MO HB935

Caps annual percentage rates at 36% for payday loans, title loans, installment loans, and other high-cost consumer credit, reducing from triple-digit rates.

Extends the 36% rate limit to veterans and all consumers, matching the federal rate cap for active military families under 10 U.S.C. Section 987.

Prohibits lenders from using devices or subterfuge to evade the rate limit, including disguising loans as sales-leaseback transactions, brokering through third parties, or hiding fees in application charges.

Establishes licensing requirements for payday lenders with $300 annual fee per location, mandatory consumer disclosures, cancellation rights within one business day, principal reduction requirements on renewals, and a maximum of 6 renewals per loan.

Requires voter approval through a referendum election on the Tuesday following the first Monday in November 2013 before the act becomes effective.