Qualifications of applicants, fee, license issued, when.
367.509. 1. A title loan license applicant must have and maintaincapital of at least seventy-five thousand dollars at all times.
2. The license application shall be in writing, under oath and in theform prescribed by the director. The application shall contain the name ofthe applicant, date of formation if a business entity, the address of eachtitle loan office operated or sought to be operated, the name andresidential address of the owner, partners, directors, trustees andprincipal officers, and such other pertinent information as the directormay require. A corporate surety bond in the principal sum of twentythousand dollars per location shall accompany each license application.The bond shall be in a form satisfactory to the director and shall beissued by a bonding company or insurance company authorized to do businessin this state in order to ensure the faithful performance of theobligations of the applicant and the applicant's agents and subagents inconnection with title loan activities. An applicant or licensee may, inlieu of filing any bond required pursuant to this section, provide thedirector with an irrevocable letter of credit as defined in section400.5-103, RSMo, in the amount of twenty thousand dollars per location,issued by any bank, trust company, savings and loan or credit unionoperating in Missouri in a form acceptable to the director.
3. Every person applying for a title loan license shall pay onethousand dollars as an investigation fee. Applicants for additional titlelending licenses shall pay one thousand dollars per additional location asan investigation fee. The lender shall, beginning with the first licenserenewal, pay annually to the director a fee of one thousand dollars foreach licensed location.
4. Each license shall specify the location of the title loan officeand shall be conspicuously displayed therein. Before any title lendingoffice may relocate, the director shall approve such relocation by mailingthe licensee a new license to that effect, without charge.
5. Upon the filing of the application, and the payment of the fee, bya person eligible to apply for a title loan license, the director shallissue a license to engage in the title loan business in accordance withsections 367.500 to 367.533. The licensing year shall commence on Januaryfirst and end the following December thirty-first. The director mayestablish a biennial licensing arrangement but in no case shall the fees bepayable for more than one year at a time. Each license shall be uniquelynumbered and shall not be transferable or assignable.
Qualifications of applicants, fee, license issued, when.
367.509. 1. A title loan license applicant must have and maintaincapital of at least seventy-five thousand dollars at all times.
2. The license application shall be in writing, under oath and in theform prescribed by the director. The application shall contain the name ofthe applicant, date of formation if a business entity, the address of eachtitle loan office operated or sought to be operated, the name andresidential address of the owner, partners, directors, trustees andprincipal officers, and such other pertinent information as the directormay require. A corporate surety bond in the principal sum of twentythousand dollars per location shall accompany each license application.The bond shall be in a form satisfactory to the director and shall beissued by a bonding company or insurance company authorized to do businessin this state in order to ensure the faithful performance of theobligations of the applicant and the applicant's agents and subagents inconnection with title loan activities. An applicant or licensee may, inlieu of filing any bond required pursuant to this section, provide thedirector with an irrevocable letter of credit as defined in section400.5-103, RSMo, in the amount of twenty thousand dollars per location,issued by any bank, trust company, savings and loan or credit unionoperating in Missouri in a form acceptable to the director.
3. Every person applying for a title loan license shall pay onethousand dollars as an investigation fee. Applicants for additional titlelending licenses shall pay one thousand dollars per additional location asan investigation fee. The lender shall, beginning with the first licenserenewal, pay annually to the director a fee of one thousand dollars foreach licensed location.
4. Each license shall specify the location of the title loan officeand shall be conspicuously displayed therein. Before any title lendingoffice may relocate, the director shall approve such relocation by mailingthe licensee a new license to that effect, without charge.
5. Upon the filing of the application, and the payment of the fee, bya person eligible to apply for a title loan license, the director shallissue a license to engage in the title loan business in accordance withsections 367.500 to 367.533. The licensing year shall commence on Januaryfirst and end the following December thirty-first. The director mayestablish a biennial licensing arrangement but in no case shall the fees bepayable for more than one year at a time. Each license shall be uniquelynumbered and shall not be transferable or assignable.
Qualifications of applicants, fee, license issued, when.
367.509. 1. A title loan license applicant must have and maintaincapital of at least seventy-five thousand dollars at all times.
2. The license application shall be in writing, under oath and in theform prescribed by the director. The application shall contain the name ofthe applicant, date of formation if a business entity, the address of eachtitle loan office operated or sought to be operated, the name andresidential address of the owner, partners, directors, trustees andprincipal officers, and such other pertinent information as the directormay require. A corporate surety bond in the principal sum of twentythousand dollars per location shall accompany each license application.The bond shall be in a form satisfactory to the director and shall beissued by a bonding company or insurance company authorized to do businessin this state in order to ensure the faithful performance of theobligations of the applicant and the applicant's agents and subagents inconnection with title loan activities. An applicant or licensee may, inlieu of filing any bond required pursuant to this section, provide thedirector with an irrevocable letter of credit as defined in section400.5-103, RSMo, in the amount of twenty thousand dollars per location,issued by any bank, trust company, savings and loan or credit unionoperating in Missouri in a form acceptable to the director.
3. Every person applying for a title loan license shall pay onethousand dollars as an investigation fee. Applicants for additional titlelending licenses shall pay one thousand dollars per additional location asan investigation fee. The lender shall, beginning with the first licenserenewal, pay annually to the director a fee of one thousand dollars foreach licensed location.
4. Each license shall specify the location of the title loan officeand shall be conspicuously displayed therein. Before any title lendingoffice may relocate, the director shall approve such relocation by mailingthe licensee a new license to that effect, without charge.
5. Upon the filing of the application, and the payment of the fee, bya person eligible to apply for a title loan license, the director shallissue a license to engage in the title loan business in accordance withsections 367.500 to 367.533. The licensing year shall commence on Januaryfirst and end the following December thirty-first. The director mayestablish a biennial licensing arrangement but in no case shall the fees bepayable for more than one year at a time. Each license shall be uniquelynumbered and shall not be transferable or assignable.
