MO HB522

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, except for banks, credit unions, and other exempt entities.

Eliminates loan renewal provisions and prohibits any renewal or extension of payday loans, replacing the previous allowance for up to six renewals with a 5% principal reduction requirement.

Caps charges at $15 per $100 of principal for the first 30 days and 3% per month on outstanding balance for loans continued after 30 days, with no other charges permitted except return check fees.

Establishes a 14-31 day maximum loan term and limits total outstanding loans to one borrower at $500 maximum across all lenders, with prohibition on repaying one loan with proceeds from another.

Grants the Attorney General authority to maintain civil court actions against non-compliant lenders, with remedies including injunctions, civil penalties up to $1,000 per day, and restitution orders.