Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

367.506. Licensure of title lenders, penalty. — 1. Any person who acts as a title lender without a title loan license is subject to both civil and criminal penalties. 2. All title loan agreements entered into by a person who acts in violation of the licensing requirements of sect…

367.509. Qualifications of applicants, surety bond, fee, display of license. — 1. A title loan license applicant must have and maintain capital of at least seventy-five thousand dollars at all times. 2. The license application shall be in writing, under oath and in the form presc…

367.512. Title loan requirements — liability of borrower. — 1. Every title loan, and each extension or renewal of such title loan, shall be in writing, signed by the borrower and shall provide that: (1) The title lender agrees to make a loan to the borrower, and the borrower agre…

367.515. Interest and fees. — A title lender shall contract for and receive simple interest and fees in accordance with sections 408.100 and 408.140. ­­-------- (L. 1998 H.B. 1526 § 6, A.L. 2001 H.B. 738 merged with S.B. 186)

367.518. Title loan agreements, contents, form. — 1. Each title loan agreement shall disclose the following: (1) All disclosures required by the federal Truth in Lending Act and regulation Z; (2) That the transaction is a loan secured by the pledge of titled personal property and…

367.521. Redemption of certificate of title — expiration or default, lender may proceed against collateral. — The borrower shall be entitled to redeem the security by timely satisfaction of the terms of the title loan agreement. Upon expiration or default of a title loan agreemen…

367.524. Records of loan agreements. — 1. Every title lender shall keep a consecutively numbered record of each title loan agreement executed, which number shall be placed on the corresponding title loan agreement itself. Such record shall include the following: (1) A clear and a…

367.525. Notice to borrower prior to acceptance of title loan application. — 1. Before accepting a title loan application, the lender shall provide the borrower the following notice in at least ten-point bold type and receipt thereof shall be acknowledged by signature of the borr…

367.527. Limitations of title lenders. — 1. A title lender shall not: (1) Accept a pledge from a person under eighteen years of age or from anyone who appears to be intoxicated; (2) Make a loan which exceeds five thousand dollars; (3) Accept any waiver of any right or protection …

367.530. Safekeeping of certificates of title — liability insurance maintained, when — liability of title lender. — 1. Every title lender shall maintain a fireproof place for the pledged certificates of title and a safe place for pledged property delivered to or repossessed by th…

367.531. Applicability to certain transactions. — The provisions of sections 408.552 to 408.557 and sections 408.560 to 408.562 are applicable to all transactions pursuant to sections 367.500 to 367.533. ­­-------- (L. 2001 H.B. 738 merged with S.B. 186)

367.532. Violations, penalties. — 1. Any title lender which fails, refuses or neglects to comply with sections 367.500 to 367.533, sections 408.551 to 408.557, sections 408.560 to 408.562, or any laws relating to title loans or commits any criminal act may have its license suspen…

367.533. Pawn or pawnbroker title prohibited. — No business licensed pursuant to sections 367.500 to 367.530 shall use the terms "pawn" or "pawnbroker" in its title, business name or advertising. ­­-------- (L. 1998 H.B. 1526 § 12)

368.010. Definition. — The term "loan and investment company" as used in this chapter means any corporation formed under the provisions of this chapter. ­­-------- (RSMo 1939 § 5418) Prior revisions: 1929 § 4979; 1919 § 10189

368.020. Corporations, how organized. — Corporations may be organized in the same manner as general and business corporations, under chapter 351, except as otherwise herein provided. ­­-------- (RSMo 1939 § 5419, A.L. 1957 p. 212) Prior revisions: 1929 § 4980; 1919 § 10190

368.030. Capital stock. — The aggregate amount of the capital stock of any loan and investment company organized under this chapter shall not be more nor less than is provided for in the case of general and business corporations. ­­-------- (RSMo 1939 § 5420, A.L. 1957 p. 212) Pr…

368.040. Powers of loan and investment companies relative to charges on loans. — In addition to the general powers conferred upon corporations by chapter 351, every loan and investment company organized under the provisions of this chapter shall have the following powers: (1) To …

368.050. Violators of section 368.040 shall be guilty of misdemeanor. — Any corporation organized under the provisions of this chapter, or any officer or employee thereof, who shall violate any of the provisions of section 368.040 shall be deemed guilty of a misdemeanor. ­­------…

368.060. Refund of interest on loans upon which interest has been paid in advance. — Whenever a loan upon which interest has been collected in advance, shall be paid in full before maturity thereof, the licensee shall allow or refund to the maker or makers a sum equivalent to int…

368.070. Limitation of powers. — No loan and investment company shall: (1) Hold the obligation of any person, firm or corporation for money borrowed, for an amount exceeding ten percent of the paid-in capital stock of such loan and investment company, and its surplus and undivide…

368.080. Corporations not to engage in banking. — Nothing in this chapter and none of the powers conferred upon corporations organized hereunder shall be construed as authorizing such corporations to receive money on deposit or engage in banking within the meaning of section 362.…

369.010. Short title. — Sections 369.010 to 369.369 may be cited as the "Savings and Loan Law". ­­-------- (L. 1945 p. 1578 § 2, A. 1949 H.B. 2090, A.L. 1971 S.B. 3 § A)

369.014. Definitions. — As used in this chapter, unless the context clearly requires a different meaning, the following words and terms shall have the meanings indicated: (1) "Account", the monetary interest of the owner thereof in the deposit capital of an association and consis…

369.019. Incorporation, requirements, procedure, contents of petition, fees. — 1. Any five or more individuals, hereinafter referred to as incorporators, who are residents of this state may form an association to promote thrift and home financing. Any such association may be a mu…

369.024. Director to approve or deny petition — tentative approval — protest, how filed — final approval, effect of. — 1. Upon receipt of a petition for certificate of incorporation, the director of the division of finance shall, based upon the petition and all supporting informa…

369.029. Perpetual existence, when commenced. — The corporate existence of an association shall begin on the date the secretary of state issues the certificate of incorporation of the association, and such existence shall be perpetual unless terminated in accordance with the prov…

369.034. Incorporation fee, how computed, bond required. — 1. The incorporators shall appoint one of their number as chairman. The incorporators of a mutual association, before a certificate of incorporation is issued, shall pay in cash to the chairman, as the initial accounts of…

369.039. Expense fund, mutual associations, purpose, amount — contributions, how repaid — associations exempted, when. — 1. The incorporators of a mutual association shall also create an expense fund in an amount not less than one-half of the amount of initial accounts required b…

369.044. Bylaws, when and how adopted — approval by members. — Within thirty days after the corporate existence of an association begins, or within such additional time as the director of the division of finance may allow, the directors of the association shall hold an organizati…

369.049. Name may include what, exceptions — deceptive names prohibited — amending charter for name changes — violations, injunction. — 1. The name of every association may include either the words "Savings Association", or "Savings and Loan Association", except for associations …

369.054. Office, location of — approval to establish or move, when — closing a branch office, notice. — Without the prior approval of the director of the division of finance, as provided in sections 369.010 to 369.369, no association shall establish any office other than its home…

369.059. Amendment of articles of incorporation, procedure. — Subject to the approval of the director of the division of finance, every association may amend its articles of incorporation upon the adoption of a resolution covering each amendment by the affirmative votes of a majo…

369.064. Failure to commence business within six months, effect of. — Any association which shall not commence business within six months after the date upon which its corporate existence begins shall forfeit its corporate existence, unless the director of the division of finance…

369.069. Conversion to federal association, procedure, effect of. — 1. At a meeting of the members of a mutual association or stockholders of a capital stock association, any association may convert itself into a federal savings association, hereinafter called a "federal associat…

369.074. Conversion to state association, procedure, effect of. — At a meeting of the members of a mutual association or of the stockholders of a capital stock association, any federal association may convert itself into an association under sections 369.010 to 369.369 upon a vot…

369.078. Conversion from mutual to capital stock association — requirements — rules of division, content — certificate of conversion, issued, when, effect of. — 1. Any mutual savings and loan association chartered under the laws of this state may convert to and become a capital s…

369.079. Merger or consolidation, procedure — association may charter interim association, when, procedure. — 1. A mutual association may merge with another association or federal mutual association in the manner provided in subsections 1 to 8 of this section. The board of direct…

369.084. Merger, effect of. — When the merger or consolidation becomes effective: (1) The several associations parties to the plan of merger or consolidation shall be a single association, which, in the case of a merger, shall be that association designated in the plan of merger …

369.086. Savings and loan holding company, defined — subsidiary, defined — registration, examination and regulation by division. — 1. A "savings and loan holding company" is an individual or company which, directly or indirectly, or acting in concert with one or more other person…

369.087. Association may convert, merge or consolidate with bank or trust company — procedure. — 1. Upon compliance with any applicable laws of the United States and upon obtaining the approval of the director of finance, any association or federal association as defined in secti…

369.089. Dissolution. — 1. Any association may, at any meeting of the members of a mutual association or stockholders of a capital stock association, determine to liquidate and dissolve in accordance with the provisions of this section upon a two-thirds majority vote of all votes…

369.094. Meetings, when, notice, voting. — 1. An annual meeting of the members of each mutual association shall be held on a date fixed by the bylaws of the association or, if none is so fixed, on the fourth Monday in March. A failure to hold the annual meeting at the time so spe…

369.099. Inspection of records, by whom — credit reporting, allowed when. — 1. Every member and every stockholder may inspect such books and records of an association as pertain to such person's loan or account. Otherwise, the right of inspection and examination of the books and …

369.104. Publication of financial statement. — Every association shall publish annually, in accordance with regulations promulgated by the director of the division of finance, in a newspaper of general circulation in the county in which its home office is located, and shall deliv…

369.109. Directors, election, powers, qualifications, meetings. — 1. Directors shall be elected by ballot of the members of a mutual association or stockholders of a capital stock association for terms of one or more, but not exceeding, three years, the number of directors to be …

369.114. Bonds, who shall have, amount, how and when modified — issuance by fidelity insurance company, requirements, modification of, procedure — reciprocal organization, when and how established. — 1. Every person appointed or elected to any position requiring the receipt, paym…