Section 367.527

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 367

Effective - 28 Aug 2001   

  367.527.  Limitations of title lenders. — 1.  A title lender shall not:

  (1)  Accept a pledge from a person under eighteen years of age or from anyone who appears to be intoxicated;

  (2)  Make a loan which exceeds five thousand dollars;

  (3)  Accept any waiver of any right or protection of a borrower;

  (4)  Fail to exercise reasonable care to protect from loss or damage certificates of title or titled personal property in the physical possession of the title lender;

  (5)  Purchase titled personal property in the operation of its business;

  (6)  Enter into a title loan agreement unless the borrower presents clear title at the time that the loan is made;

  (7)  Knowingly violate any provision of sections 367.500 to 367.533 or any rule promulgated thereunder;

  (8)  Violate any provision of sections 408.551 to 408.557 and sections 408.560 to 408.562; or

  (9)  Store repossessed titled personal property at a location more than fifteen miles from the office where the title loan agreement was executed.

  2.  If a title lender enters into a transaction contrary to this section, the loan and the lien shall be void.

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(L. 1998 H.B. 1526 § 10, A.L. 2001 H.B. 738 merged with S.B. 186)