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)