367.506. Licensure of title lenders, penalty.

MISSOURI STATUTES AND CODES

367.506. Licensure of title lenders, penalty.

Licensure of title lenders, penalty.

367.506. 1. Any person who acts as a title lender without a titleloan license is subject to both civil and criminal penalties.

2. All title loan agreements entered into by a person who acts inviolation of the licensing requirements of sections 367.500 to 367.533, andall title pledges accepted by such person, shall be null and void. Anyborrower who enters into a title loan agreement with a person who acts inviolation of the provisions of sections 367.500 to 367.533 shall not bebound by such agreement, and such borrower's only liability shall be forthe return of the principal.

3. The attorney general may initiate a civil action against anyperson who acts as a title lender without a title loan license. Suchaction shall be commenced in the circuit court for any county in which theperson executed any title loan agreement and any county in which any of thepledged titled personal property is normally kept. The civil penalty fortitle lending without a title loan license shall be not less than onethousand dollars and not more than five thousand dollars for each day thata person acts in violation of the licensing requirement. If the violationof the licensing requirement is intentional or knowing, the person shall bebarred from applying for a title loan license for a period of five yearsfrom the date of the last violation.

4. A first offense violation of the licensing requirement pursuant tothis section shall be a class C misdemeanor. Second and subsequentoffenses shall be class A misdemeanors. For purposes of jurisdiction andvenue, the crime of unlawful title lending shall be deemed to have occurredin both the county in which an unlawful title loan agreement was executedand the county in which the pledged property is normally kept.