367.011. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

367.011. As used in sections 367.011 to 367.060, thefollowing words mean:

(1) "Month", that period of time from one date in a calendarmonth to the corresponding date in the following calendar month,but if there is no such corresponding date, then the last day ofsuch following month, and when computations are made for afraction of a month, a day shall be one-thirtieth of a month;

(2) "Net assets", the book value of the current assets of aperson or pawnbroker less its applicable liabilities as stated inthis subdivision. Current assets include the investment made incash, bank deposits, merchandise inventory, and loans due fromcustomers excluding the pawn service charge. Current assets donot include the investments made in fixed assets of real estate,furniture, fixtures, or equipment; investments made in stocks,bonds, or other securities; or investments made in prepaidexpenses or other general intangibles. Applicable liabilitiesinclude trade or other accounts payable; accrued sales, income,or other taxes; accrued expenses; and notes or other payablesthat are unsecured or secured in whole or part by current assets.Applicable liabilities do not include liabilities secured byassets other than current assets. Net assets must be representedby a capital investment unencumbered by any liens or otherencumbrances to be subject to the claims of general creditors;

(3) "Pawnbroker", any person engaged in the business oflending money on the security of pledged goods or engaged in thebusiness of purchasing tangible personal property on conditionthat it may be redeemed or repurchased by the seller for a fixedprice within a fixed period of time;

(4) "Pawnshop", the location at which or premises in which apawnbroker regularly conducts business;

(5) "Person", an individual, partnership, corporation, jointventure, trust, association or any other legal entity howeverorganized;

(6) "Pledged goods", tangible personal property other thanchoses in action, securities, or printed evidences ofindebtedness, which property is deposited with or otherwiseactually delivered into the possession of a pawnbroker in thecourse of his business in connection with a pawn transaction;

(7) "Secured personal credit loan", every loan of money madein this state, the payment of which is secured by a securityinterest in tangible personal property which is physicallydelivered into the hands of the lender at the time of the makingof the loan and which is to be retained by the lender while theloan is a subsisting obligation.