MO HB1509

Lenders making unsecured loans of $500 or less must obtain an annual license from the director of finance with a $300 per-location fee.

Lenders must comply with Truth in Lending Act requirements, provide disclosures and signed loan documents, and charge only simple interest and fees per sections 408.100 and 408.140.

Borrowers may cancel loans without cost by returning the full principal balance by the lender's next full business day, and loan renewals are limited to 6 times with mandatory 5% principal reductions on each renewal after the first.

Lenders must post maximum annual percentage rates and consumer notices in at least 14-point bold type, and must assess borrower's financial ability to repay before making loans.

Makes it unlawful to facilitate, encourage, solicit, advertise, or provide unsecured loans of $500 or less on premises of nursing homes, residential care facilities, assisted living facilities, intermediate care facilities, or skilled nursing facilities.