MO HB1508

Requires lenders making unsecured loans of $500 or less to obtain a license from the director of finance with an annual fee of $300 per location.

Changes loan term requirements from 14-31 days to a minimum of 90 days with bi-weekly payments that fully amortize the loan over that period.

Caps interest rates at 36% simple annual rate and allows a loan set-up fee of up to 5% of the loan amount (maximum $25), eliminating other fees including late fees.

Prohibits lenders from making multiple loans to the same borrower simultaneously and prevents lending to a borrower within one week of satisfying a previous payday loan.

Grants the attorney general authority to maintain court actions for injunctions, civil penalties up to $1,000 per day, and restitution against lenders violating the payday loan regulations.