367.185. Loan solicitation, disclosures.

MISSOURI STATUTES AND CODES

367.185. Loan solicitation, disclosures.

Loan solicitation, disclosures.

367.185. 1. Every nondepository financial institution licensed undersections 367.100 to 367.215 and otherwise defined as a person in section367.100 shall comply with the provisions of this section.

2. In addition to any disclosures otherwise provided by law, suchperson soliciting loans using facsimile or negotiable checks shall disclosethe following:

"THIS IS A SOLICITATION FOR A LOAN. READ THE ENCLOSED DISCLOSURESBEFORE SIGNING THIS AGREEMENT."This notice shall be printed in not less than ten-point bold type and shallappear directly on the face of the check.

3. When such persons make loans secured by real estate as otherwiseprovided by law, such persons shall include in a printed portion of thecontract the following notice:

"WARNING TO BORROWER: DEFAULT IN THE PAYMENT OF THIS LOAN AGREEMENTMAY RESULT IN THE LOSS OF THE PROPERTY SECURING THE LOAN. UNDER FEDERALLAW YOU MAY HAVE THE RIGHT TO CANCEL THIS AGREEMENT. IF YOU HAVE THISRIGHT, THE CREDITOR IS REQUIRED TO PROVIDE YOU WITH A SEPARATE WRITTENNOTICE SPECIFYING THE CIRCUMSTANCES AND TIMES UNDER WHICH YOU CAN EXERCISETHIS RIGHT."This notice shall be printed in not less than ten-point bold type.

4. When making or negotiating loans, such person shall take intoconsideration in determining the size and duration of a loan contract thefinancial ability of borrowers to reasonably repay the loan in the time andmanner as specified in the loan contract.

5. Such person shall post in a conspicuous location in each licensedoffice the maximum rates and fees that such person is currently charging onany loans made.