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MO HB1481
Bill
Status
1/6/2010
Primary Sponsor
Leonard Hughes
Click for details
AI Summary
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Repeals section 367.515 and enacts two new sections (367.515 and 370.405) relating to title loans and interest rates.
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Title lenders may contract for simple interest and fees under sections 408.100 and 408.140, but cannot charge interest at a rate greater than double the average interest rate determined under section 370.405.
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Director of the division of credit unions must determine the approximate average interest rate charged by credit unions under section 370.300, beginning January 1, 2011 and annually thereafter.
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The average interest rate must be made available to the public through an internet website posting or link and updated at least quarterly.
Legislative Description
Limits the amount of interest a title lender can charge on loans and requires the average interest rate being charged by credit unions to be made available to the public at least quarterly
Last Action
Referred: Financial Institutions (H)
5/14/2010