MO HB91

Increases the maximum unsecured loan amount requiring licensure from $500 to $750, with lenders required to obtain a license from the Division of Finance at $300 per location annually

Reduces maximum loan renewals from six to two times, requires 5% principal reduction at first renewal, and prohibits lenders from making loans that would give a borrower more than one outstanding unsecured loan of $750 or less

Caps total accumulated interest and fees at 75% of the initial loan amount and sets loan terms between 14-31 days for both original and renewed loans

Requires lenders to provide borrowers with loan duration, payment schedule, and total interest/fees at signing, and limits lender remedies for dishonored checks to breach of contract claims only

Directs the Division of Finance to develop and implement a real-time statewide compliance database by January 1, 2016 to track all payday loan transactions and verify borrower eligibility