MO HB132

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 biweekly payments that fully amortize the loan.

Limits interest charges to a simple annual rate not exceeding 36% and establishes a loan set-up fee of 5% of the loan amount up to a maximum of $25, with no other charges permitted.

Prohibits lenders from making multiple loans to the same borrower simultaneously, from making loans within two weeks of a borrower paying off a previous loan, and from facilitating loans at nursing homes or residential care facilities.

Grants the Attorney General authority to enforce payday loan regulations through civil penalties up to $1,000 per day and allows courts to issue injunctions, impose restitution, and order other appropriate relief for violations.