SECOND REGULAR SESSION
SENATE BILL NO. 962
90TH GENERAL ASSEMBLY
INTRODUCED BY SENATOR BENTLEY.
Read 1st time February 3, 2000, and 1,000 copies ordered printed.
TERRY L. SPIELER, Secretary.
4100L.01I
AN ACT
To repeal section 367.515, RSMo Supp. 1999, relating to title loans, and to enact in lieu thereof one new section relating to the same subject.
Section A. Section 367.515, RSMo Supp. 1999, is repealed and one new section enacted in lieu thereof, to be known as section 367.515, to read as follows:
367.515. 1. The maximum rate of interest that a title lender shall contract for and receive for making and carrying any title loan authorized by sections 367.500 to 367.530 shall not exceed one and one-half percent per month on the amount of such loans. Title lenders may charge, contract for, and receive a reasonable fee, which shall not be deemed interest and shall not exceed five percent of the principal loan amount, to defray the ordinary cost of operations. Such fee may include the title lenders cost for investigating the title, appraisal of the titled personal property, insuring the titled personal property while in the possession of the borrower, documenting and recording the transactions, perfecting a security interest in the titled personal property, storage of titled personal property in the possession of the title lender and for all other services and costs of the lender associated with such transactions. A pro rata portion of the foregoing fee shall be fully earned, due and owing each day that the title loan agreement remains unpaid after maturity. Such interest and fees shall be deemed to be earned, due and owing as of the date of the title loan agreement and on the date of any subsequent renewal [thereof] of the title loan agreement.
2. A title lender may assess and collect a repossession charge if the borrower fails to deliver the titled personal property pursuant to the terms of the title loan agreement. This charge shall equal the actual expense incurred by the title lender to repossess the titled personal property, including attorney's fees, but shall be no greater than five hundred dollars for any single article of titled personal property.