HB217--SMALLLOANS
SPONSOR: Crossley
Uponvoterapproval,thisbillmodifiesthelawconcerningconsumer
creditloans.Thebillspecifiessectionsofthechaptergoverning
interestthatpersonsofferingconsumercreditloansmustcomply
with,includingthecurrentlawthatrequiressimpleinterestand
fees,whichmustalsobeincompliancewiththespecifiedsections
ofChapter408,RSMo.Thisbillestablishesanannualpercentage
rateof36%forcombinedinterest,fees,andfinancechargesand
prohibitsintentionalevasionofthechapterbyofferingaloanat
aprohibitedrateofinterest,makingaloandisguisedasa
personalpropertysaleandleaseback,disguisingloanproceedsas
cashrebatesforaninstallmentsale,makinganofferofcredit
thatinvolvesathirdparty,orcharginganapplicationfeefor
providingcreditwithoutincludingthefeeinthecalculationof
theannualpercentagerate.Thebillalsodefines“consumer
installmentlender”andspecifiesportionsofChapter408with
whichtheinterestandfeesofsucharrangementsmustcomply.
ThisbillisthesameasHB2642(2024).