MO HB890

Requires lenders making unsecured loans of $500 or less (excluding banks, credit unions, and pawnbrokers) to obtain an annual license from the director of finance for $300 per location.

Limits loans to a minimum of 14 days and maximum of 31 days, with borrowers able to renew loans no more than three times and owing no more than $1,500 in total loans at any one time.

Reduces the maximum accumulated interest and fees from 75% to 60% of the initial loan amount for the entire term of a loan and all renewals.

Establishes a borrower right to an extended payment plan allowing repayment in up to four equal installments over 60 days or less with no accruing interest, and requires lenders to post notice of this option.

Creates a pilot statewide compliance system for recording payday loan transactions in real-time, with implementation deadline of September 1, 2011, and program sunset on August 31, 2012.