MO HB1681

Allows traditional loan lenders licensed under section 408.510 to make loans and charge fees and interest as authorized under sections 408.100, 408.140, and 408.170.

Prohibits local governments, cities, counties, and their agencies from preventing, restricting, or discouraging traditional installment loan lenders from operating or lending in any location where other commercial activity is permitted.

Prohibits political subdivisions from creating disincentives for traditional installment loan lenders from engaging in lending activities authorized under state law.

Defines "traditional installment loan" as fixed rate, fully-amortized closed-end consumer loans with substantially equal multiple installments at fixed intervals, excluding short-term motor vehicle title loans, payday loans, and loans requiring automatic bank withdrawals or postdated checks.

Defines "traditional installment loan lender" as a licensee whose direct consumer loans are limited only to traditional installment loans.