HB 675 -- Small Loans

Sponsor:  Richardson

This bill regulates deferred presentment service transactions.
These transactions are agreements between a consumer and a
licensed maker of unsecured loans less than $500 or of consumer
credit loans in which the maker agrees to advance money against
a check held by the maker until a date specified.  Deferred
presentment service transactions cannot be for longer than 31
days; must be evidenced by a written agreement stating all the
terms of the deferred presentment, including fees; and can be
rescinded by the consumer by paying off the amount in full
before the end of the business day following the date of the
transaction.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:03 pm