367.527. Limitations of title lenders. - Missouri Statutes

Limitations of title lenders.

367.527. 1. A title lender shall not:

(1) Accept a pledge from a person under eighteen years of age or fromanyone who appears to be intoxicated;

(2) Make a loan which exceeds five thousand dollars;

(3) Accept any waiver of any right or protection of a borrower;

(4) Fail to exercise reasonable care to protect from loss or damagecertificates of title or titled personal property in the physicalpossession of the title lender;

(5) Purchase titled personal property in the operation of itsbusiness;

(6) Enter into a title loan agreement unless the borrower presentsclear title at the time that the loan is made;

(7) Knowingly violate any provision of sections 367.500 to 367.533 orany rule promulgated thereunder;

(8) Violate any provision of sections 408.551 to 408.557, RSMo, andsections 408.560 to 408.562, RSMo; or

(9) Store repossessed titled personal property at a location morethan fifteen miles from the office where the title loan agreement wasexecuted.

2. If a title lender enters into a transaction contrary to thissection, the loan and the lien shall be void.

(L. 1998 H.B. 1526 § 10, A.L. 2001 H.B. 738 merged with S.B. 186)