MO SB187

Establishes the "Small Loan Community Reinvestment Program" within the Division of Finance to provide grants to 501(c)(3) and 501(c)(4) nonprofits for educational tutoring, financial literacy, early childhood development, youth mentoring, and senior services in areas with high concentrations of payday and title loan lenders

Creates the "Small Loan Community Reinvestment Fund" in the state treasury, funded by a $1 surcharge on every payday loan and title loan made by licensed lenders

Prohibits renewal of unsecured loans of $500 or less and bars lenders from making such loans if the borrower already has one outstanding or within one business day of paying off a previous loan

Replaces the previous 14-31 day loan term structure with borrower choice of 30, 60, or 90-day terms, requiring two installment payments within each 30-day period

Requires prorated refund of loan fees if borrowers pay off loans early, and full refund of all fees if the borrower returns the principal by close of the lender's next business day