MO SB811

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.

Prohibits lenders from making multiple loans to the same borrower, limiting borrowers to one unsecured loan at a time and preventing new loans within one week of paying off a previous loan.

Caps interest rates at 36% annual simple interest and allows a maximum loan set-up fee of 5% of the loan amount (up to $25), with no other charges permitted except return check fees.

Requires lenders to provide borrowers with a 90-day repayment period with bi-weekly payments instead of the previous 14-31 day terms with renewal provisions.

Authorizes the attorney general to bring civil actions for violations, including injunctions and civil penalties up to $1,000 per day, in addition to existing director enforcement authority.