HB 2096 -- Consumer Credit Protection

Sponsor:  Cox

This bill changes the laws regarding consumer credit protection.
In its main provisions, the bill:

(1)  Limits the amount that a motor vehicle time sales lender may
charge for a dishonored or insufficient funds check to the fee
allowed in Section 408.140, RSMo;

(2)  Limits the loan period on a title loan agreement to a period
of 30 to 45 days;

(3)  Requires title loan agreement borrowers, after renewing a
loan three times, to pay all interest and 10% of the highest
principal balance of the loan upon renewal and any subsequent
renewal;

(4)  Removes the provision requiring title lenders to retain a
borrower's Social Security number with his or her title loan
agreement records;

(5)  Removes the provision allowing a debtor on a small loan to
defer up to three monthly loan payments for a fee; and

(6)  Allows a depository institution to charge a fee on a loan
for a debt cancellation or debt suspension agreement, including a
deficiency waiver addendum or guaranteed asset protection, if a
debtor agrees in writing.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:11 pm