367.503. Allows division of finance to regulate lending on titled property.

154 words·~1 min read·/mo/chapter-367/367-503

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

367.503. Allows division of finance to regulate lending on titled property. — 1. The director shall administer and regulate sections 367.500 to 367.533 . The director, deputy director, other assistants and examiners, and all special agents and other employees shall keep all information concerning title lenders confidential as required by sections 361.070 and 361.080 .

2. No employee of the division of finance shall have any ownership or interest in any title loan business or receive directly or indirectly any payment or gratuity from any such entity.

3. The director shall issue as many title loan licenses as may be applied for by qualified applicants.

4. No rule or portion of a rule promulgated pursuant to the authority of sections 367.500 to 367.533 shall become effective unless it has been promulgated pursuant to the provisions of chapter 536 .

--------

(L. 1998 H.B. 1526 § 2, A.L. 2001 H.B. 738 merged with S.B. 186)