Missouri Revised Statutes













Chapter 367

Pawnbrokers and Small Loans

←367.215

Section 367.300.1

367.305→

August 28, 2015

Definitions.

367.300. As used in sections 367.300 to 367.310, unless the context

otherwise requires, the following terms shall mean:



(1) "Advance fee", any consideration which is assessed or collected prior

to the closing by a loan broker;



(2) "Borrower", a person obtaining or desiring to obtain a loan of money,

a credit card, or a line of credit;



(3) "Loan", an agreement to advance money or property in return for the

promise to make payments therefor;



(4) "Loan broker", any person; except any bank, savings and loan

association, trust company, building and loan association, credit union,

retail installment sales company, securities broker-dealer, real estate

broker or salesperson, attorney, federal housing administration or veterans'

administration approved lender, credit card company, installment loan

licensee, mortgage banker or lender, or insurance company, provided that the

person excepted is licensed by or subject to regulation or supervision of any

agency of the United States or this state and, if licensed, is acting within

the scope of the license; and also excepting subsidiaries of licensed or

chartered banks or savings and loan associations; who:



(a) For or in expectation of consideration arranges or attempts to

arrange or offers to fund a loan of money, a credit card, or a line of credit;



(b) For or in expectation of consideration assists or advises a borrower

in obtaining or attempting to obtain a loan of money, a credit card, a line

of credit, or related guarantee, enhancement, or collateral of any kind or

nature;



(c) Acts for or on behalf of a loan broker for the purpose of soliciting

borrowers; or



(d) Holds himself out as a loan broker;



(5) "Principal", any officer, director, partner, joint venturer, branch

manager, or other person with similar managerial or supervisory

responsibilities for a loan broker.



(L. 1992 S.B. 705)







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