SB 1021

SECOND REGULAR SESSION
  SENATE BILL NO. 1021
  103RD GENERAL ASSEMBLY
  INTRODUCED BY SENATOR CRAWFORD.
 5067S.02I  KRISTINA MARTIN, Secretary
  AN ACT
 To repeal sections 361.170, 361.749, 364.020, 364.030, 364.105, 365.030, 367.110, 367.120,
  367.130, 367.140, 367.160, 367.170, 367.190, 367.509, 407.640, 408.500, and
  436.570, RSMo, and to enact in lieu thereof fifteen new sections relating to the division
  of finance, with penalty provisions.
 Be it enacted by the General Assembly of the State of Missouri, as follows:
1Section A.  Sections 361.170, 361.749, 364.020, 364.030,
2  364.105, 365.030, 367.110, 367.120, 367.130, 367.140, 367.160,
3  367.170, 367.190, 367.509, 407.640, 408.500, and 436.570, RSMo,
4  are repealed and fifteen new sections enacted in lieu thereof,
5  to be known as sections 361.170, 361.749, 364.020, 364.030,
6  364.105, 365.030, 367.110, 367.140, 367.160, 367.170, 367.190,
7  367.509, 407.640, 408.500, and 436.570, to read as follows:
1361.170.  1. The expense of every regular and every
2  special examination, together with the expense of
3  administering the banking laws, including salaries, travel
4  expenses, supplies and equipment, and including the direct
5  and indirect expenses for rent and other supporting services
6  furnished by the state, shall be paid by the banks and trust
7  companies of the state, and for this purpose the director
8  shall, prior to the beginning of each fiscal year, make an
9  estimate of the expenses to be incurred by the division
10  during such fiscal year.  To this there shall be added an
11  amount not to exceed fifteen percent of the estimated
 EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
 and is intended to be omitted in the law.
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12 expenses to pay the costs of rent and other supporting
13 services such as the costs related to the division's
14 services from the state auditor and attorney general and an
15 amount sufficient to cover the cost of fringe benefits
16 furnished by the state.   From this total amount the director
17 shall deduct the estimated amount of the anticipated annual
18 income to the fund from all sources other than bank or trust
19 company assessments.   The director shall allocate and assess
20 the remainder to the several banks and trust companies in
21 the state on the basis of a weighted formula to be
22 established by the director, which will take into
23 consideration their total assets, as reflected in the last
24 preceding report called for by the director pursuant to the
25 provisions of section 361.130 or from information obtained
26 pursuant to subsection 3 of section 361.130 and, for trust
27 companies which do not take deposits or make loans, the
28 volume of their trust business, and the relative cost, in
29 salaries and expenses, of examining banks and trust
30 companies of various size and this calculation shall result
31 in an assessment for each bank and trust company which
32 reasonably represents the costs of the division of finance
33 incurred with respect to such bank or trust company.   A
34 statement of such assessment shall be sent by the director
35 to each bank and trust company on or before July first.    One-
36 half of the amount so assessed to each bank or trust company
37 shall be paid by it to the state director of the department
38 of revenue on or before July fifteenth, and the remainder
39 shall be paid on or before January fifteenth of the next
40 year.
412. Any expenses incurred or services performed on
42 account of any bank, trust company or other corporation
43 subject to the provisions of this chapter, outside of the
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44 normal expense of any annual or special examination, shall
45 be charged to and paid by the corporation for whom they were
46 incurred or performed.   Fees and charges to other
47 corporations subject to this chapter should be reviewed at
48 least annually by the division of finance to determine
49 whether regulatory costs are offset by the fees and charges,
50 and the director of the division of finance shall revise
51 fees and charges to fully recover these costs.
523. The director of the division of finance shall
53 prepare and maintain an equitable salary schedule for
54 examiners, professional staff, and support personnel who are
55 employees of the division.   Personnel employed by the
56 division shall be compensated according to this schedule,
57 provided that such expense of administering the banking laws
58 is assessed and paid in accordance with this section.    The
59 positions and classification plan for such personnel
60 attributed to the examination of the state bank and trust
61 companies shall allow for a comparison of such positions
62 with similar bank examiner positions at federal bank
63 regulatory agencies.   State bank examiner positions shall
64 not be compensated more than ninety percent of parity for
65 corresponding federal positions for similar geographic
66 locations in Missouri as determined by the director of the
67 division of finance.
684. The state treasurer shall credit such payments to a
69 special fund to be known as the "Division of Finance Fund",
70 which is hereby created and which shall be devoted solely to
71 the payment of expenditures actually incurred by the
72 division and attributable to the regulation of banks, trust
73 companies, and other corporations subject to the
74 jurisdiction of the division.    Any amount, other than the
75 amount not to exceed fifteen percent for supporting services
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76  and the amount of fringe benefits described in subsection 1
77  of this section, remaining in such fund at the end of any
78  fiscal year and any earnings attributed to such fund shall
79  not be transferred and placed to the credit of the general
80  revenue fund as provided in section 33.080, but shall be
81  applicable by appropriation of the general assembly to the
82  payment of such expenditures of the division in the
83  succeeding fiscal year and shall be applied by the division
84  to the reduction of the amount to be assessed to banks and
85  trust companies in such succeeding fiscal year; provided the
86  amount not to exceed fifteen percent for supporting services
87  and the amount of fringe benefits described in subsection 1
88  of this section shall be returned to general revenue to the
89  extent supporting services are not directly allocated to the
90  fund.
915.   There is hereby created in the state treasury the
92  "Consumer Licensing Fund" which shall consist of all fees
93  designated to be deposited into the fund by law.    The state
94  treasurer shall be custodian of the fund.    In accordance
95  with sections 30.170 and 30.180, the state treasurer may
96  approve disbursements.    The fund shall be a dedicated fund
97  and moneys in the fund shall be used solely by the division
98  of finance for the purposes of paying for all costs incurred
99  by the director in administering the provisions of law
100 assigned to the division of finance not otherwise required
101 to be deposited to the "division of finance fund", the
102 "residential mortgage licensing fund", or the "division of
103 savings and loan supervision fund".    Notwithstanding the
104 provisions of section 33.080 to the contrary, any moneys
105 remaining in the fund at the end of the biennium shall not
106 revert to the credit of the general revenue fund.    The state
107 treasurer shall invest moneys in the fund in the same manner
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108 as other funds are invested.     Any interest and moneys earned
109 on such investments shall be credited to the fund.
1361.749.   1. As used in this section, unless the
2  context clearly indicates otherwise, the following terms
3  mean:
4(1) "Consumer", any individual;
5(2) "Consumer-directed wage access services", the
6  business of offering or providing earned wage access
7  services directly to a consumer based on the consumer's
8  representation and the provider's reasonable determination
9  of the consumer's earned but unpaid income;
10(3) "Director", the director of the division of
11  finance within the department of commerce and insurance;
12(4) "Division", the Missouri division of finance
13  within the department of commerce and insurance;
14(5) "Earned but unpaid income", salary, wages,
15  compensation, or other income that a consumer or an employer
16  has represented, and that a provider has reasonably
17  determined, has been earned or has accrued to the benefit of
18  the consumer in exchange for the consumer's provision of
19  services to the employer or on behalf of the employer,
20  including on an hourly, project-based, piecework, or other
21  basis and including where the consumer is acting as an
22  independent contractor of the employer, but has not, at the
23  time of the payment of proceeds, been paid to the consumer
24  by the employer;
25(6) "Earned wage access services", the business of
26  providing consumer-directed wage access services, employer-
27  integrated wage access services, or both;
28(7) "Employer":
29(a) A person who employs a consumer; or
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30(b) Any other person who is contractually obligated to
31 pay a consumer earned but unpaid income in exchange for a
32 consumer's provision of services to the employer or on
33 behalf of the employer, including on an hourly, project-
34 based, piecework, or other basis and including where the
35 consumer is acting as an independent contractor with respect
36 to the employer.
37 "Employer" does not include a customer of an employer or any
38 other person whose obligation to make a payment of salary,
39 wages, compensation, or other income to a consumer is not
40 based on the provision of services by that consumer for or
41 on behalf of such person;
42(8) "Employer-integrated wage access services", the
43 business of delivering to consumers access to earned but
44 unpaid income that is based on employment, income, and
45 attendance data obtained directly or indirectly from an
46 employer;
47(9) "Fee":
48(a) A fee imposed by a provider for delivery or
49 expedited delivery of proceeds to a consumer;
50(b) A subscription or membership fee imposed by a
51 provider for a bona fide group of services that includes
52 earned wage access services; or
53(c) An amount paid by an employer to a provider on a
54 consumer's behalf, which entitles the consumer to receive
55 proceeds at reduced or no cost to the consumer.
56 A voluntary tip, gratuity, or donation shall not be deemed a
57 fee;
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58(10) "Outstanding proceeds", a payment of proceeds to
59 a consumer by a provider that has not yet been repaid to
60 that provider;
61(11) "Person", a partnership, corporation,
62 association, sole proprietorship, limited liability company,
63 or nonprofit or governmental entity;
64(12) "Proceeds", a payment of funds to a consumer by a
65 provider that is based on earned but unpaid income;
66(13) "Provider", a person who is in the business of
67 offering and providing earned wage access services to
68 consumers.
692. (1) No person shall engage in the business of
70 earned wage access services in this state without first
71 [registering] obtaining a license to act as an earned wage
72 access services provider with the division.
73(2) [The annual registration fee shall be one thousand
74 dollars payable to the division as of the first day of July
75 of each year.    The division may establish a biennial
76 registration arrangement, but in no case shall the
77 registration fee be payable for more than one year at a
78 time] At the time of filing an application for licensure,
79 the applicant shall pay a licensing fee, to be determined by
80 the director from time to time, not to exceed five thousand
81 dollars and a fee for each additional location where such
82 applicant conducts business, to be determined by the
83 director from time to time, not to exceed one thousand
84 dollars.   Applicants who have not exceeded one hundred
85 active accounts at any point in the previous licensing year,
86 shall pay a licensing fee, to be determined by the director
87 from time to time, not to exceed one thousand dollars and a
88 fee for each additional location where such applicant
89 conducts business, to be determined by the director from
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90  time to time, not to exceed one thousand dollars.    The
91  licensing period shall run from July first to June
92  thirtieth.   Thereafter, every licensee shall pay a like fee
93  on or before June thirtieth of each year.   All license fees
94  paid pursuant to this section shall be credited to the
95  consumer licensing fund.
96(3) [Registration] Application for licensure shall be
97  made on forms prepared by the director and shall contain the
98  following information:
99(a) Name, business address, and telephone number of
100 the earned wage access services provider;
101(b) Name and business address of corporate officers
102 and directors or principals or partners;
103(c) A sworn statement by an appropriate officer,
104 principal, or partner of the earned wage access services
105 provider that:
106a. The provider is financially capable of engaging in
107 the business of earned wage access services; and
108b. If a corporation, that the corporation is
109 authorized to transact business in this state.
110 If any material change occurs in the information contained
111 in the [registration] license application form, a revised
112 statement shall be submitted to the director.
113(4) A [certificate of registration] license shall be
114 issued by the director within thirty calendar days after the
115 date on which all [registration materials] required
116 licensing information has [have] been received by the
117 director and shall not be assignable or transferable, except
118 as approved by the director.
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119(5) Each [certificate of registration] license shall
120 remain in full force and effect until surrendered, revoked,
121 or suspended.
1223. This section shall not apply to:
123(1) A bank or savings and loan association whose
124 deposits or accounts are eligible for insurance by the
125 Federal Deposit Insurance Corporation, or a subsidiary of
126 such a bank or savings and loan association;
127(2) A credit union doing business in this state; or
128(3) A person authorized to make loans or extensions of
129 credit under the laws of this state or the United States,
130 who is subject to regulation and supervision by this state
131 or the United States.
1324. Each provider shall:
133(1) Develop and implement policies and procedures to
134 respond to questions raised by consumers and address
135 complaints from consumers in an expedient manner;
136(2) Before entering into an agreement with a consumer
137 for the provision of earned wage access services, provide a
138 consumer with a written paper or electronic document, which
139 can be included as part of the contract to provide earned
140 wage access services and which meets all of the following
141 requirements:
142(a) Informs the consumer of his or her rights under
143 the agreement; and
144(b) Fully and clearly discloses all fees associated
145 with the earned wage access services;
146(3) Inform the consumer of the fact of any material
147 changes to the terms and conditions of the earned wage
148 access services before implementing those changes for that
149 consumer;
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150(4) Provide proceeds to a consumer by any means
151 mutually agreed upon by the consumer and provider;
152(5) Comply with all local, state, and federal privacy
153 and information security laws;
154(6) In any case in which the provider will seek
155 repayment of outstanding proceeds, fees, or other payments,
156 including voluntary tips, gratuities, or other donations
157 from a consumer's account at a depository institution and
158 including via electronic funds transfer:
159(a) Comply with applicable provisions of the federal
160 Electronic Funds Transfer Act and its implementing
161 regulations; and
162(b) Reimburse the consumer for the full amount of any
163 overdraft or nonsufficient funds fees imposed on a consumer
164 by the consumer's depository institution that were caused by
165 the provider attempting to seek payment of any outstanding
166 proceeds, fees, voluntary tips, gratuities, or other
167 donations on a date before, or in an incorrect amount from,
168 the date or amount disclosed to the consumer.
169 The provisions of this subdivision shall not apply with
170 respect to payments of outstanding proceeds, fees, tips,
171 gratuities, or other donations incurred by a consumer
172 through fraudulent or other means; and
173(7) If a provider solicits, charges, or receives a
174 tip, gratuity, or donation from a consumer:
175(a) Clearly and conspicuously disclose to the consumer
176 immediately prior to each transaction that a tip, gratuity,
177 or donation amount may be zero and is voluntary;
178(b) Clearly and conspicuously disclose in its service
179 contract with the consumer and elsewhere that tips,
180 gratuities, or donations are voluntary and that the offering
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181 of earned wage access services, including the amount of the
182 proceeds a consumer is eligible to request and the frequency
183 with which proceeds are provided to a consumer, is not
184 contingent on whether the consumer pays any tip, gratuity,
185 or donation or on the size of any tip, gratuity, or donation;
186(c) Refrain from misleading or deceiving consumers
187 about the voluntary nature of such tips, gratuities, or
188 donations; and
189(d) Refrain from making representations that tips or
190 gratuities will benefit any specific, individual person.
1915. A provider shall not:
192(1) Share with an employer any fees, voluntary tips,
193 gratuities, or other donations that were received from or
194 charged to a consumer for earned wage access services;
195(2) Charge interest for failure to repay outstanding
196 proceeds, fees, voluntary tips, gratuities, or other
197 donations;
198(3) Report any information about the consumer
199 regarding the inability of the provider to be repaid
200 outstanding proceeds, fees, voluntary tips, gratuities, or
201 other donations to a consumer credit reporting agency or a
202 debt collector;
203(4) Require a consumer's credit report or credit score
204 to determine a consumer's eligibility for earned wage access
205 services;
206(5) Accept payment from a consumer of outstanding
207 proceeds, fees, voluntary tips, gratuities, or other
208 donations via credit card or charge card; or
209(6) Compel or attempt to compel repayment by a
210 consumer of outstanding proceeds, fees, voluntary tips,
211 gratuities, or other donations through any of the following
212 means:
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213(a) A suit against the consumer in a court of
214 competent jurisdiction;
215(b) Use of a third party to pursue collection from the
216 consumer on the provider's behalf; or
217(c) Sale of outstanding amounts to a third-party
218 collector or debt buyer for collection from the consumer.
219 The provisions of this subdivision shall not apply to
220 payments of outstanding proceeds, fees, tips, gratuities, or
221 other donations incurred by a consumer through fraudulent or
222 other means or preclude a provider from pursuing an employer
223 for breach of its contractual obligations to the provider.
2246. For purposes of the laws of this state:
225(1) Earned wage access services offered and provided
226 by a registered provider shall not be considered to be any
227 of the following:
228(a) A violation of or noncompliance with the laws
229 governing the sale or assignment of or an order for earned
230 but unpaid income;
231(b) A loan or other form of credit, and the provider
232 shall not be considered a creditor or a lender;
233(c) Money transmission, and the provider shall not be
234 considered a money transmitter;
235(2) Fees, voluntary tips, gratuities, or other
236 donations shall not be considered interest or finance
237 charges.
2387. The director, or his or her duly authorized
239 representative, may make such investigation as is deemed
240 necessary and, to the extent necessary for this purpose, may
241 examine the registrant or any other person having personal
242 knowledge of the matters under investigation, and shall have
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243 the power to compel the production of all relevant books,
244 records, accounts, and documents by registrants.
2458. (1) An earned wage access services provider shall
246 maintain records of its earned wage access services
247 transactions and shall preserve its records for at least two
248 years after the final date on which it provides proceeds to
249 a consumer.
250(2) Records required by this section may be maintained
251 electronically.
2529. The division may promulgate rules as may be
253 necessary for the administration of this section.   Any rule
254 or portion of a rule, as that term is defined in section
255 536.010, that is created under the authority delegated in
256 this section shall become effective only if it complies with
257 and is subject to all of the provisions of chapter 536 and,
258 if applicable, section 536.028.   This section and chapter
259 536 are nonseverable and if any of the powers vested with
260 the general assembly pursuant to chapter 536 to review, to
261 delay the effective date, or to disapprove and annul a rule
262 are subsequently held unconstitutional, then the grant of
263 rulemaking authority and any rule proposed or adopted after
264 August 28, 2023, shall be invalid and void.
26510. (1)   Any provider registered pursuant to this
266 section who fails, refuses, or neglects to comply with the
267 provisions of this section or commits any criminal act may
268 have its [registration] license suspended or revoked by the
269 director, after a hearing before the director on an order of
270 the director to show cause why such order of suspension or
271 revocation should not be entered specifying the grounds
272 therefor, which shall be served on the registrant at least
273 ten days prior to the hearing.
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274(2) Whenever it shall appear to the director that any
275 provider registered pursuant to this section is failing,
276 refusing, or neglecting to make a good faith effort to
277 comply with the provisions of this section, the director may
278 issue an order to cease and desist, which order may be
279 enforceable by a civil penalty of not more than one thousand
280 dollars per day for each day that the neglect, failure, or
281 refusal shall continue.   The penalty shall be assessed and
282 collected by the director.    In determining the amount of the
283 penalty, the director shall take into account the
284 appropriateness of the penalty with respect to the gravity
285 of the violation, the history of previous violations, and
286 such other matters as justice may require.
28711. All revenues collected by or paid to the director
288 pursuant to this section shall be forwarded immediately to
289 the director of revenue, who shall deposit them in the
290 [division of finance] consumer licensing fund.
29112. Any earned wage access services provider knowingly
292 and willfully violating the provisions of this section shall
293 be guilty of a class A misdemeanor.
29413. If there is a conflict between the provisions of
295 this section and any other state statute, the provisions of
296 this section shall control.
1364.020.   Unless otherwise clearly indicated by the
2  context, when used in this chapter, the following terms mean:
3(1) "Director", the office of the director of the
4  division of finance.
5(2) "Financing institution", a person engaged in the
6  business of purchasing or otherwise acquiring retail time
7  contracts or accounts under retail charge agreements from
8  one or more sellers.   The term includes but is not limited
9  to a bank, trust company, loan and investment company,
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10 savings and loan association, licensed sales finance company
11 as the same is defined in the Missouri motor vehicle time
12 sales law (chapter 365) or [registrant] licensee under
13 sections 367.100 to 367.200, if so engaged; but does not
14 include a distributor insofar as he takes assignments of
15 retail installment purchase contracts covering goods which
16 were distributed by him to the retailer thereof.
17(3) "Person", an individual, partnership, corporation,
18 association, and any other group however organized.     Words
19 used herein shall have the same meaning as is ascribed to
20 such words in the Missouri retail credit sales law (sections
21 408.250 to 408.370).
1364.030.   1. No person shall engage in the business of
2 a financing institution in this state without a license
3 therefor as provided in this chapter; except, however, that
4 no bank, trust company, loan and investment company,
5 licensed sales finance company, [registrant] licensee under
6 the provisions of sections 367.100 to 367.200, or person who
7 makes only occasional purchases of retail time contracts or
8 accounts under retail charge agreements and which purchases
9 are not being made in the course of repeated or successive
10 purchase of retail installment contracts from the same
11 seller, shall be required to obtain a license under this
12 chapter but shall comply with all the laws of this state
13 applicable to the conduct and operation of a financing
14 institution.
152. [The application for the license shall be in
16 writing, under oath and in the form prescribed by the
17 director. The application shall contain the name of the
18 applicant; date of incorporation, if incorporated; the
19 address where the business is or is to be conducted and
20 similar information as to any branch office of the
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21 applicant; the name and resident address of the owner or
22 partners or, if a corporation or association, of the
23 directors, trustees and principal officers, and other
24 pertinent information as the director may require] The
25 application for the license shall be in writing, under oath
26 and in the form prescribed by the director.    At the time of
27 filing an application for licensure, the applicant shall pay
28 a licensing fee, to be determined by the director from time
29 to time, not to exceed five thousand dollars and a fee for
30 each additional location where such applicant conducts
31 business, to be determined by the director from time to
32 time, not to exceed one thousand dollars.    Applicants who
33 have not exceeded one hundred active accounts at any point
34 in the previous licensing year, shall pay a licensing fee,
35 to be determined by the director from time to time, not to
36 exceed one thousand dollars and a fee for each additional
37 location where such applicant conducts business, to be
38 determined by the director from time to time, not to exceed
39 one thousand dollars.    The licensing period shall run from
40 January first to December thirty-first.    Thereafter, every
41 licensee shall pay a like fee on or before December thirty-
42 first of each year.    All license fees paid pursuant to this
43 section shall be credited to the consumer licensing fund.
443. [The license fee for each calendar year or part
45 thereof shall be the sum of six hundred dollars for each
46 place of business of the licensee in this state which shall
47 be paid into the general revenue fund.    The director may
48 establish a biennial licensing arrangement but in no case
49 shall the fees be payable for more than one year at a time.
504.]   Each license shall specify the location of the
51 office or branch and must be conspicuously displayed
52 therein. In case the location is changed, the director
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53 shall either endorse the change of location of the license
54 or mail the licensee a certificate to that effect, without
55 charge.
56[5. Upon the filing of an application, and the payment
57 of the fee, the director shall issue a license to the
58 applicant to engage in the business of a financing
59 institution under and in accordance with the provisions of
60 this chapter for a period which shall expire the last day of
61 December next following the date of its issuance.    The
62 license shall not be transferable or assignable.    No
63 licensee shall transact any business provided for by this
64 chapter under any other name.]
1364.105.   1. No person shall engage in the business of
2 a premium finance company in this state without [first
3 registering as] a premium finance company [with] license
4 issued by the director.
52. [The annual registration fee shall be six hundred
6 dollars payable to the director as of the first day of July
7 of each year.    The director may establish a biennial
8 licensing arrangement but in no case shall the fees be
9 payable for more than one year at a time] At the time of
10 filing an application for licensure, the applicant shall pay
11 a licensing fee, to be determined by the director from time
12 to time, not to exceed five thousand dollars and a fee for
13 each additional location where such applicant conducts
14 business, to be determined by the director from time to
15 time, not to exceed one thousand dollars.    Applicants who
16 have not exceeded one hundred active accounts at any point
17 in the previous licensing year shall pay a licensing fee, to
18 be determined by the director from time to time, not to
19 exceed one thousand dollars and a fee for each additional
20 location where such applicant conducts business, to be
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21 determined by the director from time to time, not to exceed
22 one thousand dollars.     The licensing period shall run from
23 July first to June thirtieth.      Thereafter, every licensee
24 shall pay a like fee on or before June thirtieth of each
25 year.     All license fees paid pursuant to this section shall
26 be credited to the consumer licensing fund.
273. [Registration] Applications for licensure shall be
28 made on forms prepared by the director and shall contain the
29 following information:
30(1) Name, business address and telephone number of the
31 premium finance company;
32(2) Name and business address of corporate officers
33 and directors or principals or partners;
34(3) A sworn statement by an appropriate officer,
35 principal or partner of the premium finance company that:
36(a) The premium finance company is financially capable
37 to engage in the business of insurance premium financing; and
38(b) If a corporation, that the corporation is
39 authorized to transact business in this state;
40(4) If any material change occurs in the information
41 contained in the [registration] application for licensure
42 form, a revised statement shall be submitted to the director
43 accompanied by an additional fee of three hundred dollars.
1365.030.   1. No person shall engage in the business of
2 a sales finance company in this state without a license as
3 provided in this chapter; except, that no bank, trust
4 company, savings and loan association, loan and investment
5 company or registrant under the provisions of sections
6 367.100 to 367.200 authorized to do business in this state
7 is required to obtain a license under this chapter but shall
8 comply with all of the other provisions of this chapter.
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92. The application for the license shall be in
10 writing, under oath and in the form prescribed by the
11 director. The application shall contain the name of the
12 applicant; date of incorporation, if incorporated; the
13 address where the business is or is to be conducted and
14 similar information as to any branch office of the
15 applicant; the name and resident address of the owner or
16 partners or, if a corporation or association, of the
17 directors, trustees and principal officers, and such other
18 pertinent information as the director may require.
193. [The license fee for each calendar year or part
20 thereof shall be the sum of six hundred dollars for each
21 place of business of the licensee in this state.    The
22 director may establish a biennial licensing arrangement but
23 in no case shall the fees be payable for more than one year
24 at a time] At the time of filing an application for
25 licensure, the applicant shall pay a licensing fee, to be
26 determined by the director from time to time, not to exceed
27 five thousand dollars and a fee for each additional location
28 where such applicant conducts business, to be determined by
29 the director from time to time, not to exceed one thousand
30 dollars.   Applicants who have not exceeded one hundred
31 active accounts at any point in the previous licensing year,
32 shall pay a licensing fee, to be determined by the director
33 from time to time, not to exceed one thousand dollars and a
34 fee for each additional location where such applicant
35 conducts business, to be determined by the director from
36 time to time, not to exceed one thousand dollars.    The
37 licensing period shall run from January first to December
38 thirty-first.   Thereafter, every licensee shall pay a like
39 fee on or before December thirty-first of each year.       All
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40 license fees paid pursuant to this section shall be credited
41 to the consumer licensing fund.
424. Each license shall specify the location of the
43 office or branch and must be conspicuously displayed there.
44 In case the location is changed, the director shall either
45 endorse the change of location on the license or mail the
46 licensee a certificate to that effect, without charge.
47[5. Upon the filing of the application, and the
48 payment of the fee, the director shall issue a license to
49 the applicant to engage in the business of a sales finance
50 company under and in accordance with the provisions of this
51 chapter for a period which shall expire the last day of
52 December next following the date of its issuance.    The
53 license shall not be transferable or assignable.    No
54 licensee shall transact any business provided for by this
55 chapter under any other name.]
1367.110.   No lender shall engage in the business of
2 making consumer credit loans as herein defined in this state
3 of money, credit, goods or things in action without first
4 having obtained a [certificate of registration] license from
5 the director as provided in sections 367.100 to 367.200.
6 Application for a license shall be in writing in the form
7 prescribed by the director.
1367.140.   1. [Every lender shall, at the time of
2 filing application for certificate of registration as
3 provided in section 367.120 hereof, pay the sum of six
4 hundred dollars as an annual registration fee for the period
5 ending the thirtieth day of June next following the date of
6 payment and in full payment of all expenses for
7 investigations, examinations and for the administration of
8 sections 367.100 to 367.200, except as provided in section
9 367.160, and thereafter a like fee shall be paid on or
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10 before June thirtieth of each year; provided, that if a
11 lender is supervised by the commissioner of finance under
12 any other law, the charges for examination and supervision
13 required to be paid under said law shall be in lieu of the
14 annual fee for registration and examination required under
15 this section.   The fee shall be made payable to the director
16 of revenue. If the initial registration fee for any
17 certificate of registration is for a period of less than
18 twelve months, the registration fee shall be prorated
19 according to the number of months that said period shall
20 run. The director may establish a biennial licensing
21 arrangement but in no case shall the fees be payable for
22 more than one year at a time] At the time of filing an
23 application for licensure, the applicant shall pay a
24 licensing fee, to be determined by the director from time to
25 time, not to exceed five thousand dollars and a fee for each
26 additional location where such applicant conducts business,
27 to be determined by the director from time to time, not to
28 exceed one thousand dollars.     Applicants who have not
29 exceeded one hundred active accounts at any point in the
30 previous licensing year, shall pay a licensing fee, to be
31 determined by the director from time to time, not to exceed
32 one thousand dollars and a fee for each additional location
33 where such applicant conducts business, to be determined by
34 the director from time to time, not to exceed one thousand
35 dollars.   The licensing period shall run from July first to
36 June thirtieth.   Thereafter, every licensee shall pay a like
37 fee on or before June thirtieth of each year.     All license
38 fees paid pursuant to this section shall be credited to the
39 consumer licensing fund.
402. Upon receipt of such fee and application for
41 [registration, and provided the bond, if required by the
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42 director,] licensure has been filed, the director shall
43 issue to the lender a [certificate] license containing the
44 lender's name and address and reciting that such lender is
45 duly and properly [registered] licensed to conduct the
46 supervised business.   The lender shall keep this certificate
47 of registration posted in a conspicuous place at the place
48 of business recited in the registration certificate.    Where
49 the lender engages in the supervised business at or from
50 more than one office or place of business, such lender shall
51 obtain a separate certificate of registration for each such
52 office or place of business.
533. [Certificates of registration] Licenses shall not
54 be assignable or transferable except that the lender named
55 in any such certificate may obtain a change of address of
56 the place of business therein set forth.    Each [certificate
57 of registration] license shall remain in full force and
58 effect until surrendered, revoked, or suspended as herein
59 provided.
1367.160.   The director, his deputies and examiners
2 shall have full power and authority at any time and as often
3 as reasonably necessary to investigate or examine the
4 supervised business, affairs and loans made in the
5 supervised business of any [registered] licensed lender and
6 of every person, firm, partnership and corporation making
7 loans who the director has reasonable grounds to believe is
8 subject to and violating the provisions of sections 367.100
9 to 367.200, for the purpose of ascertaining whether or not
10 the lender, or such person, firm, partnership or corporation
11 is complying with the provisions of sections 367.100 to
12 367.200 and the laws of Missouri relating to consumer credit
13 loans or assignment or sale of wages or salary or other
14 compensation.    In connection with any such investigation or
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15 examination the director and his representatives shall have
16 free and immediate access to the lender's place or places of
17 business and his or its books and records and shall have the
18 right and power to examine under oath all persons whomsoever
19 whose testimony may be required relative to the affairs and
20 business of the particular lender.    Whenever it is necessary
21 to examine the business and loans of a [registered] licensed
22 lender more than once a year or of any other lender at any
23 time, then the lender shall be chargeable with and be
24 required to pay the necessary cost and expenses thereof[,
25 including the actual travel expenses and a per diem of one
26 hundred dollars for each examining official while engaged in
27 travel to and from the place of such examination and during
28 the period required for such examination].    Whenever any
29 lender is subject to examination by or required to make
30 reports to municipal officers under city ordinances
31 regulating the supervised business, such examinations or
32 reports shall be in lieu of the examinations and reports
33 required by the provisions of sections 367.100 to 367.200.
1367.170.   The director is authorized and empowered to
2 make such general regulations as may be necessary for the
3 enforcement of sections 367.100 to 367.200 and shall issue
4 regulations providing and governing the types and limits of
5 insurance and the issuance of policies which may be sold in
6 connection with consumer credit loans.    The cost of any
7 insurance shall not exceed the standard rates and the
8 insurance shall be obtained from an insurance company duly
9 authorized to conduct business in this state and the
10 [registrant] licensee, or any of its employees, may be
11 licensed as an insurance agent.    Insurance premiums shall
12 not be considered as interest, service charges or fees in
13 connection with any loan.   Each such regulation shall be
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14 consistent with sections 367.100 to 367.200 and shall be
15 referenced to the specific provision of sections 367.100 to
16 367.200 which is to be enforced by it.    Nothing in this
17 section shall alter or amend the statutes of this state
18 relating to insurance or affect the powers of the director
19 of the department of commerce and insurance under statutes
20 relating to credit life insurance and credit accident and
21 health insurance.
1367.190.   In the event any lender fails, refuses, or
2 neglects to comply with the provisions of sections 367.100
3 to 367.200, or of any laws of the state of Missouri relating
4 to consumer credit loans or assignment or sale of wages, or
5 salaries or other compensation, his or its [certificate of
6 registration for the place of business at which the
7 violation occurred,] license may be suspended or revoked by
8 order of the director after a hearing before said director
9 on any order to show cause why such order of suspension or
10 revocation should not be entered specifying the grounds
11 therefor which shall be served on the particular lender at
12 least ten days prior to the hearing.    Such action shall not
13 affect any rights or charter powers which any state bank,
14 state trust company or national banking association has by
15 virtue of any other law.   Review may be had of any such
16 order made and entered by the director in the manner
17 provided by law.
1367.509.   1. A title loan license applicant must have
2 and maintain capital of at least seventy-five thousand
3 dollars at all times.
42. The license application shall be in writing, under
5 oath and in the form prescribed by the director.    The
6 application shall contain the name of the applicant, date of
7 formation if a business entity, the address of each title
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8 loan office operated or sought to be operated, the name and
9 residential address of the owner, partners, directors,
10 trustees and principal officers, and such other pertinent
11 information as the director may require.    A corporate surety
12 bond in the principal sum of twenty thousand dollars per
13 location shall accompany each license application.    The bond
14 shall be in a form satisfactory to the director and shall be
15 issued by a bonding company or insurance company authorized
16 to do business in this state in order to ensure the faithful
17 performance of the obligations of the applicant and the
18 applicant's agents and subagents in connection with title
19 loan activities.   An applicant or licensee may, in lieu of
20 filing any bond required pursuant to this section, provide
21 the director with an irrevocable letter of credit as defined
22 in section 400.5-103 in the amount of twenty thousand
23 dollars per location, issued by any bank, trust company,
24 savings and loan or credit union operating in Missouri in a
25 form acceptable to the director.
263. [Every person applying for a title loan license
27 shall pay one thousand dollars as an investigation fee.
28 Applicants for additional title lending licenses shall pay
29 one thousand dollars per additional location as an
30 investigation fee.   The lender shall, beginning with the
31 first license renewal, pay annually to the director a fee of
32 one thousand dollars for each licensed location] At the time
33 of filing an application for licensure, the applicant shall
34 pay a licensing fee, to be determined by the director from
35 time to time, not to exceed five thousand dollars and a fee
36 for each additional location where such applicant conducts
37 business, to be determined by the director from time to
38 time, not to exceed one thousand dollars.    Applicants who
39 have not exceeded one hundred active accounts at any point
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40 in the previous licensing year, shall pay a licensing fee,
41 to be determined by the director from time to time, not to
42 exceed one thousand dollars and a fee for each additional
43 location where such applicant conducts business, to be
44 determined by the director from time to time, not to exceed
45 one thousand dollars.    The licensing period shall run from
46 January first to December thirty-first.      Thereafter, every
47 licensee shall pay a like fee on or before December thirty-
48 first of each year.    All license fees paid pursuant to this
49 section shall be credited to the consumer licensing fund.
504. Each license shall specify the location of the
51 title loan office and shall be conspicuously displayed
52 therein. Before any title lending office may relocate, the
53 director shall approve such relocation by mailing the
54 licensee a new license to that effect, without charge.
55[5. Upon the filing of the application, and the
56 payment of the fee, by a person eligible to apply for a
57 title loan license, the director shall issue a license to
58 engage in the title loan business in accordance with
59 sections 367.500 to 367.533.      The licensing year shall
60 commence on January first and end the following December
61 thirty-first.    The director may establish a biennial
62 licensing arrangement but in no case shall the fees be
63 payable for more than one year at a time.      Each license
64 shall be uniquely numbered and shall not be transferable or
65 assignable.]
1407.640.   1. A credit services organization shall file
2 a registration statement with the director of finance before
3 conducting business in this state.      The registration
4 statement must contain:
5(1) The name and address of the credit services
6 organization; and
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7(2) The name and address of any person who directly or
8 indirectly owns or controls ten percent or more of the
9 outstanding shares of stock in the credit services
10 organization.
112. The registration statement must also contain either:
12(1) A full and complete disclosure of any litigation
13 or unresolved complaint filed by or with a governmental
14 authority of this state relating to the operation of the
15 credit services organization; or
16(2) A notarized statement that states that there has
17 been no litigation or unresolved complaint filed by or with
18 a governmental authority of this state relating to the
19 operation of the credit services organization.
203. The credit services organization shall update the
21 statement not later than the ninetieth day after the date on
22 which a change in the information required in the statement
23 occurs.
244. Each credit services organization registering under
25 this section shall maintain a copy of the registration
26 statement in the office of the credit services
27 organization.    The credit services organization shall allow
28 a buyer to inspect the registration statement on request.
295. The director of finance may charge each credit
30 services organization that files a registration statement
31 with the director of finance a reasonable fee not to exceed
32 [four hundred] one thousand dollars to cover the cost of
33 filing. The director of finance may not require a credit
34 services organization to provide information other than that
35 provided in the registration statement as part of the
36 registration process.
1408.500.   1. Lenders, other than banks, trust
2 companies, credit unions, savings banks and savings and loan
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3 companies, in the business of making unsecured loans of five
4 hundred dollars or less shall obtain a license from the
5 director of the division of finance.   [An annual license fee
6 of six hundred dollars per location shall be required.      The
7 license year shall commence on January first each year and
8 the license fee may be prorated for expired months.    The
9 director may establish a biennial licensing arrangement but
10 in no case shall the fees be payable for more than one year
11 at a time] At the time of filing an application for
12 licensure, the applicant shall pay a licensing fee, to be
13 determined by the director from time to time, not to exceed
14 five thousand dollars and a fee for each additional location
15 where such applicant conducts business, to be determined by
16 the director from time to time, not to exceed one thousand
17 dollars.   Applicants who have not exceeded one hundred
18 active accounts at any point in the previous licensing year,
19 shall pay a licensing fee, to be determined by the director
20 from time to time, not to exceed one thousand dollars and a
21 fee for each additional location where such applicant
22 conducts business, to be determined by the director from
23 time to time, not to exceed one thousand dollars.   The
24 licensing period shall run from January first to December
25 thirty-first.   Thereafter, every licensee shall pay a like
26 fee on or before December thirty-first of each year.      All
27 license fees paid pursuant to this section shall be credited
28 to the consumer licensing fund.   The provisions of this
29 section shall not apply to pawnbroker loans, consumer credit
30 loans as authorized under chapter 367, nor to a check
31 accepted and deposited or cashed by the payee business on
32 the same or the following business day.   The disclosures
33 required by the federal Truth in Lending Act and regulation
34 Z shall be provided on any loan, renewal or extension made
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35 pursuant to this section and the loan, renewal or extension
36 documents shall be signed by the borrower.
372. Entities making loans pursuant to this section
38 shall contract for and receive simple interest and fees in
39 accordance with sections 408.100 and 408.140.    Any contract
40 evidencing any fee or charge of any kind whatsoever, except
41 for bona fide clerical errors, in violation of this section
42 shall be void.    Any person, firm or corporation who receives
43 or imposes a fee or charge in violation of this section
44 shall be guilty of a class A misdemeanor.
453. Notwithstanding any other law to the contrary, cost
46 of collection expenses, which include court costs and
47 reasonable attorneys fees, awarded by the court in suit to
48 recover on a bad check or breach of contract shall not be
49 considered as a fee or charge for purposes of this section.
504. Lenders licensed pursuant to this section shall
51 conspicuously post in the lobby of the office, in at least
52 fourteen-point bold type, the maximum annual percentage
53 rates such licensee is currently charging and the statement:
54NOTICE:
55 This lender offers short-term loans. Please read and
56 understand the terms of the loan agreement before signing.
575. The lender shall provide the borrower with a notice
58 in substantially the following form set forth in at least
59 ten-point bold type, and receipt thereof shall be
60 acknowledged by signature of the borrower:
61(1)    This lender offers short-term loans.
62      Please read and understand the terms of the loan
63      agreement before signing.
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64(2)   You may cancel this loan without costs
65      by returning the full principal balance to the
66      lender by the close of the lender's next full
67      business day.
686. The lender shall renew the loan upon the borrower's
69 written request and the payment of any interest and fees due
70 at the time of such renewal; however, upon the first renewal
71 of the loan agreement, and each subsequent renewal
72 thereafter, the borrower shall reduce the principal amount
73 of the loan by not less than five percent of the original
74 amount of the loan until such loan is paid in full.
75 However, no loan may be renewed more than six times.
767. When making or negotiating loans, a licensee shall
77 consider the financial ability of the borrower to reasonably
78 repay the loan in the time and manner specified in the loan
79 contract. All records shall be retained at least two years.
808. A licensee who ceases business pursuant to this
81 section must notify the director to request an examination
82 of all records within ten business days prior to cessation.
83 All records must be retained at least two years.
849. Any lender licensed pursuant to this section who
85 fails, refuses or neglects to comply with the provisions of
86 this section, or any laws relating to consumer loans or
87 commits any criminal act may have its license suspended or
88 revoked by the director of finance after a hearing before
89 the director on an order of the director to show cause why
90 such order of suspension or revocation should not be entered
91 specifying the grounds therefor which shall be served on the
92 licensee at least ten days prior to the hearing.
9310. Whenever it shall appear to the director that any
94 lender licensed pursuant to this section is failing,
95 refusing or neglecting to make a good faith effort to comply
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96  with the provisions of this section, or any laws relating to
97  consumer loans, the director may issue an order to cease and
98  desist which order may be enforceable by a civil penalty of
99  not more than one thousand dollars per day for each day that
100 the neglect, failure or refusal shall continue. The penalty
101 shall be assessed and collected by the director.    In
102 determining the amount of the penalty, the director shall
103 take into account the appropriateness of the penalty with
104 respect to the gravity of the violation, the history of
105 previous violations, and such other matters as justice may
106 require.
10711.   The director may promulgate rules as may be
108 necessary for the administration of licensing lenders in the
109 business of making unsecured loans of five hundred dollars
110 or less.    Any rule or portion of a rule, as that term is
111 defined in section 536.010, that is created under the
112 authority delegated in this section shall become effective
113 only if it complies with and is subject to all of the
114 provisions of chapter 536 and, if applicable, section
115 536.028.    This section and chapter 536 are nonseverable and
116 if any of the powers vested with the general assembly
117 pursuant to chapter 536 to review, to delay the effective
118 date, or to disapprove and annul a rule are subsequently
119 held unconstitutional, then the grant of rulemaking
120 authority and any rule proposed or adopted after August 28,
121 2026, shall be invalid and void.
1436.570.   1. A consumer legal funding company shall
2  not engage in the business of consumer legal funding in this
3  state unless it has first obtained a license from the
4  division of finance.
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52. A consumer legal funding company's initial or
6 renewal license application shall be in writing, made under
7 oath, and on a form provided by the director.
83. [Every consumer legal funding company, at the time
9 of filing a license application, shall pay the sum of five
10 hundred fifty dollars for the period ending the thirtieth
11 day of June next following the date of payment; thereafter,
12 a like fee shall be paid on or before June thirtieth of each
13 year and shall be credited to the division of finance fund
14 established under section 361.170] At the time of filing an
15 application for licensure, the applicant shall pay a
16 licensing fee, to be determined by the director from time to
17 time, not to exceed five thousand dollars and a fee for each
18 additional location where such applicant conducts business,
19 to be determined by the director from time to time, not to
20 exceed one thousand dollars.     Applicants who have not
21 exceeded one hundred active accounts at any point in the
22 previous licensing year, shall pay a licensing fee, to be
23 determined by the director from time to time, not to exceed
24 one thousand dollars and a fee for each additional location
25 where such applicant conducts business, to be determined by
26 the director from time to time, not to exceed one thousand
27 dollars.   The licensing period shall run from July first to
28 June thirtieth.   Thereafter, every licensee shall pay a like
29 fee on or before June thirtieth of each year.     All license
30 fees paid pursuant to this section shall be credited to the
31 consumer licensing fund.
324. A consumer legal funding license shall not be
33 issued unless the division of finance, upon investigation,
34 finds that the character and fitness of the applicant
35 company, and of the officers and directors thereof, are such
36 as to warrant belief that the business shall operate
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37 honestly and fairly within the purposes of sections 436.550
38 to 436.572.
395. Every applicant shall also, at the time of filing
40 such application, file a bond satisfactory to the division
41 of finance in an amount not to exceed fifty thousand
42 dollars. The bond shall provide that the applicant shall
43 faithfully conform to and abide by the provisions of
44 sections 436.550 to 436.572, to all rules lawfully made by
45 the director under sections 436.550 to 436.572, and the bond
46 shall act as a surety for any person or the state for any
47 and all amount of moneys that may become due or owing from
48 the applicant under and by virtue of sections 436.550 to
49 436.572, which shall include the result of any action that
50 occurred while the bond was in place for the applicable
51 period of limitations under statute and so long as the bond
52 is not exhausted by valid claims.
536. If an action is commenced on a licensee's bond, the
54 director may require the filing of a new bond.   Immediately
55 upon any recovery on the bond, the licensee shall file a new
56 bond.
577. To ensure the effective supervision and enforcement
58 of sections 436.550 to 436.572, the director may, under
59 chapter 536:
60(1) Deny, suspend, revoke, condition, or decline to
61 renew a license for a violation of sections 436.550 to
62 436.572, rules issued under sections 436.550 to 436.572, or
63 order or directive entered under sections 436.550 to 436.572;
64(2) Deny, suspend, revoke, condition, or decline to
65 renew a license if an applicant or licensee fails at any
66 time to meet the requirements of sections 436.550 to
67 436.572, or withholds information or makes a material
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68 misstatement in an application for a license or renewal of a
69 license;
70(3) Order restitution against persons subject to
71 sections 436.550 to 436.572 for violations of sections
72 436.550 to 436.572; and
73(4) Order or direct such other affirmative action as
74 the director deems necessary.
758. Any letter issued by the director and declaring
76 grounds for denying or declining to grant or renew a license
77 may be appealed to the circuit court of Cole County.     All
78 other matters presenting a contested case involving a
79 licensee may be heard by the director under chapter 536.
809. Notwithstanding the prior approval requirement of
81 subsection 1 of this section, a consumer legal funding
82 company that has applied with the division of finance
83 between August 28, 2023, or when the division of finance has
84 made applications available to the public, whichever is
85 later, and six months thereafter may engage in consumer
86 legal funding while the license application of the company
87 or an affiliate of the company is awaiting approval by the
88 division of finance and until such time as the applicant has
89 pursued all appellate remedies and procedures for any denial
90 of such application.   All funding contracts in effect prior
91 to August 28, 2023, are not subject to the terms of sections
92 436.550 to 436.572.
9310. If it appears to the director that any consumer
94 legal funding company is failing, refusing, or neglecting to
95 make a good faith effort to comply with the provisions of
96 sections 436.550 to 436.572, or any laws or rules relating
97 to consumer legal funding, the director may issue an order
98 to cease and desist, which may be enforceable by a civil
99 penalty of not more than one thousand dollars per day for
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100 each day that the neglect, failure, or refusal continues.
101 The penalty shall be assessed and collected by the
102 director. In determining the amount of the penalty, the
103 director shall take into account the appropriateness of the
104 penalty with respect to the gravity of the violation, any
105 history of previous violations, and any other matters
106 justice may require.
10711. If any consumer legal funding company fails,
108 refuses, or neglects to comply with the provisions of
109 sections 436.550 to 436.572, or of any laws or rules
110 relating to consumer legal funding, its license may be
111 suspended or revoked by order of the director after a
112 hearing before said director on any order to show cause why
113 such order of suspension or revocation should not be entered
114 and that specifies the grounds therefor.   Such an order
115 shall be served on the particular consumer legal funding
116 company at least ten days prior to the hearing.     Any order
117 made and entered by the director may be appealed to the
118 circuit court of Cole County.
11912. (1)   The division shall conduct an examination of
120 each consumer funding company at least once every twenty-
121 four months and at such other times as the director may
122 determine.
123(2) For any such investigation or examination, the
124 director and his or her representatives shall have free and
125 immediate access to the place or places of business and the
126 books and records, and shall have the authority to place
127 under oath all persons whose testimony may be required
128 relative to the affairs and business of the consumer legal
129 funding company.
130(3) The director may also make such special
131 investigations or examination as the director deems
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132 necessary to determine whether any consumer legal funding
133 company has violated any of the provisions of sections
134 436.550 to 436.572 or rules promulgated thereunder, and the
135 director may assess the reasonable costs of any
136 investigation or examination incurred by the division to the
137 company.
13813. The division of finance shall have the authority
139 to promulgate rules to carry out the provisions of sections
140 436.550 to 436.572.   Any rule or portion of a rule, as that
141 term is defined in section 536.010, that is created under
142 the authority delegated in this section shall become
143 effective only if it complies with and is subject to all of
144 the provisions of chapter 536 and, if applicable, section
145 536.028. This section and chapter 536 are nonseverable and
146 if any of the powers vested with the general assembly
147 pursuant to chapter 536 to review, to delay the effective
148 date, or to disapprove and annul a rule are subsequently
149 held unconstitutional, then the grant of rulemaking
150 authority and any rule proposed or adopted after August 28,
151 2023, shall be invalid and void.
1[367.120. Application for a certificate of
2registration shall be in writing in the form
3prescribed by the director. No certificate of
4registration is required until thirty days after
5sections 367.100 to 367.200 become effective,
6during which period such application may be
7made.]
1[367.130. The director may require the
2lender to file with the director a bond in the
3principal amount of one thousand dollars at the
4time of filing the application for a certificate
5of registration hereunder, or at such later time
6as the director deems necessary for the purposes
7of sections 367.100 to 367.200. The lender
8shall be the obligor, and the surety shall be
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9      approved by the director. The bond shall run to
10      the state of Missouri for the use of the state
11      or any person or persons who may have a cause of
12      action against the lender-obligor arising out of
13      the supervised business. The condition of the
14      bond shall be that the lender-obligor will
15      conform to and abide by the provisions of
16      sections 367.100 to 367.200 and the laws of the
17      state of Missouri relating to consumer credit
18      loans, and the assignment or sale of wages,
19      salaries, or other compensation, and will pay to
20      the state and to any person any and all moneys
21      that may become due under sections 367.100 to
22      367.200 or under any transaction which is a part
23      of the supervised business. If in the opinion
24      of the director the bond shall at any time
25      appear to be insecure or exhausted or otherwise
26      doubtful an additional bond in the principal sum
27      of not more than one thousand dollars in form
28      and with surety satisfactory to the director,
29      shall be filed within fifteen days after notice
30      of the requirement thereof be given to the
31      lender by the director.]
  ✓