Effective - 28 Aug 2001
367.530. Safekeeping of certificates of title — liability insurance maintained, when — liability of title lender. — 1. Every title lender shall maintain a fireproof place for the pledged certificates of title and a safe place for pledged property delivered to or repossessed by the title lender.
2. Every title lender shall maintain premises liability insurance in an amount of not less than one million dollars per occurrence for the benefit of customers and employees, which insurance shall provide coverage for, among other risks, injuries caused by the criminal acts of third parties.
3. A title lender shall not be liable for any loss or injury occasioned or caused by the use of pledged property unless the pledged property is actually in the title lender's possession.
4. A title lender shall be strictly liable to the borrower for any loss to pledged property in the title lender's possession.
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(L. 1998 H.B. 1526 § 11, A.L. 2001 H.B. 738 merged with S.B. 186)