MO HB747

Adds definition of "credit instrument" as a written check, negotiable instrument, automatic bank draft, or other authorization allowing a licensee to withdraw credit extended to a qualified person from their banking account within 30 days, excluding interest-bearing loans or collateral-secured extensions of credit.

Permits licensees to accept credit instruments from "qualified persons" who have completed a credit application and been determined creditworthy after a credit check, with approval by a holder of an occupational license.

Establishes that credit instruments executed on or after August 28, 2013 are valid, enforceable contracts creating enforceable debt, with the commission having no authority to determine their validity or enforceability.

Clarifies that failure to comply with commission regulations does not impact the validity or enforceability of credit instruments or the debt they represent.

Allows licensees to accept multiple credit instruments from the same person to consolidate or redeem previous credit instruments, and permits lost or destroyed credit instruments to remain valid if existence and terms can be proven.