Missouri § 374.305 Conditioning loan on purchase of credit insurance from certain persons prohibited — freedom of selection of insurer required.

Missouri Statutes

§ 374.305 — Conditioning loan on purchase of credit insurance from certain persons prohibited — freedom of selection of insurer required.

Missouri § 374.305

Title XXIVBUSINESS AND FINANCIAL INSTITUTIONS

Ch. 374Department of Commerce and Insurance

This text of Missouri § 374.305 (Conditioning loan on purchase of credit insurance from certain persons prohibited — freedom of selection of insurer required.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 374.305 (2026).

Text

No financial institution, as defined in section 374.300 , shall, as a condition of a loan, require any debtor to purchase life or health insurance from an agent who is employed or retained by, or is a director or officer of the financial institution making the loan.  When life or accident and sickness insurance is required or requested as additional security for indebtedness, the debtor shall be informed of the option of furnishing the insurance, or any portion thereof, through existing policies owned or controlled by the debtor, or of procuring and furnishing the required coverage through any agent or insurer authorized to transact such insurance business within this state.

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No financial institution, as defined in section 374.300 , shall, as a condition of a loan, require any debtor to purchase life or health insurance from an agent who is employed or retained by, or is a director or officer of the financial institution making the loan. When life or accident and sickness insurance is required or requested as additional security for indebtedness, the debtor shall be informed of the option of furnishing the insurance, or any portion thereof, through existing policies owned or controlled by the debtor, or of procuring and furnishing the required coverage through any agent or insurer authorized to transact such insurance business within this state.