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Missouri Cash Lenders
Missouri Payday loan laws. Missouri Payday loan legislation.
Missouri has specific payday advance laws. Total fees, including rollovers, cannot exceed 75% of the initial loan amount. The permitted time period is a minimum of 14 days and a maximum of 31 days.
The maximum amount of the payday loan allowable is $500.00. Rollovers are limited to 6, but the borrower must reduce the principal by at least 5% with each rollover.
Missouri Department of Finance
Legal Status: Legal
Payday lenders Sections 408.500, 408.505, and 408.506 make up the entire law concerning payday loans (a.k.a. “small, small loans”) which are loans of $500 or less. Such lenders must be licensed by the Division of Finance. Sections 408.500-408.505 subject this type of lender to a host of consumer safeguards, i.e., places a 75% cap on interest and fees on the initial loan and renewals, limits renewals to no more than six, limits the term of the loan to 14-31 days, applies daily interest calculations, etc. These sections contain some provisions which go well beyond most “consumer protections”: for example, the lender must conspicuously post rates and a borrower who repays a loan before the close of the lender’s next full business day pays no interest or fees. Related regulations are found at 20 CSR 1140-11.030 through 20 CSR 1140-11.040.
Missouri law requires the Consumer Credit Section to publish a report every two years on the payday lending industry
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days