367.518. Title loan agreements, contents, form. - Missouri Statutes

Title loan agreements, contents, form.

367.518. 1. Each title loan agreement shall disclose the following:

(1) All disclosures required by the federal Truth in Lending Act andregulation Z;

(2) That the transaction is a loan secured by the pledge of titledpersonal property and, in at least ten-point bold type, that nonpayment ofthe loan may result in loss of the borrower's vehicle or other titledpersonal property;

(3) The name, business address, telephone number and certificatenumber of the title lender, and the name and residential address of theborrower;

(4) The monthly interest rate to be charged;

(5) A statement which shall be in at least ten-point bold type,separately acknowledged by the signature of the borrower and reading asfollows:

You may cancel this loan without any costs by returning the full principalamount to the lender by the close of the lender's next full business day;

(6) The location where the titled personal property may be deliveredif the loan is not paid and the hours such location is open for receivingsuch deliveries; and

(7) Any additional disclosures deemed necessary by the director orrequired pursuant to sections 400.9-101 to 400.9-710, RSMo.

2. The division of finance is directed to draft a form to be used intitle loan transactions. Use of this form is not mandatory; however, useof such form, properly completed, shall satisfy the disclosure provisionsof this section.

(L. 1998 H.B. 1526 § 7, A.L. 2001 H.B. 738 merged with S.B. 186, A.L. 2002 S.B. 895)