367.100. Definitions. - Missouri Statutes

Definitions.

367.100. As used in sections 367.100 to 367.200:

(1) "Consumer credit loans" shall mean:

(a) Prior to January 1, 2002, loans for the benefit of or use by anindividual or individuals:

a. Secured by a security agreement or any other lien on tangiblepersonal property or by the assignment of wages, salary or othercompensation; or

b. Unsecured and whether with or without comakers, guarantors,endorsers or sureties;

(b) Beginning January 1, 2002, and thereafter, loans for personal,family or household purposes in amounts of five hundred dollars or more;

(2) "Director" shall mean the director of the division of finance orsuch agency or agencies as may exercise the powers and duties now performedby such director;

(3) "Lender" shall mean any person engaged in the business of makingconsumer credit loans. A person who makes an occasional consumer creditloan or who occasionally makes loans but is not regularly engaged in thebusiness of making consumer credit loans shall not be considered a lendersubject to sections 367.100 to 367.200;

(4) "Person" shall include individuals, partnerships, associations,trusts, corporations, and any other legal entities, excepting thosecorporations whose powers emanate from the laws of the United States andthose which under other law are subject to the supervisory jurisdiction ofthe director or the director of the division of credit unions of Missouri;

(5) "Supervised business" shall mean the business of making consumercredit loans, as herein defined, of money, credit, goods, or things inaction.

(L. 1951 p. 262 § 1, A.L. 1965 p. 114, A.L. 1977 H.B. 48, A.L. 1978 S.B. 745, A.L. 1994 H.B. 1165, A.L. 2001 H.B. 738, A.L. 2001 S.B. 186)

CROSS REFERENCE:

Interest rate on small loans, RSMo 408.100 to 408.210