367.527. Limitations of title lenders.

202 words·~1 min read·/mo/chapter-367/367-527

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

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)