Missouri Licensed Lenders List....
Date: Mon, 01/05/2009 - 12:35
Just wanted to share some info I found...
Attached is a list from the Missouri Department of Finance of the Licenced Payday Loan companies in MO. Also here is the verbage from their site:
DIFP Home / Missouri Division of Finance / Consumer Credit Companies / Licensed and Regulated Entities / Payday Lenders
Payday Lenders (Sections 408.500-408.506 RSMo)
Sections 408.500, 408.505, and 408.506 make up the entire law concerning payday loans (a.k.a. "small, small loans") which are loans of $500 or less. Such lenders must be licensed by the Division of Finance. Sections 408.500-408.505 subject this type of lender to a host of consumer safeguards, i.e., places a 75% cap on interest and fees on the initial loan and renewals, limits renewals to no more than six, limits the term of the loan to 14-31 days, applies daily interest calculations, etc. These sections contain some provisions which go well beyond most "consumer protections": for example, the lender must conspicuously post rates and a borrower who repays a loan before the close of the lender's next full business day pays no interest or fees. Related regulations are found at 20 CSR 1140-11.030 through 20 CSR 1140-11.040.
Attached is a list from the Missouri Department of Finance of the Licenced Payday Loan companies in MO. Also here is the verbage from their site:
DIFP Home / Missouri Division of Finance / Consumer Credit Companies / Licensed and Regulated Entities / Payday Lenders
Payday Lenders (Sections 408.500-408.506 RSMo)
Sections 408.500, 408.505, and 408.506 make up the entire law concerning payday loans (a.k.a. "small, small loans") which are loans of $500 or less. Such lenders must be licensed by the Division of Finance. Sections 408.500-408.505 subject this type of lender to a host of consumer safeguards, i.e., places a 75% cap on interest and fees on the initial loan and renewals, limits renewals to no more than six, limits the term of the loan to 14-31 days, applies daily interest calculations, etc. These sections contain some provisions which go well beyond most "consumer protections": for example, the lender must conspicuously post rates and a borrower who repays a loan before the close of the lender's next full business day pays no interest or fees. Related regulations are found at 20 CSR 1140-11.030 through 20 CSR 1140-11.040.
I tried to open the file, but it didn't come through...
I tried to open the file, but it didn't come through...
Sorry...it is a PDF file...maybe those cannot be opened on the s
Sorry...it is a PDF file...maybe those cannot be opened on the site.
I'm going to try it again, this would be a great list for my col
I'm going to try it again, this would be a great list for my collection