Modifies provisions relating to the Division of Finance

EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
and is intended to be omitted in the law.
SECOND REGULAR SESSION
SENATE BILL NO. 1021
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR CRAWFORD.
5067S.02I KRISTINA MARTIN, Secretary
AN ACT
To repeal sections 361.170, 361.749, 364.020, 364.030, 364.105, 365.030, 367.110, 367.120,
367.130, 367.140, 367.160, 367.170, 367.190, 367.509, 407.640, 408.500, and
436.570, RSMo, and to enact in lieu thereof fifteen new sections relating to the division
of finance, with penalty provisions.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Sections 361.170, 361.749, 364.020, 364.030, 1
364.105, 365.030, 367.110, 367.120, 367.130, 367.140, 367.160, 2
367.170, 367.190, 367.509, 407.640, 408.500, and 436.570, RSMo, 3
are repealed and fifteen new sections enacted in lieu thereof, 4
to be known as sections 361.170, 361.749, 364.020, 364.030, 5
364.105, 365.030, 367.110, 367.140, 367.160, 367.170, 367.190, 6
367.509, 407.640, 408.500, and 436.570, to read as follows:7
361.170. 1. The expense of every regular and every 1
special examination, together with the expense of 2
administering the banking laws, including salaries, travel 3
expenses, supplies and equipment, and including the direct 4
and indirect expenses for rent and other supporting services 5
furnished by the state, shall be paid by the banks and trust 6
companies of the state, and for this purpose the director 7
shall, prior to the beginning of each fiscal year, make an 8
estimate of the expenses to be incurred by the division 9
during such fiscal year. To this there shall be added an 10
amount not to exceed fifteen percent of the estimated 11
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expenses to pay the costs of rent and other supporting 12
services such as the costs related to the division's 13
services from the state auditor and attorney general and an 14
amount sufficient to cover the cost of fringe benefits 15
furnished by the state. From this total amount the director 16
shall deduct the estimated amount of the anticipated annual 17
income to the fund from all sources other than bank or trust 18
company assessments. The director shall allocate and assess 19
the remainder to the several banks and trust companies in 20
the state on the basis of a weighted formula to be 21
established by the director, which will take into 22
consideration their total assets, as reflected in the last 23
preceding report called for by the director pursuant to the 24
provisions of section 361.130 or from information obtained 25
pursuant to subsection 3 of section 361.130 and, for trust 26
companies which do not take deposits or make loans, the 27
volume of their trust business, and the relative cost, in 28
salaries and expenses, of examining banks and trust 29
companies of various size and this calculation shall result 30
in an assessment for each bank and trust company which 31
reasonably represents the costs of the division of finance 32
incurred with respect to such bank or trust company. A 33
statement of such assessment shall be sent by the director 34
to each bank and trust company on or before July first. One- 35
half of the amount so assessed to each bank or trust company 36
shall be paid by it to the state director of the department 37
of revenue on or before July fifteenth, and the remainder 38
shall be paid on or before January fifteenth of the next 39
year. 40
2. Any expenses incurred or services performed on 41
account of any bank, trust company or other corporation 42
subject to the provisions of this chapter, outside of the 43
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normal expense of any annual or special examination, shall 44
be charged to and paid by the corporation for whom they were 45
incurred or performed. Fees and charges to other 46
corporations subject to this chapter should be reviewed at 47
least annually by the division of finance to determine 48
whether regulatory costs are offset by the fees and charges, 49
and the director of the division of finance shall revise 50
fees and charges to fully recover these costs. 51
3. The director of the division of finance shall 52
prepare and maintain an equitable salary schedule for 53
examiners, professional staff, and support personnel who are 54
employees of the division. Personnel employed by the 55
division shall be compensated according to this schedule, 56
provided that such expense of administering the banking laws 57
is assessed and paid in accordance with this section. The 58
positions and classification plan for such personnel 59
attributed to the examination of the state bank and trust 60
companies shall allow for a comparison of such positions 61
with similar bank examiner positions at federal bank 62
regulatory agencies. State bank examiner positions shall 63
not be compensated more than ninety percent of parity for 64
corresponding federal positions for similar geographic 65
locations in Missouri as determined by the director of the 66
division of finance. 67
4. The state treasurer shall credit such payments to a 68
special fund to be known as the "Division of Finance Fund", 69
which is hereby created and which shall be devoted solely to 70
the payment of expenditures actually incurred by the 71
division and attributable to the regulation of banks, trust 72
companies, and other corporations subject to the 73
jurisdiction of the division. Any amount, other than the 74
amount not to exceed fifteen percent for supporting services 75
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and the amount of fringe benefits described in subsection 1 76
of this section, remaining in such fund at the end of any 77
fiscal year and any earnings attributed to such fund shall 78
not be transferred and placed to the credit of the general 79
revenue fund as provided in section 33.080, but shall be 80
applicable by appropriation of the general assembly to the 81
payment of such expenditures of the division in the 82
succeeding fiscal year and shall be applied by the division 83
to the reduction of the amount to be assessed to banks and 84
trust companies in such succeeding fiscal year; provided the 85
amount not to exceed fifteen percent for supporting services 86
and the amount of fringe benefits described in subsection 1 87
of this section shall be returned to general revenue to the 88
extent supporting services are not directly allocated to the 89
fund. 90
5. There is hereby created in the state treasury the 91
"Consumer Licensing Fund" which shall consist of all fees 92
designated to be deposited into the fund by law. The state 93
treasurer shall be custodian of the fund. In accordance 94
with sections 30.170 and 30.180, the state treasurer may 95
approve disbursements. The fund shall be a dedicated fund 96
and moneys in the fund shall be used solely by the division 97
of finance for the purposes of paying for all costs incurred 98
by the director in administering the provisions of law 99
assigned to the division of finance not otherwise required 100
to be deposited to the "division of finance fund", the 101
"residential mortgage licensing fund", or the "division of 102
savings and loan supervision fund". Notwithstanding the 103
provisions of section 33.080 to the contrary, any moneys 104
remaining in the fund at the end of the biennium shall not 105
revert to the credit of the general revenue fund. The state 106
treasurer shall invest moneys in the fund in the same manner 107
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as other funds are invested. Any interest and moneys earned 108
on such investments shall be credited to the fund. 109
361.749. 1. As used in this section, unless the 1
context clearly indicates otherwise, the following terms 2
mean: 3
(1) "Consumer", any individual; 4
(2) "Consumer-directed wage access services", the 5
business of offering or providing earned wage access 6
services directly to a consumer based on the consumer's 7
representation and the provider's reasonable determination 8
of the consumer's earned but unpaid income; 9
(3) "Director", the director of the division of 10
finance within the department of commerce and insurance; 11
(4) "Division", the Missouri division of finance 12
within the department of commerce and insurance; 13
(5) "Earned but unpaid income", salary, wages, 14
compensation, or other income that a consumer or an employer 15
has represented, and that a provider has reasonably 16
determined, has been earned or has accrued to the benefit of 17
the consumer in exchange for the consumer's provision of 18
services to the employer or on behalf of the employer, 19
including on an hourly, project-based, piecework, or other 20
basis and including where the consumer is acting as an 21
independent contractor of the employer, but has not, at the 22
time of the payment of proceeds, been paid to the consumer 23
by the employer; 24
(6) "Earned wage access services", the business of 25
providing consumer-directed wage access services, employer- 26
integrated wage access services, or both; 27
(7) "Employer": 28
(a) A person who employs a consumer; or 29
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(b) Any other person who is contractually obligated to 30
pay a consumer earned but unpaid income in exchange for a 31
consumer's provision of services to the employer or on 32
behalf of the employer, including on an hourly, project- 33
based, piecework, or other basis and including where the 34
consumer is acting as an independent contractor with respect 35
to the employer. 36
"Employer" does not include a customer of an employer or any 37
other person whose obligation to make a payment of salary, 38
wages, compensation, or other income to a consumer is not 39
based on the provision of services by that consumer for or 40
on behalf of such person; 41
(8) "Employer-integrated wage access services", the 42
business of delivering to consumers access to earned but 43
unpaid income that is based on employment, income, and 44
attendance data obtained directly or indirectly from an 45
employer; 46
(9) "Fee": 47
(a) A fee imposed by a provider for delivery or 48
expedited delivery of proceeds to a consumer; 49
(b) A subscription or membership fee imposed by a 50
provider for a bona fide group of services that includes 51
earned wage access services; or 52
(c) An amount paid by an employer to a provider on a 53
consumer's behalf, which entitles the consumer to receive 54
proceeds at reduced or no cost to the consumer. 55
A voluntary tip, gratuity, or donation shall not be deemed a 56
fee; 57
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(10) "Outstanding proceeds", a payment of proceeds to 58
a consumer by a provider that has not yet been repaid to 59
that provider; 60
(11) "Person", a partnership, corporation, 61
association, sole proprietorship, limited liability company, 62
or nonprofit or governmental entity; 63
(12) "Proceeds", a payment of funds to a consumer by a 64
provider that is based on earned but unpaid income; 65
(13) "Provider", a person who is in the business of 66
offering and providing earned wage access services to 67
consumers. 68
2. (1) No person shall engage in the business of 69
earned wage access services in this state without first 70
[registering] obtaining a license to act as an earned wage 71
access services provider with the division. 72
(2) [The annual registration fee shall be one thousand 73
dollars payable to the division as of the first day of July 74
of each year. The division may establish a biennial 75
registration arrangement, but in no case shall the 76
registration fee be payable for more than one year at a 77
time] At the time of filing an application for licensure, 78
the applicant shall pay a licensing fee, to be determined by 79
the director from time to time, not to exceed five thousand 80
dollars and a fee for each additional location where such 81
applicant conducts business, to be determined by the 82
director from time to time, not to exceed one thousand 83
dollars. Applicants who have not exceeded one hundred 84
active accounts at any point in the previous licensing year, 85
shall pay a licensing fee, to be determined by the director 86
from time to time, not to exceed one thousand dollars and a 87
fee for each additional location where such applicant 88
conducts business, to be determined by the director from 89
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time to time, not to exceed one thousand dollars. The 90
licensing period shall run from July first to June 91
thirtieth. Thereafter, every licensee shall pay a like fee 92
on or before June thirtieth of each year. All license fees 93
paid pursuant to this section shall be credited to the 94
consumer licensing fund. 95
(3) [Registration] Application for licensure shall be 96
made on forms prepared by the director and shall contain the 97
following information: 98
(a) Name, business address, and telephone number of 99
the earned wage access services provider; 100
(b) Name and business address of corporate officers 101
and directors or principals or partners; 102
(c) A sworn statement by an appropriate officer, 103
principal, or partner of the earned wage access services 104
provider that: 105
a. The provider is financially capable of engaging in 106
the business of earned wage access services; and 107
b. If a corporation, that the corporation is 108
authorized to transact business in this state. 109
If any material change occurs in the information contained 110
in the [registration] license application form, a revised 111
statement shall be submitted to the director. 112
(4) A [certificate of registration] license shall be 113
issued by the director within thirty calendar days after the 114
date on which all [registration materials] required 115
licensing information has [have] been received by the 116
director and shall not be assignable or transferable, except 117
as approved by the director. 118
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(5) Each [certificate of registration] license shall 119
remain in full force and effect until surrendered, revoked, 120
or suspended. 121
3. This section shall not apply to: 122
(1) A bank or savings and loan association whose 123
deposits or accounts are eligible for insurance by the 124
Federal Deposit Insurance Corporation, or a subsidiary of 125
such a bank or savings and loan association; 126
(2) A credit union doing business in this state; or 127
(3) A person authorized to make loans or extensions of 128
credit under the laws of this state or the United States, 129
who is subject to regulation and supervision by this state 130
or the United States. 131
4. Each provider shall: 132
(1) Develop and implement policies and procedures to 133
respond to questions raised by consumers and address 134
complaints from consumers in an expedient manner; 135
(2) Before entering into an agreement with a consumer 136
for the provision of earned wage access services, provide a 137
consumer with a written paper or electronic document, which 138
can be included as part of the contract to provide earned 139
wage access services and which meets all of the following 140
requirements: 141
(a) Informs the consumer of his or her rights under 142
the agreement; and 143
(b) Fully and clearly discloses all fees associated 144
with the earned wage access services; 145
(3) Inform the consumer of the fact of any material 146
changes to the terms and conditions of the earned wage 147
access services before implementing those changes for that 148
consumer; 149
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(4) Provide proceeds to a consumer by any means 150
mutually agreed upon by the consumer and provider; 151
(5) Comply with all local, state, and federal privacy 152
and information security laws; 153
(6) In any case in which the provider will seek 154
repayment of outstanding proceeds, fees, or other payments, 155
including voluntary tips, gratuities, or other donations 156
from a consumer's account at a depository institution and 157
including via electronic funds transfer: 158
(a) Comply with applicable provisions of the federal 159
Electronic Funds Transfer Act and its implementing 160
regulations; and 161
(b) Reimburse the consumer for the full amount of any 162
overdraft or nonsufficient funds fees imposed on a consumer 163
by the consumer's depository institution that were caused by 164
the provider attempting to seek payment of any outstanding 165
proceeds, fees, voluntary tips, gratuities, or other 166
donations on a date before, or in an incorrect amount from, 167
the date or amount disclosed to the consumer. 168
The provisions of this subdivision shall not apply with 169
respect to payments of outstanding proceeds, fees, tips, 170
gratuities, or other donations incurred by a consumer 171
through fraudulent or other means; and 172
(7) If a provider solicits, charges, or receives a 173
tip, gratuity, or donation from a consumer: 174
(a) Clearly and conspicuously disclose to the consumer 175
immediately prior to each transaction that a tip, gratuity, 176
or donation amount may be zero and is voluntary; 177
(b) Clearly and conspicuously disclose in its service 178
contract with the consumer and elsewhere that tips, 179
gratuities, or donations are voluntary and that the offering 180
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of earned wage access services, including the amount of the 181
proceeds a consumer is eligible to request and the frequency 182
with which proceeds are provided to a consumer, is not 183
contingent on whether the consumer pays any tip, gratuity, 184
or donation or on the size of any tip, gratuity, or donation; 185
(c) Refrain from misleading or deceiving consumers 186
about the voluntary nature of such tips, gratuities, or 187
donations; and 188
(d) Refrain from making representations that tips or 189
gratuities will benefit any specific, individual person. 190
5. A provider shall not: 191
(1) Share with an employer any fees, voluntary tips, 192
gratuities, or other donations that were received from or 193
charged to a consumer for earned wage access services; 194
(2) Charge interest for failure to repay outstanding 195
proceeds, fees, voluntary tips, gratuities, or other 196
donations; 197
(3) Report any information about the consumer 198
regarding the inability of the provider to be repaid 199
outstanding proceeds, fees, voluntary tips, gratuities, or 200
other donations to a consumer credit reporting agency or a 201
debt collector; 202
(4) Require a consumer's credit report or credit score 203
to determine a consumer's eligibility for earned wage access 204
services; 205
(5) Accept payment from a consumer of outstanding 206
proceeds, fees, voluntary tips, gratuities, or other 207
donations via credit card or charge card; or 208
(6) Compel or attempt to compel repayment by a 209
consumer of outstanding proceeds, fees, voluntary tips, 210
gratuities, or other donations through any of the following 211
means: 212
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(a) A suit against the consumer in a court of 213
competent jurisdiction; 214
(b) Use of a third party to pursue collection from the 215
consumer on the provider's behalf; or 216
(c) Sale of outstanding amounts to a third-party 217
collector or debt buyer for collection from the consumer. 218
The provisions of this subdivision shall not apply to 219
payments of outstanding proceeds, fees, tips, gratuities, or 220
other donations incurred by a consumer through fraudulent or 221
other means or preclude a provider from pursuing an employer 222
for breach of its contractual obligations to the provider. 223
6. For purposes of the laws of this state: 224
(1) Earned wage access services offered and provided 225
by a registered provider shall not be considered to be any 226
of the following: 227
(a) A violation of or noncompliance with the laws 228
governing the sale or assignment of or an order for earned 229
but unpaid income; 230
(b) A loan or other form of credit, and the provider 231
shall not be considered a creditor or a lender; 232
(c) Money transmission, and the provider shall not be 233
considered a money transmitter; 234
(2) Fees, voluntary tips, gratuities, or other 235
donations shall not be considered interest or finance 236
charges. 237
7. The director, or his or her duly authorized 238
representative, may make such investigation as is deemed 239
necessary and, to the extent necessary for this purpose, may 240
examine the registrant or any other person having personal 241
knowledge of the matters under investigation, and shall have 242
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the power to compel the production of all relevant books, 243
records, accounts, and documents by registrants. 244
8. (1) An earned wage access services provider shall 245
maintain records of its earned wage access services 246
transactions and shall preserve its records for at least two 247
years after the final date on which it provides proceeds to 248
a consumer. 249
(2) Records required by this section may be maintained 250
electronically. 251
9. The division may promulgate rules as may be 252
necessary for the administration of this section. Any rule 253
or portion of a rule, as that term is defined in section 254
536.010, that is created under the authority delegated in 255
this section shall become effective only if it complies with 256
and is subject to all of the provisions of chapter 536 and, 257
if applicable, section 536.028. This section and chapter 258
536 are nonseverable and if any of the powers vested with 259
the general assembly pursuant to chapter 536 to review, to 260
delay the effective date, or to disapprove and annul a rule 261
are subsequently held unconstitutional, then the grant of 262
rulemaking authority and any rule proposed or adopted after 263
August 28, 2023, shall be invalid and void. 264
10. (1) Any provider registered pursuant to this 265
section who fails, refuses, or neglects to comply with the 266
provisions of this section or commits any criminal act may 267
have its [registration] license suspended or revoked by the 268
director, after a hearing before the director on an order of 269
the director to show cause why such order of suspension or 270
revocation should not be entered specifying the grounds 271
therefor, which shall be served on the registrant at least 272
ten days prior to the hearing. 273
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(2) Whenever it shall appear to the director that any 274
provider registered pursuant to this section is failing, 275
refusing, or neglecting to make a good faith effort to 276
comply with the provisions of this section, the director may 277
issue an order to cease and desist, which order may be 278
enforceable by a civil penalty of not more than one thousand 279
dollars per day for each day that the neglect, failure, or 280
refusal shall continue. The penalty shall be assessed and 281
collected by the director. In determining the amount of the 282
penalty, the director shall take into account the 283
appropriateness of the penalty with respect to the gravity 284
of the violation, the history of previous violations, and 285
such other matters as justice may require. 286
11. All revenues collected by or paid to the director 287
pursuant to this section shall be forwarded immediately to 288
the director of revenue, who shall deposit them in the 289
[division of finance] consumer licensing fund. 290
12. Any earned wage access services provider knowingly 291
and willfully violating the provisions of this section shall 292
be guilty of a class A misdemeanor. 293
13. If there is a conflict between the provisions of 294
this section and any other state statute, the provisions of 295
this section shall control. 296
364.020. Unless otherwise clearly indicated by the 1
context, when used in this chapter, the following terms mean: 2
(1) "Director", the office of the director of the 3
division of finance. 4
(2) "Financing institution", a person engaged in the 5
business of purchasing or otherwise acquiring retail time 6
contracts or accounts under retail charge agreements from 7
one or more sellers. The term includes but is not limited 8
to a bank, trust company, loan and investment company, 9
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savings and loan association, licensed sales finance company 10
as the same is defined in the Missouri motor vehicle time 11
sales law (chapter 365) or [registrant] licensee under 12
sections 367.100 to 367.200, if so engaged; but does not 13
include a distributor insofar as he takes assignments of 14
retail installment purchase contracts covering goods which 15
were distributed by him to the retailer thereof. 16
(3) "Person", an individual, partnership, corporation, 17
association, and any other group however organized. Words 18
used herein shall have the same meaning as is ascribed to 19
such words in the Missouri retail credit sales law (sections 20
408.250 to 408.370). 21
364.030. 1. No person shall engage in the business of 1
a financing institution in this state without a license 2
therefor as provided in this chapter; except, however, that 3
no bank, trust company, loan and investment company, 4
licensed sales finance company, [registrant] licensee under 5
the provisions of sections 367.100 to 367.200, or person who 6
makes only occasional purchases of retail time contracts or 7
accounts under retail charge agreements and which purchases 8
are not being made in the course of repeated or successive 9
purchase of retail installment contracts from the same 10
seller, shall be required to obtain a license under this 11
chapter but shall comply with all the laws of this state 12
applicable to the conduct and operation of a financing 13
institution. 14
2. [The application for the license shall be in 15
writing, under oath and in the form prescribed by the 16
director. The application shall contain the name of the 17
applicant; date of incorporation, if incorporated; the 18
address where the business is or is to be conducted and 19
similar information as to any branch office of the 20
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applicant; the name and resident address of the owner or 21
partners or, if a corporation or association, of the 22
directors, trustees and principal officers, and other 23
pertinent information as the director may require] The 24
application for the license shall be in writing, under oath 25
and in the form prescribed by the director. At the time of 26
filing an application for licensure, the applicant shall pay 27
a licensing fee, to be determined by the director from time 28
to time, not to exceed five thousand dollars and a fee for 29
each additional location where such applicant conducts 30
business, to be determined by the director from time to 31
time, not to exceed one thousand dollars. Applicants who 32
have not exceeded one hundred active accounts at any point 33
in the previous licensing year, shall pay a licensing fee, 34
to be determined by the director from time to time, not to 35
exceed one thousand dollars and a fee for each additional 36
location where such applicant conducts business, to be 37
determined by the director from time to time, not to exceed 38
one thousand dollars. The licensing period shall run from 39
January first to December thirty-first. Thereafter, every 40
licensee shall pay a like fee on or before December thirty- 41
first of each year. All license fees paid pursuant to this 42
section shall be credited to the consumer licensing fund. 43
3. [The license fee for each calendar year or part 44
thereof shall be the sum of six hundred dollars for each 45
place of business of the licensee in this state which shall 46
be paid into the general revenue fund. The director may 47
establish a biennial licensing arrangement but in no case 48
shall the fees be payable for more than one year at a time. 49
4.] Each license shall specify the location of the 50
office or branch and must be conspicuously displayed 51
therein. In case the location is changed, the director 52
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shall either endorse the change of location of the license 53
or mail the licensee a certificate to that effect, without 54
charge. 55
[5. Upon the filing of an application, and the payment 56
of the fee, the director shall issue a license to the 57
applicant to engage in the business of a financing 58
institution under and in accordance with the provisions of 59
this chapter for a period which shall expire the last day of 60
December next following the date of its issuance. The 61
license shall not be transferable or assignable. No 62
licensee shall transact any business provided for by this 63
chapter under any other name.] 64
364.105. 1. No person shall engage in the business of 1
a premium finance company in this state without [first 2
registering as] a premium finance company [with] license 3
issued by the director. 4
2. [The annual registration fee shall be six hundred 5
dollars payable to the director as of the first day of July 6
of each year. The director may establish a biennial 7
licensing arrangement but in no case shall the fees be 8
payable for more than one year at a time] At the time of 9
filing an application for licensure, the applicant shall pay 10
a licensing fee, to be determined by the director from time 11
to time, not to exceed five thousand dollars and a fee for 12
each additional location where such applicant conducts 13
business, to be determined by the director from time to 14
time, not to exceed one thousand dollars. Applicants who 15
have not exceeded one hundred active accounts at any point 16
in the previous licensing year shall pay a licensing fee, to 17
be determined by the director from time to time, not to 18
exceed one thousand dollars and a fee for each additional 19
location where such applicant conducts business, to be 20
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determined by the director from time to time, not to exceed 21
one thousand dollars. The licensing period shall run from 22
July first to June thirtieth. Thereafter, every licensee 23
shall pay a like fee on or before June thirtieth of each 24
year. All license fees paid pursuant to this section shall 25
be credited to the consumer licensing fund. 26
3. [Registration] Applications for licensure shall be 27
made on forms prepared by the director and shall contain the 28
following information: 29
(1) Name, business address and telephone number of the 30
premium finance company; 31
(2) Name and business address of corporate officers 32
and directors or principals or partners; 33
(3) A sworn statement by an appropriate officer, 34
principal or partner of the premium finance company that: 35
(a) The premium finance company is financially capable 36
to engage in the business of insurance premium financing; and 37
(b) If a corporation, that the corporation is 38
authorized to transact business in this state; 39
(4) If any material change occurs in the information 40
contained in the [registration] application for licensure 41
form, a revised statement shall be submitted to the director 42
accompanied by an additional fee of three hundred dollars. 43
365.030. 1. No person shall engage in the business of 1
a sales finance company in this state without a license as 2
provided in this chapter; except, that no bank, trust 3
company, savings and loan association, loan and investment 4
company or registrant under the provisions of sections 5
367.100 to 367.200 authorized to do business in this state 6
is required to obtain a license under this chapter but shall 7
comply with all of the other provisions of this chapter. 8
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2. The application for the license shall be in 9
writing, under oath and in the form prescribed by the 10
director. The application shall contain the name of the 11
applicant; date of incorporation, if incorporated; the 12
address where the business is or is to be conducted and 13
similar information as to any branch office of the 14
applicant; the name and resident address of the owner or 15
partners or, if a corporation or association, of the 16
directors, trustees and principal officers, and such other 17
pertinent information as the director may require. 18
3. [The license fee for each calendar year or part 19
thereof shall be the sum of six hundred dollars for each 20
place of business of the licensee in this state. The 21
director may establish a biennial licensing arrangement but 22
in no case shall the fees be payable for more than one year 23
at a time] At the time of filing an application for 24
licensure, the applicant shall pay a licensing fee, to be 25
determined by the director from time to time, not to exceed 26
five thousand dollars and a fee for each additional location 27
where such applicant conducts business, to be determined by 28
the director from time to time, not to exceed one thousand 29
dollars. Applicants who have not exceeded one hundred 30
active accounts at any point in the previous licensing year, 31
shall pay a licensing fee, to be determined by the director 32
from time to time, not to exceed one thousand dollars and a 33
fee for each additional location where such applicant 34
conducts business, to be determined by the director from 35
time to time, not to exceed one thousand dollars. The 36
licensing period shall run from January first to December 37
thirty-first. Thereafter, every licensee shall pay a like 38
fee on or before December thirty-first of each year. All 39
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license fees paid pursuant to this section shall be credited 40
to the consumer licensing fund. 41
4. Each license shall specify the location of the 42
office or branch and must be conspicuously displayed there. 43
In case the location is changed, the director shall either 44
endorse the change of location on the license or mail the 45
licensee a certificate to that effect, without charge. 46
[5. Upon the filing of the application, and the 47
payment of the fee, the director shall issue a license to 48
the applicant to engage in the business of a sales finance 49
company under and in accordance with the provisions of this 50
chapter for a period which shall expire the last day of 51
December next following the date of its issuance. The 52
license shall not be transferable or assignable. No 53
licensee shall transact any business provided for by this 54
chapter under any other name.] 55
367.110. No lender shall engage in the business of 1
making consumer credit loans as herein defined in this state 2
of money, credit, goods or things in action without first 3
having obtained a [certificate of registration] license from 4
the director as provided in sections 367.100 to 367.200. 5
Application for a license shall be in writing in the form 6
prescribed by the director. 7
367.140. 1. [Every lender shall, at the time of 1
filing application for certificate of registration as 2
provided in section 367.120 hereof, pay the sum of six 3
hundred dollars as an annual registration fee for the period 4
ending the thirtieth day of June next following the date of 5
payment and in full payment of all expenses for 6
investigations, examinations and for the administration of 7
sections 367.100 to 367.200, except as provided in section 8
367.160, and thereafter a like fee shall be paid on or 9
SB 1021 21
before June thirtieth of each year; provided, that if a 10
lender is supervised by the commissioner of finance under 11
any other law, the charges for examination and supervision 12
required to be paid under said law shall be in lieu of the 13
annual fee for registration and examination required under 14
this section. The fee shall be made payable to the director 15
of revenue. If the initial registration fee for any 16
certificate of registration is for a period of less than 17
twelve months, the registration fee shall be prorated 18
according to the number of months that said period shall 19
run. The director may establish a biennial licensing 20
arrangement but in no case shall the fees be payable for 21
more than one year at a time] At the time of filing an 22
application for licensure, the applicant shall pay a 23
licensing fee, to be determined by the director from time to 24
time, not to exceed five thousand dollars and a fee for each 25
additional location where such applicant conducts business, 26
to be determined by the director from time to time, not to 27
exceed one thousand dollars. Applicants who have not 28
exceeded one hundred active accounts at any point in the 29
previous licensing year, shall pay a licensing fee, to be 30
determined by the director from time to time, not to exceed 31
one thousand dollars and a fee for each additional location 32
where such applicant conducts business, to be determined by 33
the director from time to time, not to exceed one thousand 34
dollars. The licensing period shall run from July first to 35
June thirtieth. Thereafter, every licensee shall pay a like 36
fee on or before June thirtieth of each year. All license 37
fees paid pursuant to this section shall be credited to the 38
consumer licensing fund. 39
2. Upon receipt of such fee and application for 40
[registration, and provided the bond, if required by the 41
SB 1021 22
director,] licensure has been filed, the director shall 42
issue to the lender a [certificate] license containing the 43
lender's name and address and reciting that such lender is 44
duly and properly [registered] licensed to conduct the 45
supervised business. The lender shall keep this certificate 46
of registration posted in a conspicuous place at the place 47
of business recited in the registration certificate. Where 48
the lender engages in the supervised business at or from 49
more than one office or place of business, such lender shall 50
obtain a separate certificate of registration for each such 51
office or place of business. 52
3. [Certificates of registration] Licenses shall not 53
be assignable or transferable except that the lender named 54
in any such certificate may obtain a change of address of 55
the place of business therein set forth. Each [certificate 56
of registration] license shall remain in full force and 57
effect until surrendered, revoked, or suspended as herein 58
provided. 59
367.160. The director, his deputies and examiners 1
shall have full power and authority at any time and as often 2
as reasonably necessary to investigate or examine the 3
supervised business, affairs and loans made in the 4
supervised business of any [registered] licensed lender and 5
of every person, firm, partnership and corporation making 6
loans who the director has reasonable grounds to believe is 7
subject to and violating the provisions of sections 367.100 8
to 367.200, for the purpose of ascertaining whether or not 9
the lender, or such person, firm, partnership or corporation 10
is complying with the provisions of sections 367.100 to 11
367.200 and the laws of Missouri relating to consumer credit 12
loans or assignment or sale of wages or salary or other 13
compensation. In connection with any such investigation or 14
SB 1021 23
examination the director and his representatives shall have 15
free and immediate access to the lender's place or places of 16
business and his or its books and records and shall have the 17
right and power to examine under oath all persons whomsoever 18
whose testimony may be required relative to the affairs and 19
business of the particular lender. Whenever it is necessary 20
to examine the business and loans of a [registered] licensed 21
lender more than once a year or of any other lender at any 22
time, then the lender shall be chargeable with and be 23
required to pay the necessary cost and expenses thereof[, 24
including the actual travel expenses and a per diem of one 25
hundred dollars for each examining official while engaged in 26
travel to and from the place of such examination and during 27
the period required for such examination]. Whenever any 28
lender is subject to examination by or required to make 29
reports to municipal officers under city ordinances 30
regulating the supervised business, such examinations or 31
reports shall be in lieu of the examinations and reports 32
required by the provisions of sections 367.100 to 367.200. 33
367.170. The director is authorized and empowered to 1
make such general regulations as may be necessary for the 2
enforcement of sections 367.100 to 367.200 and shall issue 3
regulations providing and governing the types and limits of 4
insurance and the issuance of policies which may be sold in 5
connection with consumer credit loans. The cost of any 6
insurance shall not exceed the standard rates and the 7
insurance shall be obtained from an insurance company duly 8
authorized to conduct business in this state and the 9
[registrant] licensee, or any of its employees, may be 10
licensed as an insurance agent. Insurance premiums shall 11
not be considered as interest, service charges or fees in 12
connection with any loan. Each such regulation shall be 13
SB 1021 24
consistent with sections 367.100 to 367.200 and shall be 14
referenced to the specific provision of sections 367.100 to 15
367.200 which is to be enforced by it. Nothing in this 16
section shall alter or amend the statutes of this state 17
relating to insurance or affect the powers of the director 18
of the department of commerce and insurance under statutes 19
relating to credit life insurance and credit accident and 20
health insurance. 21
367.190. In the event any lender fails, refuses, or 1
neglects to comply with the provisions of sections 367.100 2
to 367.200, or of any laws of the state of Missouri relating 3
to consumer credit loans or assignment or sale of wages, or 4
salaries or other compensation, his or its [certificate of 5
registration for the place of business at which the 6
violation occurred,] license may be suspended or revoked by 7
order of the director after a hearing before said director 8
on any order to show cause why such order of suspension or 9
revocation should not be entered specifying the grounds 10
therefor which shall be served on the particular lender at 11
least ten days prior to the hearing. Such action shall not 12
affect any rights or charter powers which any state bank, 13
state trust company or national banking association has by 14
virtue of any other law. Review may be had of any such 15
order made and entered by the director in the manner 16
provided by law. 17
367.509. 1. A title loan license applicant must have 1
and maintain capital of at least seventy-five thousand 2
dollars at all times. 3
2. The license application shall be in writing, under 4
oath and in the form prescribed by the director. The 5
application shall contain the name of the applicant, date of 6
formation if a business entity, the address of each title 7
SB 1021 25
loan office operated or sought to be operated, the name and 8
residential address of the owner, partners, directors, 9
trustees and principal officers, and such other pertinent 10
information as the director may require. A corporate surety 11
bond in the principal sum of twenty thousand dollars per 12
location shall accompany each license application. The bond 13
shall be in a form satisfactory to the director and shall be 14
issued by a bonding company or insurance company authorized 15
to do business in this state in order to ensure the faithful 16
performance of the obligations of the applicant and the 17
applicant's agents and subagents in connection with title 18
loan activities. An applicant or licensee may, in lieu of 19
filing any bond required pursuant to this section, provide 20
the director with an irrevocable letter of credit as defined 21
in section 400.5-103 in the amount of twenty thousand 22
dollars per location, issued by any bank, trust company, 23
savings and loan or credit union operating in Missouri in a 24
form acceptable to the director. 25
3. [Every person applying for a title loan license 26
shall pay one thousand dollars as an investigation fee. 27
Applicants for additional title lending licenses shall pay 28
one thousand dollars per additional location as an 29
investigation fee. The lender shall, beginning with the 30
first license renewal, pay annually to the director a fee of 31
one thousand dollars for each licensed location] At the time 32
of filing an application for licensure, the applicant shall 33
pay a licensing fee, to be determined by the director from 34
time to time, not to exceed five thousand dollars and a fee 35
for each additional location where such applicant conducts 36
business, to be determined by the director from time to 37
time, not to exceed one thousand dollars. Applicants who 38
have not exceeded one hundred active accounts at any point 39
SB 1021 26
in the previous licensing year, shall pay a licensing fee, 40
to be determined by the director from time to time, not to 41
exceed one thousand dollars and a fee for each additional 42
location where such applicant conducts business, to be 43
determined by the director from time to time, not to exceed 44
one thousand dollars. The licensing period shall run from 45
January first to December thirty-first. Thereafter, every 46
licensee shall pay a like fee on or before December thirty- 47
first of each year. All license fees paid pursuant to this 48
section shall be credited to the consumer licensing fund. 49
4. Each license shall specify the location of the 50
title loan office and shall be conspicuously displayed 51
therein. Before any title lending office may relocate, the 52
director shall approve such relocation by mailing the 53
licensee a new license to that effect, without charge. 54
[5. Upon the filing of the application, and the 55
payment of the fee, by a person eligible to apply for a 56
title loan license, the director shall issue a license to 57
engage in the title loan business in accordance with 58
sections 367.500 to 367.533. The licensing year shall 59
commence on January first and end the following December 60
thirty-first. The director may establish a biennial 61
licensing arrangement but in no case shall the fees be 62
payable for more than one year at a time. Each license 63
shall be uniquely numbered and shall not be transferable or 64
assignable.] 65
407.640. 1. A credit services organization shall file 1
a registration statement with the director of finance before 2
conducting business in this state. The registration 3
statement must contain: 4
(1) The name and address of the credit services 5
organization; and 6
SB 1021 27
(2) The name and address of any person who directly or 7
indirectly owns or controls ten percent or more of the 8
outstanding shares of stock in the credit services 9
organization. 10
2. The registration statement must also contain either: 11
(1) A full and complete disclosure of any litigation 12
or unresolved complaint filed by or with a governmental 13
authority of this state relating to the operation of the 14
credit services organization; or 15
(2) A notarized statement that states that there has 16
been no litigation or unresolved complaint filed by or with 17
a governmental authority of this state relating to the 18
operation of the credit services organization. 19
3. The credit services organization shall update the 20
statement not later than the ninetieth day after the date on 21
which a change in the information required in the statement 22
occurs. 23
4. Each credit services organization registering under 24
this section shall maintain a copy of the registration 25
statement in the office of the credit services 26
organization. The credit services organization shall allow 27
a buyer to inspect the registration statement on request. 28
5. The director of finance may charge each credit 29
services organization that files a registration statement 30
with the director of finance a reasonable fee not to exceed 31
[four hundred] one thousand dollars to cover the cost of 32
filing. The director of finance may not require a credit 33
services organization to provide information other than that 34
provided in the registration statement as part of the 35
registration process. 36
408.500. 1. Lenders, other than banks, trust 1
companies, credit unions, savings banks and savings and loan 2
SB 1021 28
companies, in the business of making unsecured loans of five 3
hundred dollars or less shall obtain a license from the 4
director of the division of finance. [An annual license fee 5
of six hundred dollars per location shall be required. The 6
license year shall commence on January first each year and 7
the license fee may be prorated for expired months. The 8
director may establish a biennial licensing arrangement but 9
in no case shall the fees be payable for more than one year 10
at a time] At the time of filing an application for 11
licensure, the applicant shall pay a licensing fee, to be 12
determined by the director from time to time, not to exceed 13
five thousand dollars and a fee for each additional location 14
where such applicant conducts business, to be determined by 15
the director from time to time, not to exceed one thousand 16
dollars. Applicants who have not exceeded one hundred 17
active accounts at any point in the previous licensing year, 18
shall pay a licensing fee, to be determined by the director 19
from time to time, not to exceed one thousand dollars and a 20
fee for each additional location where such applicant 21
conducts business, to be determined by the director from 22
time to time, not to exceed one thousand dollars. The 23
licensing period shall run from January first to December 24
thirty-first. Thereafter, every licensee shall pay a like 25
fee on or before December thirty-first of each year. All 26
license fees paid pursuant to this section shall be credited 27
to the consumer licensing fund. The provisions of this 28
section shall not apply to pawnbroker loans, consumer credit 29
loans as authorized under chapter 367, nor to a check 30
accepted and deposited or cashed by the payee business on 31
the same or the following business day. The disclosures 32
required by the federal Truth in Lending Act and regulation 33
Z shall be provided on any loan, renewal or extension made 34
SB 1021 29
pursuant to this section and the loan, renewal or extension 35
documents shall be signed by the borrower. 36
2. Entities making loans pursuant to this section 37
shall contract for and receive simple interest and fees in 38
accordance with sections 408.100 and 408.140. Any contract 39
evidencing any fee or charge of any kind whatsoever, except 40
for bona fide clerical errors, in violation of this section 41
shall be void. Any person, firm or corporation who receives 42
or imposes a fee or charge in violation of this section 43
shall be guilty of a class A misdemeanor. 44
3. Notwithstanding any other law to the contrary, cost 45
of collection expenses, which include court costs and 46
reasonable attorneys fees, awarded by the court in suit to 47
recover on a bad check or breach of contract shall not be 48
considered as a fee or charge for purposes of this section. 49
4. Lenders licensed pursuant to this section shall 50
conspicuously post in the lobby of the office, in at least 51
fourteen-point bold type, the maximum annual percentage 52
rates such licensee is currently charging and the statement: 53
5. The lender shall provide the borrower with a notice 57
in substantially the following form set forth in at least 58
ten-point bold type, and receipt thereof shall be 59
acknowledged by signature of the borrower: 60
(1) This lender offers short-term loans. 61
Please read and understand the terms of the loan 62
agreement before signing. 63
54 NOTICE:
55
56
This lender offers short-term loans. Please read and
understand the terms of the loan agreement before signing.

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(2) You may cancel this loan without costs 64
by returning the full principal balance to the 65
lender by the close of the lender's next full 66
business day. 67
6. The lender shall renew the loan upon the borrower's 68
written request and the payment of any interest and fees due 69
at the time of such renewal; however, upon the first renewal 70
of the loan agreement, and each subsequent renewal 71
thereafter, the borrower shall reduce the principal amount 72
of the loan by not less than five percent of the original 73
amount of the loan until such loan is paid in full. 74
However, no loan may be renewed more than six times. 75
7. When making or negotiating loans, a licensee shall 76
consider the financial ability of the borrower to reasonably 77
repay the loan in the time and manner specified in the loan 78
contract. All records shall be retained at least two years. 79
8. A licensee who ceases business pursuant to this 80
section must notify the director to request an examination 81
of all records within ten business days prior to cessation. 82
All records must be retained at least two years. 83
9. Any lender licensed pursuant to this section who 84
fails, refuses or neglects to comply with the provisions of 85
this section, or any laws relating to consumer loans or 86
commits any criminal act may have its license suspended or 87
revoked by the director of finance after a hearing before 88
the director on an order of the director to show cause why 89
such order of suspension or revocation should not be entered 90
specifying the grounds therefor which shall be served on the 91
licensee at least ten days prior to the hearing. 92
10. Whenever it shall appear to the director that any 93
lender licensed pursuant to this section is failing, 94
refusing or neglecting to make a good faith effort to comply 95
SB 1021 31
with the provisions of this section, or any laws relating to 96
consumer loans, the director may issue an order to cease and 97
desist which order may be enforceable by a civil penalty of 98
not more than one thousand dollars per day for each day that 99
the neglect, failure or refusal shall continue. The penalty 100
shall be assessed and collected by the director. In 101
determining the amount of the penalty, the director shall 102
take into account the appropriateness of the penalty with 103
respect to the gravity of the violation, the history of 104
previous violations, and such other matters as justice may 105
require. 106
11. The director may promulgate rules as may be 107
necessary for the administration of licensing lenders in the 108
business of making unsecured loans of five hundred dollars 109
or less. Any rule or portion of a rule, as that term is 110
defined in section 536.010, that is created under the 111
authority delegated in this section shall become effective 112
only if it complies with and is subject to all of the 113
provisions of chapter 536 and, if applicable, section 114
536.028. This section and chapter 536 are nonseverable and 115
if any of the powers vested with the general assembly 116
pursuant to chapter 536 to review, to delay the effective 117
date, or to disapprove and annul a rule are subsequently 118
held unconstitutional, then the grant of rulemaking 119
authority and any rule proposed or adopted after August 28, 120
2026, shall be invalid and void. 121
436.570. 1. A consumer legal funding company shall 1
not engage in the business of consumer legal funding in this 2
state unless it has first obtained a license from the 3
division of finance. 4
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2. A consumer legal funding company's initial or 5
renewal license application shall be in writing, made under 6
oath, and on a form provided by the director. 7
3. [Every consumer legal funding company, at the time 8
of filing a license application, shall pay the sum of five 9
hundred fifty dollars for the period ending the thirtieth 10
day of June next following the date of payment; thereafter, 11
a like fee shall be paid on or before June thirtieth of each 12
year and shall be credited to the division of finance fund 13
established under section 361.170] At the time of filing an 14
application for licensure, the applicant shall pay a 15
licensing fee, to be determined by the director from time to 16
time, not to exceed five thousand dollars and a fee for each 17
additional location where such applicant conducts business, 18
to be determined by the director from time to time, not to 19
exceed one thousand dollars. Applicants who have not 20
exceeded one hundred active accounts at any point in the 21
previous licensing year, shall pay a licensing fee, to be 22
determined by the director from time to time, not to exceed 23
one thousand dollars and a fee for each additional location 24
where such applicant conducts business, to be determined by 25
the director from time to time, not to exceed one thousand 26
dollars. The licensing period shall run from July first to 27
June thirtieth. Thereafter, every licensee shall pay a like 28
fee on or before June thirtieth of each year. All license 29
fees paid pursuant to this section shall be credited to the 30
consumer licensing fund. 31
4. A consumer legal funding license shall not be 32
issued unless the division of finance, upon investigation, 33
finds that the character and fitness of the applicant 34
company, and of the officers and directors thereof, are such 35
as to warrant belief that the business shall operate 36
SB 1021 33
honestly and fairly within the purposes of sections 436.550 37
to 436.572. 38
5. Every applicant shall also, at the time of filing 39
such application, file a bond satisfactory to the division 40
of finance in an amount not to exceed fifty thousand 41
dollars. The bond shall provide that the applicant shall 42
faithfully conform to and abide by the provisions of 43
sections 436.550 to 436.572, to all rules lawfully made by 44
the director under sections 436.550 to 436.572, and the bond 45
shall act as a surety for any person or the state for any 46
and all amount of moneys that may become due or owing from 47
the applicant under and by virtue of sections 436.550 to 48
436.572, which shall include the result of any action that 49
occurred while the bond was in place for the applicable 50
period of limitations under statute and so long as the bond 51
is not exhausted by valid claims. 52
6. If an action is commenced on a licensee's bond, the 53
director may require the filing of a new bond. Immediately 54
upon any recovery on the bond, the licensee shall file a new 55
bond. 56
7. To ensure the effective supervision and enforcement 57
of sections 436.550 to 436.572, the director may, under 58
chapter 536: 59
(1) Deny, suspend, revoke, condition, or decline to 60
renew a license for a violation of sections 436.550 to 61
436.572, rules issued under sections 436.550 to 436.572, or 62
order or directive entered under sections 436.550 to 436.572; 63
(2) Deny, suspend, revoke, condition, or decline to 64
renew a license if an applicant or licensee fails at any 65
time to meet the requirements of sections 436.550 to 66
436.572, or withholds information or makes a material 67
SB 1021 34
misstatement in an application for a license or renewal of a 68
license; 69
(3) Order restitution against persons subject to 70
sections 436.550 to 436.572 for violations of sections 71
436.550 to 436.572; and 72
(4) Order or direct such other affirmative action as 73
the director deems necessary. 74
8. Any letter issued by the director and declaring 75
grounds for denying or declining to grant or renew a license 76
may be appealed to the circuit court of Cole County. All 77
other matters presenting a contested case involving a 78
licensee may be heard by the director under chapter 536. 79
9. Notwithstanding the prior approval requirement of 80
subsection 1 of this section, a consumer legal funding 81
company that has applied with the division of finance 82
between August 28, 2023, or when the division of finance has 83
made applications available to the public, whichever is 84
later, and six months thereafter may engage in consumer 85
legal funding while the license application of the company 86
or an affiliate of the company is awaiting approval by the 87
division of finance and until such time as the applicant has 88
pursued all appellate remedies and procedures for any denial 89
of such application. All funding contracts in effect prior 90
to August 28, 2023, are not subject to the terms of sections 91
436.550 to 436.572. 92
10. If it appears to the director that any consumer 93
legal funding company is failing, refusing, or neglecting to 94
make a good faith effort to comply with the provisions of 95
sections 436.550 to 436.572, or any laws or rules relating 96
to consumer legal funding, the director may issue an order 97
to cease and desist, which may be enforceable by a civil 98
penalty of not more than one thousand dollars per day for 99
SB 1021 35
each day that the neglect, failure, or refusal continues. 100
The penalty shall be assessed and collected by the 101
director. In determining the amount of the penalty, the 102
director shall take into account the appropriateness of the 103
penalty with respect to the gravity of the violation, any 104
history of previous violations, and any other matters 105
justice may require. 106
11. If any consumer legal funding company fails, 107
refuses, or neglects to comply with the provisions of 108
sections 436.550 to 436.572, or of any laws or rules 109
relating to consumer legal funding, its license may be 110
suspended or revoked by order of the director after a 111
hearing before said director on any order to show cause why 112
such order of suspension or revocation should not be entered 113
and that specifies the grounds therefor. Such an order 114
shall be served on the particular consumer legal funding 115
company at least ten days prior to the hearing. Any order 116
made and entered by the director may be appealed to the 117
circuit court of Cole County. 118
12. (1) The division shall conduct an examination of 119
each consumer funding company at least once every twenty- 120
four months and at such other times as the director may 121
determine. 122
(2) For any such investigation or examination, the 123
director and his or her representatives shall have free and 124
immediate access to the place or places of business and the 125
books and records, and shall have the authority to place 126
under oath all persons whose testimony may be required 127
relative to the affairs and business of the consumer legal 128
funding company. 129
(3) The director may also make such special 130
investigations or examination as the director deems 131
SB 1021 36
necessary to determine whether any consumer legal funding 132
company has violated any of the provisions of sections 133
436.550 to 436.572 or rules promulgated thereunder, and the 134
director may assess the reasonable costs of any 135
investigation or examination incurred by the division to the 136
company. 137
13. The division of finance shall have the authority 138
to promulgate rules to carry out the provisions of sections 139
436.550 to 436.572. Any rule or portion of a rule, as that 140
term is defined in section 536.010, that is created under 141
the authority delegated in this section shall become 142
effective only if it complies with and is subject to all of 143
the provisions of chapter 536 and, if applicable, section 144
536.028. This section and chapter 536 are nonseverable and 145
if any of the powers vested with the general assembly 146
pursuant to chapter 536 to review, to delay the effective 147
date, or to disapprove and annul a rule are subsequently 148
held unconstitutional, then the grant of rulemaking 149
authority and any rule proposed or adopted after August 28, 150
2023, shall be invalid and void. 151
[367.120. Application for a certificate of 1
registration shall be in writing in the form 2
prescribed by the director. No certificate of 3
registration is required until thirty days after 4
sections 367.100 to 367.200 become effective, 5
during which period such application may be 6
made.] 7
[367.130. The director may require the 1
lender to file with the director a bond in the 2
principal amount of one thousand dollars at the 3
time of filing the application for a certificate 4
of registration hereunder, or at such later time 5
as the director deems necessary for the purposes 6
of sections 367.100 to 367.200. The lender 7
shall be the obligor, and the surety shall be 8
SB 1021 37
approved by the director. The bond shall run to 9
the state of Missouri for the use of the state 10
or any person or persons who may have a cause of 11
action against the lender-obligor arising out of 12
the supervised business. The condition of the 13
bond shall be that the lender-obligor will 14
conform to and abide by the provisions of 15
sections 367.100 to 367.200 and the laws of the 16
state of Missouri relating to consumer credit 17
loans, and the assignment or sale of wages, 18
salaries, or other compensation, and will pay to 19
the state and to any person any and all moneys 20
that may become due under sections 367.100 to 21
367.200 or under any transaction which is a part 22
of the supervised business. If in the opinion 23
of the director the bond shall at any time 24
appear to be insecure or exhausted or otherwise 25
doubtful an additional bond in the principal sum 26
of not more than one thousand dollars in form 27
and with surety satisfactory to the director, 28
shall be filed within fifteen days after notice 29
of the requirement thereof be given to the 30
lender by the director.] 31
✓