MO SB866

Adds section 408.512 to chapter 408, RSMo, permitting traditional installment loan lenders licensed under sections 367.100 to 367.200 or section 408.510 to make loans and charge fees and interest as authorized under sections 408.100, 408.140, and 408.170.

Prohibits political subdivisions, local governments, cities, counties, and their agencies from preventing, restricting, or discouraging traditional installment loan lenders from lending or operating in locations where other installment lenders are permitted, effective August 28, 2014.

Defines "traditional installment loan" as fixed rate, fully-amortized closed-end consumer loans, excluding certain transactions with repayment terms of 181 days or fewer secured by motor vehicles, full repayment within 91 days, interest-only or balloon payments, or automatic withdrawal requirements.

Exempts home rule cities with more than 400,000 inhabitants located in more than one county from the state preemption provision, allowing them to retain existing ordinances governing installment lenders.