367.503. Allows division of finance to regulate lending on titled property. - Missouri Statutes

Allows division of finance to regulate lending on titled property.

367.503. 1. The director shall administer and regulate sections367.500 to 367.533. The director, deputy director, other assistants andexaminers, and all special agents and other employees shall keep allinformation concerning title lenders confidential as required by sections361.070 and 361.080, RSMo.

2. No employee of the division of finance shall have any ownership orinterest in any title loan business or receive directly or indirectly anypayment or gratuity from any such entity.

3. The director shall issue as many title loan licenses as may beapplied for by qualified applicants.

4. No rule or portion of a rule promulgated pursuant to the authorityof sections 367.500 to 367.533 shall become effective unless it has beenpromulgated pursuant to the provisions of chapter 536, RSMo.

(L. 1998 H.B. 1526 § 2, A.L. 2001 H.B. 738 merged with S.B. 186)