MO SB462

Requires non-bank 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.

Limits loan renewals to once only (changed from six times) and prohibits lenders from making multiple loans to the same borrower or lending within one day of a previous loan payoff.

Extends minimum loan term to 90 days with required payments every 15 days, replacing the previous 14-31 day term requirement.

Caps total interest and fees at 75% of the initial loan amount for the entire loan term without renewals.

Establishes that the sole remedy for lenders when checks are not honored is a breach of contract claim, barring civil actions under section 570.123.