Missouri Laws 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;
Terms Used In Missouri Laws 367.527
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action and evidences of debt. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
(2) Make a loan which exceeds five thousand dollars;
(3) Accept any waiver of any right or protection of a borrower;
(4) Fail to exercise reasonable care to protect from loss or damage certificates of title or titled personal property in the physical possession of the title lender;
(5) Purchase titled personal property in the operation of its business;
(6) Enter into a title loan agreement unless the borrower presents clear title at the time that the loan is made;
(7) Knowingly violate any provision of sections 367.500 to 367.533 or any rule promulgated thereunder;
(8) Violate any provision of sections 408.551 to 408.557 and sections 408.560 to 408.562; or
(9) Store repossessed titled personal property at a location more than fifteen miles from the office where the title loan agreement was executed.
2. If a title lender enters into a transaction contrary to this section, the loan and the lien shall be void.