Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

364.010. Citation of law. — This chapter may be cited as the "Missouri Financing Institution Licensing Law". ­­-------- (L. 1963 p. 463 § 1)

364.020. Definitions. — Unless otherwise clearly indicated by the context, when used in this chapter, the following terms mean: (1) "Director", the office of the director of the division of finance. (2) "Financing institution", a person engaged in the business of purchasing or ot…

364.030. Financial institutions to obtain license, exceptions — application — fee. — 1. No person shall engage in the business of a financing institution in this state without a license therefor as provided in this chapter; except, however, that no bank, trust company, loan and i…

364.040. License denied or suspended, grounds — hearing and review. — 1. Renewal of a license originally granted under this chapter may be denied, or a license may be suspended or revoked by the director on the following grounds: (1) Material misstatement of fact in any applicati…

364.050. Director may investigate — buyer may make complaint. — 1. The director, or his duly authorized representatives, shall have full power and authority at any time to make any investigation considered necessary of financing institutions and of other persons having personal k…

364.060. Director may promulgate rules and regulations, issue subpoenas — enforcement — rulemaking, procedure, generally, this chapter. — 1. The director shall have the power to adopt and promulgate all rules and regulations necessary to carry out the intent and purposes of this …

364.070. Penalties. — Any person who knowingly violates any provision of this chapter or of any law of this state relating to the business of a financing institution in this state without a license therefor except as provided in this chapter is guilty of a misdemeanor and upon co…

364.100. Definitions. — As used in sections 364.100 to 364.160, the following terms shall mean: (1) "Director", the director of the division of finance of the state of Missouri; (2) "Person", an individual, partnership, association, business corporation, nonprofit corporation, co…

364.105. Registration required — fee — forms. — 1. No person shall engage in the business of a premium finance company in this state without first registering as a premium finance company with the director. 2. The annual registration fee shall be six hundred dollars payable to th…

364.110. Records to be maintained by company. — 1. A premium finance company shall maintain records of its premium finance transactions. 2. A premium finance company shall preserve its records of premium finance transactions, including cards used in a card system, if any, for at …

364.115. Premium finance agreement, requirements, contents. — A premium finance agreement shall: (1) Be dated and signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight point type; (2) Contain the name and place of business of the insura…

364.120. Interest or discount, amount allowed, computation — prepayment of obligation — refund credit, calculation. — 1. A premium finance company shall not charge, contract for, receive, or collect any interest or discount charge other than as permitted by sections 364.100 to 36…

364.125. Other charges allowed. — 1. A premium finance agreement may provide for the payment by the insured of a delinquency charge of up to five percent of any installment which is in default for a period of five days or more. If the premium finance agreement is for personal, fa…

364.130. Cancellation of finance contract under power of attorney — requirements, procedure. — 1. When a premium finance agreement contains a power of attorney clause enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the i…

364.135. Return of unearned premiums on cancellation of financed contract — time allowed. — Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross unearned premiums are due under the insurance contract directly to the premium finance company …

364.140. Filing of agreement not required for validity against creditors. — No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trust…

364.145. Revenue deposited to state general revenue fund. — All revenues collected by or paid to the director under the provisions of sections 364.100 to 364.160 shall be forwarded immediately to the director of revenue, who shall deposit them in the general revenue fund. ­­-----…

364.150. Application of law. — The licensing provisions of sections 364.100 to 364.160 shall not apply to any insurance agent or insurance broker licensed to do business in this state. Nor shall the provisions of sections 364.100 to 364.160 apply to insurance premiums financed in…

364.160. Violation of law — misdemeanor. — Any premium finance company willfully and knowingly violating the provisions of sections 364.100 to 364.160 shall be guilty of a class A misdemeanor. ­­-------- (L. 1984 S.B. 686 § 13)