MO HB2060

Establishes a minimum loan term of 14 days and maximum term of 31 days for all loans made by licensed lenders, whether original or renewed loans.

Caps total accumulated interest and fees at 75 percent of the initial loan amount for any single loan and all renewals combined.

Prohibits lenders from threatening or initiating criminal proceedings against borrowers for dishonored checks, with violators required to pay borrowers three times the amount of the dishonored check.

Limits lenders to a maximum of $500 in outstanding loans to the same borrower at any one time and prohibits using loan proceeds from the same or affiliated lenders to repay existing loans.

Requires lenders to comply with federal Fair Debt Collection Practices Act restrictions regarding harassment, false representations, and unfair collection practices.