chapter 385 Chapter 400 Chapter 407 Chapter 408

Chapter 425 Chapter 443

Chapter 451 Chapter 570 Chapter 574

Registration and Licensing of Motor Vehicles........................................... 1 Division of Finance and Powers of Director

of Finance (Sale of Checks - Money Orders) ...................................... 3 Retail Credit Financing Institutions ........................................................... 7

Premium Finance Companies............................................................. 9 Motor Vehicle Time Sales....................................................................... 13 Pawnbrokers and Small Loans ............................................................... 21

Pawnbroker Loans ............................................................................ 22 Small Loans ...................................................................................... 30 Loan Brokers..................................................................................... 34 Title Loans ........................................................................................ 35 Title Insurance Law................................................................................. 41 Closing Real Estate Sale, Requirements for Settlement Agent ........ 41 Credit Insurance ..................................................................................... 43 Uniform Commercial Code ..................................................................... 53 Merchandise Practices ........................................................................... 59 Credit Service Organizations............................................................. 59 Credit Card Processing Services ...................................................... 62 Legal Tender and Interest....................................................................... 67 Legal Tender ..................................................................................... 69 Interest .............................................................................................. 69 Interest on Small Loans .................................................................... 76 Second Mortgage Loans ................................................................... 80 Retail Credit Sales ............................................................................ 83 Buyer's Defenses Against Holder of Credit

Instrument ....................................................................................... 90 Lenders of Unsecured Loans Under Five

Hundred Dollars .............................................................................. 91 Loan Discrimination........................................................................... 94 Defaults ............................................................................................. 94 Residential Real Estate Loans .......................................................... 96 Right to Financial Privacy Act............................................................ 99 Debt Adjusters and Collection Agencies............................................... 107 Debt Adjusters................................................................................. 107 Collection Agencies......................................................................... 109 Mortgages, Deeds of Trust and Mortgage Brokers ............................... 111 General Provisions .......................................................................... 113 Missouri Secure and Fair Enforcement for

Mortgage Licensing Act................................................................. 114 Reverse Mortgage Act .................................................................... 137 Loans Secured By Real Estate ....................................................... 138 First-Time Home Buyer Savings Account Act ................................. 139 Marriage, Marriage Contracts, and Rights of Married Women ............. 143 Stealing and Related Offenses ............................................................. 145 Offenses Against Public Order ............................................................. 155

Rev. 8/18

Rules of Department of Insurance, Financial Institutions and Professional Registration Division of Finance................................................................................................ 157

Rules of Department of Insurance, Financial Institutions and Professional Registration ............................................................................................ 183

Division of Finance P. O. Box 716

Jefferson City, MO 65102-0716 573/751-3463

Fax: 573/751-9192

Rev. 8/18

CHAPTER 301 REGISTRATION AND LICENSING OF MOTOR VEHICLES

301.558. Dealer may fill in blanks on standardized forms, when - fee authorized preliminary worksheet on computation of sale price, requirements. - 1. A motor vehicle dealer, boat dealer, or powersport dealer may fill in the blanks on standardized forms in connection with the sale or lease of a new or used motor vehicle, vessel, or vessel trailer if the motor vehicle dealer, boat dealer, or powersport dealer does not charge for the services of filling in the blanks or otherwise charge for preparing documents.

2. A motor vehicle dealer, boat dealer, or powersport dealer may charge an administrative fee in connection with the sale or lease of a new or used motor vehicle, vessel, or vessel trailer for the storage of documents or any other administrative or clerical services not prohibited by this section. A portion of the administrative fee may result in profit to the motor vehicle dealer, boat dealer, or powersport dealer.

3. No motor vehicle dealer, boat dealer, or powersport dealer that sells or leases new or used motor vehicles, vessels, or vessel trailers and imposes an administrative fee of less than two hundred dollars in connection with the sale or lease of a new or used vehicle, vessel, or vessel trailer for the storage of documents or any other administrative or clerical services shall be deemed to be engaging in the unauthorized practice of law.

4. If an administrative fee is charged under this section, the administrative fee shall be charged to all retail customers and disclosed on the retail buyer's order form as a separate itemized charge.

5. A preliminary worksheet on which a sale price is computed and that is shown to the purchaser, a retail buyer's order form from the purchaser, or a retail installment contract shall include, in reasonable proximity to the place on the document where the administrative fee authorized by this section is disclosed, the amount of the administrative fee and the following notice in type that is boldfaced*, capitalized, underlined, or otherwise conspicuously set out from the surrounding written material:

"AN ADMINISTRATIVE FEE IS NOT AN OFFICIAL FEE AND IS NOT REQUIRED BY LAW BUT MAY BE CHARGED BY A DEALER. THIS ADMINISTRATIVE FEE MAY RESULT IN A PROFIT TO DEALER. NO PORTION OF THIS ADMINISTRATIVE FEE IS FOR THE DRAFTING,

PREPARATION, OR COMPLETION OF DOCUMENTS OR THE PROVIDING OF LEGAL ADVICE. THIS NOTICE IS REQUIRED BY LAW.".

6. The general assembly believes that an administrative fee charged in compliance with this section is not the unauthorized practice of law or the unauthorized business of law so long as the activity or service for which the fee is charged is in compliance with the provisions of this section and does not result in the waiver of any rights or remedies. Recognizing, however, that the judiciary is the sole arbitrator of what constitutes the practice of law, in the event that a court determines that an administrative fee charged in compliance with this section, and that does not waive any rights or remedies of the buyer, is the unauthorized practice of law or the unauthorized business of law, then no person who paid that administrative fee may recover said fee or treble damages, as permitted under section 484.020, RSMo, and no person who charged that fee shall be guilty of a misdemeanor, as provided under section 484.020, RSMo.

(L. 2009 S.B. 355) *Word "bold-faced" appears in original rolls.

301.620. Duties of parties upon creation of lien or encumbrance, violation, penalty. - If an owner creates a lien or encumbrance on a motor vehicle or trailer:

(1) The owner shall immediately execute the application, in the space provided therefor on the certificate of ownership or on a separate form the director of revenue prescribes, to name the lienholder on the certificate, showing the name and address of the lienholder and the date of the lienholder's security agreement, and cause the certificate, application and the required fee to be delivered to the director of revenue;

(2) The lienholder or an authorized agent licensed pursuant to sections 301.112 to 301.119 shall deliver to the director of revenue a notice of lien as prescribed by the director accompanied by all other necessary documentation to perfect a lien as provided in section 301.600;

(3) To perfect a lien for a subordinate lienholder when a transfer of ownership occurs, the subordinate lienholder shall either mail or deliver, or cause to be mailed or delivered, a completed notice of lien to the department of

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revenue, accompanied by authorization from the first lienholder. The owner shall ensure the subordinate lienholder is recorded on the application for title at the time the application is made to the department of revenue. To perfect a lien for a subordinate lienholder when there is no transfer of ownership, the owner or lienholder in possession of the certificate shall either mail or deliver, or cause to be mailed or delivered, the owner's application for title, certificate, notice of lien, authorization from the first lienholder and title fee to the department of revenue. The delivery of the certificate and executing a notice of authorization to add a subordinate lien does not affect the rights of the first lienholder under the security agreement;

(4) Upon receipt of the documents and fee required in subdivision (3) of this section, the director of revenue shall issue a new certificate of ownership containing the name and address of the new lienholder, and shall mail the certificate as prescribed in section 301.610 or if a lienholder who has elected for the director of revenue to retain possession of an electronic certificate of ownership the lienholder shall either mail or deliver to the director a notice of authorization for the director to add a subordinate lienholder to the existing certificate. Upon receipt of such authorization, a notice of lien and required documents and title fee, if applicable, from a subordinate lienholder, the director shall add the subordinate lienholder to the certificate of ownership being electronically retained by the director and provide confirmation of the addition to both lienholders;

(5) Failure of the owner to name the lienholder in the application for title, as provided in this section, is a class A misdemeanor.

(L. 1965 p. 474 ? 3, A.L. 1990 H.B. 1279, A.L. 1992 H.B. 884, A.L. 1999 H.B. 795, A.L. 2002 H.B. 2008 merged with S.B. 895)

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