MO HB1675

Increases the maximum unsecured loan amount from $500 to $750 and requires lenders to obtain a license from the Division of Finance with an annual fee of $300 per location.

Limits loans to a 14-31 day term with a maximum of 2 renewals (reduced from 6), requiring a 5% principal reduction on each renewal, and prohibits borrowers from having more than one outstanding loan or obtaining a new loan within one day of paying off a previous loan.

Caps total interest and fees at 75% of the initial loan amount for the entire loan term and all renewals, and prohibits lenders from using devices or agreements designed to charge more fees or interest than allowed.

Establishes a real-time statewide compliance database to be administered by the Division of Finance to record all payday loan transactions, which must be fully implemented by January 1, 2014.

Makes breach of contract the sole remedy for lenders when a borrower's check is not honored, barring civil actions under the bad check statute, and prohibits state officials and judges from enforcing contracts that violate the loan provisions.