Missouri payday loan laws

Legal Status:  Legal

Citation:  Mo. Rev. Stat. §§ 408.500.1 et seq.

Loan Terms:

Maximum Loan Amount:  $500
Loan Term:  14-31 days
Maximum Finance Rate and Fees:  Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan:  $75
APR for 14-day $100 loan:  1950%

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  No more than $500 to anyone lender at one time
Rollovers Permitted:  Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Cooling-off Period:
Repayment Plan:

Collection Limits:

Collection Fees:  NSF fee; Collection costs (including court costs and reasonable attorney’s fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action:  Prohibited (Unless check returned due to a closed account or stop-payment by maker)

Where to Complain, Get Information:
Regulator: Missouri Division of Finance
Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
Phone: (573) 751-3242 
Fax: (573) 751-9192

Sourced from paydayloaninfo.org

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