367.524. Records of loan agreements.

MISSOURI STATUTES AND CODES

367.524. Records of loan agreements.

Records of loan agreements.

367.524. 1. Every title lender shall keep a consecutively numberedrecord of each title loan agreement executed, which number shall be placedon the corresponding title loan agreement itself. Such record shallinclude the following:

(1) A clear and accurate description of the titled personal property,including its vehicle identification or serial number, license platenumber, year, make, model, type, and color;

(2) The date of the title loan agreement;

(3) The amount of the loan;

(4) The date of maturity of the loan; and

(5) The name, date of birth, Social Security number, residentialaddress, and the type of photo identification of the borrower.

2. The title lender shall photocopy the photo identification of theborrower or shall take an instant photograph of the borrower, and shallattach such photocopy or photograph to the lender's copy of the title loanagreement and all renewals.

3. The borrower shall sign the title loan agreement and shall beprovided with a copy of such agreement. The title lender, or the lender'semployee or agent shall also sign the title loan agreement. The titlelender shall provide each customer with and retain a photocopy of thepledged title at the time the note is signed.

4. The title lender shall keep the numbered records and copies of itstitle loan agreements, including a copy of the notice required pursuant tosubsection 1 of section 367.525, for a period of no less than two yearsfrom the date of the closing of the last transaction reflected therein. Atitle lender who ceases engaging in the business of making title loansshall keep these records for at least two years from the date the lenderceased engaging in the business. A title lender must notify the directorto request an examination at least ten days before ceasing business.

5. The records required by this section shall be made available forinspection by any employee of the division of finance upon request duringordinary business hours without warrant or court order.