HB 587 Modifies provisions relating to licensing fees paid by entities and persons licensed under the Missouri Sale of Checks Law, credit service organizations, and consumer credit lenders

Current Bill Summary

- Prepared by Senate Research -


HCS/HB 587 - Currently, in order to obtain a license to issue checks in this state, an individual must submit an application accompanied by an investigation fee of $100. Furthermore, prior to receiving such license, and annually thereafter, an individual must pay a fee of $100. This act changes each of those fees to $300.

The Director of Finance is currently permitted to charge a fee not exceeding $100 for amending and reissuing an existing license. This act changes that to a fee not to exceed $300.

Current law states that the annual licensing fee for an individual to engage in the business of a financial institution shall be $300 for each place of business of the individual. This act changes that fee to $500 per place of business.

In order to engage in the business of a premium finance company, individuals currently must pay an annual registration fee of $300. Further, any revised statement of a registration form shall be accompanied by a $100 fee. This act changes those fees to $500 and $300, respectively.

Currently, the licensing fee for individuals to engage in the business of a sales finance company is $300 for each place of business operated by the individual. This act changes that to a $500 fee.

Lenders of small loans are currently required to apply for a certificate of registration accompanied by a $300 fee. This act changes that fee to $500.

Credit service organizations filing a registration statement with the Director of Finance may be charged a fee not exceeding $100 by the Director. This act changes that to a fee not exceeding $300.

Currently, lenders of unsecured loans of $500 or less must obtain a license from the Director of Finance and pay an annual license fee of $300 per location. This act changes that to a $500 fee per location.

This act is substantially similar to SCS/SB 345 (2015) which was Truly Agreed To and Finally Passed.

SCOTT SVAGERA


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