Missouri Cash Advance Laws & Regulations
As of 2002, several new reforms have been put into place in Missouri to regulate the state's payday industry. In general, lending terms are highly lenient, and borrowers enjoy broad freedoms with regards to imposed terms of their contractual obligation. However, the 2002 reforms did alter some interest rate caps and put in specifications that require internet lenders adhere to state law as well.
Here are some specific Missouri regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
31 days - Maximum Finance Charges and Fees
Fees and interest can total up to 75% per loan, or $75 per $100 - Maximum Loan Amount
$500 - Number of Rollovers
Six - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
$30 NSF fee - Presentment Limit
One - Private Right of Action
Civil - Military Protection
N/A - Penalties
Court costs and reasonable attorney fees
As of 2002, several new reforms have been put into place in Missouri to regulate the state’s payday industry. In general, lending terms are highly lenient, and borrowers enjoy broad freedoms with regards to imposed terms of their contractual obligation. However, the 2002 reforms did alter some interest rate caps and put in specifications that require internet lenders adhere to state law as well.
References:
Missouri Statute 408.500 to 408.506
Missouri Division of Finance
Mail: Consumer Credit Section, P. O. Box 716,
301 W. High Street
Jefferson City, MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Web: MDOF
Information by City
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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