MO SB55

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

Limits loans to a 90-day repayment period with payments required every 15 days, and restricts total accumulated interest and fees to no more than 75% of the initial loan amount.

Restricts loan renewals to once per original loan and prohibits lenders from making new loans to borrowers within one day of them paying off a previous $500-or-less loan.

Requires lenders to provide borrowers with notices about the short-term nature of loans and rights to cancel within one business day, as well as exact information on loan duration, payment dates, and interest and fees.

Establishes a real-time statewide compliance system administered by the division of finance to track payday loan transactions, to be fully implemented by January 1, 2014.