The Consumer Credit Section of the Missouri Division of Finance administers the state and federal consumer protection finance laws with the Attorney General's assistance. Known collectively and informally as the Missouri truth-in-lending laws, the Missouri Division of Finance administers the state's consumer credit laws governing retail credit finance lenders, motor vehicle sales, pawnbrokers, title lenders and title loan lenders. The act also governs collection agencies and real estate settlement companies.
Truth in Lending Act
The Truth in Lending Act was enacted in 1968 by the federal government to protect consumers against predatory lenders. The act sets mandatory disclosure requirements upon lenders and requires them to disclose actual loan costs to consumers at the time they extend their loans. The act requires lenders to disclose annual percentage rates, monthly minimum payments and finance charges. The Truth in Lending Act also governs deceptive advertising practices and prohibits lenders from issuing actual credit cards to consumers as part of their advertising or solicitation attempts to induce them to sign up for their credit programs.
Missouri Licensing Regulations
The Missouri Division of Finance investigates complaints filed by consumers against lenders who violate the federal Truth in Lending Act and Missouri consumer protection laws. Although most lenders do not have to comply with the Missouri usury laws, they must comply with the Missouri licensing regulations. All lenders and credit agencies must obtain a business license and commercial lending license before they can legally extend loans to consumers. Additionally, pawn brokers, payday lenders and title loan lenders are required to obtain additional licenses.
Usury Laws
The Missouri usury laws apply only to junior mortgage loans for under $2,500, business loans for less than $5,000 for unincorporated businesses, farm equipment loans and farm product loans. Lenders who extend loans covered by the Missouri usury law must comply with the Division of Finance's quarterly rate limits.
Considerations
Since state laws can frequently change, do not use this information as a substitute for legal advice. Seek advice through an attorney licensed to practice law in your state.
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