SECOND REGULAR SESSION

HOUSE BILL NO. 1557

96TH GENERAL ASSEMBLY


 

 

INTRODUCED BY REPRESENTATIVES HUGHES (Sponsor) AND ELLINGTON (Co-sponsor).

5382H.01I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk


 

AN ACT

To repeal section 367.515, RSMo, and to enact in lieu thereof two new sections relating to title loans.




Be it enacted by the General Assembly of the state of Missouri, as follows:


            Section A. Section 367.515, RSMo, is repealed and two new sections enacted in lieu thereof, to be known as sections 367.515 and 370.405, to read as follows:

            367.515. A title lender shall contract for and receive simple interest and fees in accordance with sections 408.100 and 408.140. However, no title lender shall contract for interest at a rate greater than double the average determined under section 370.405 at the time of contracting.

            370.405. Beginning January 1, 2013, and continuing each year thereafter, the director of the division of credit unions shall determine the approximate average interest rate being charged by credit unions in this state under section 370.300. Such average shall be made available to the public, and the director may comply with this requirement by posting the average or a link to the average on an internet website. In addition, such average shall be updated not less than each calendar quarter.