§ 367.527 — Limitations of title lenders.

Missouri § 367.527

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 367: Pawnbrokers and Small Loans

Text

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 of a borrower;

(4)  Fail to exercise reasonable care to protect from loss or damage certificates of title or titled personal property in the physical possession of the title lender;

(5)  Purchase titled personal property in the operation of its business;

(6)  Enter into a title loan agreement unless the borrower presents clear title at the time that the loan is made;

(7)  Knowingly violate any provision of sections 367.500 to 367.533 or any rule promulgated thereunder;

(8)  Violate any provision of sections 408.551 to 408.557 and sections 408.560 to 408.562 ; or

(9)  Store repossessed titled personal property at a location more than fifteen miles from the office where the title loan agreement was executed.

2.  If a title lender enters into a transaction contrary to this section, the loan and the lien shall be void.

Legislative History

(L. 1998 H.B. 1526 § 10, A.L. 2001 H.B. 738 merged with S.B. 186)