MO HB820

Caps the annual percentage rate (APR) at 36% for payday loans, car title loans, installment loans, and other high-cost consumer credit, down from rates that previously reached 300% or higher

Extends the 36% rate limit already in place for active military families under federal law (10 U.S.C. Section 987) to veterans and all Missouri consumers

Prohibits lenders from using devices or subterfuge to evade the rate cap, including disguising loans as personal property sales/leaseback transactions, acting through third parties, or charging application fees not included in APR calculations

Requires payday lenders to obtain a license from the Director of the Division of Finance at $300 per location annually, and mandates conspicuous posting of maximum APR rates charged

Includes a referendum clause submitting the act to Missouri voters for approval at the November 2016 election or a special election called by the governor