Section 367.524

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 367

Effective - 28 Aug 2001   

  367.524.  Records of loan agreements. — 1.  Every title lender shall keep a consecutively numbered record of each title loan agreement executed, which number shall be placed on the corresponding title loan agreement itself.  Such record shall include the following:

  (1)  A clear and accurate description of the titled personal property, including its vehicle identification or serial number, license plate number, year, make, model, type, and color;

  (2)  The date of the title loan agreement;

  (3)  The amount of the loan;

  (4)  The date of maturity of the loan; and

  (5)  The name, date of birth, Social Security number, residential address, and the type of photo identification of the borrower.

  2.  The title lender shall photocopy the photo identification of the borrower or shall take an instant photograph of the borrower, and shall attach such photocopy or photograph to the lender's copy of the title loan agreement and all renewals.

  3.  The borrower shall sign the title loan agreement and shall be provided with a copy of such agreement.  The title lender, or the lender's employee or agent shall also sign the title loan agreement.  The title lender shall provide each customer with and retain a photocopy of the pledged title at the time the note is signed.

  4.  The title lender shall keep the numbered records and copies of its title loan agreements, including a copy of the notice required pursuant to subsection 1 of section 367.525, for a period of no less than two years from the date of the closing of the last transaction reflected therein.  A title lender who ceases engaging in the business of making title loans shall keep these records for at least two years from the date the lender ceased engaging in the business.  A title lender must notify the director to request an examination at least ten days before ceasing business.

  5.  The records required by this section shall be made available for inspection by any employee of the division of finance upon request during ordinary business hours without warrant or court order.

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(L. 1998 H.B. 1526 § 9, A.L. 2001 H.B. 738 merged with S.B. 186)