367.512. 1. Every title loan, and each extension or renewal of suchtitle loan, shall be in writing, signed by the borrower and shall providethat:
(1) The title lender agrees to make a loan to the borrower, and theborrower agrees to give the title lender a security interest inunencumbered titled personal property;
(2) Whether the borrower consents to the title lender keepingpossession of the certificate of title;
(3) The borrower shall have the right to redeem the certificate oftitle by repaying the loan in full and by complying with the title loanagreement which may be for any agreed period of time not less than thirtydays;
(4) The title lender shall renew the title loan agreement upon theborrower's written request and the payment by the borrower of any interestdue at the time of such renewal. However, upon the third renewal of anytitle loan agreement, and any subsequent renewal, the borrower shall reducethe principal by ten percent until such loan is paid in full;
(5) When the loan is satisfied, the title lender shall release itslien and return the title to the borrower;
(6) If the borrower defaults, the title lender shall be allowed totake possession of the titled personal property after compliance withchapter 400, RSMo, sections 408.551 to 408.557, RSMo, and sections 408.560to 408.562, RSMo;
(7) Upon obtaining possession of the titled personal property inaccordance with chapter 400, RSMo, sections 408.551 to 408.557, RSMo, andsections 408.560 to 408.562, RSMo, the title lender shall be authorized tosell the titled personal property in accordance with chapter 400, RSMo,sections 408.551 to 408.557, RSMo, and sections 408.560 to 408.562, RSMo,and to convey to the buyer thereof good title thereto.
2. Any borrower who obtains a title loan under false pretenses byhiding or not disclosing the existence of a valid prior lien or securityinterest affecting the titled personal property shall be personally liableto the title lender for the full amount stated in the title loan agreement.
367.512. 1. Every title loan, and each extension or renewal of suchtitle loan, shall be in writing, signed by the borrower and shall providethat:
(1) The title lender agrees to make a loan to the borrower, and theborrower agrees to give the title lender a security interest inunencumbered titled personal property;
(2) Whether the borrower consents to the title lender keepingpossession of the certificate of title;
(3) The borrower shall have the right to redeem the certificate oftitle by repaying the loan in full and by complying with the title loanagreement which may be for any agreed period of time not less than thirtydays;
(4) The title lender shall renew the title loan agreement upon theborrower's written request and the payment by the borrower of any interestdue at the time of such renewal. However, upon the third renewal of anytitle loan agreement, and any subsequent renewal, the borrower shall reducethe principal by ten percent until such loan is paid in full;
(5) When the loan is satisfied, the title lender shall release itslien and return the title to the borrower;
(6) If the borrower defaults, the title lender shall be allowed totake possession of the titled personal property after compliance withchapter 400, RSMo, sections 408.551 to 408.557, RSMo, and sections 408.560to 408.562, RSMo;
(7) Upon obtaining possession of the titled personal property inaccordance with chapter 400, RSMo, sections 408.551 to 408.557, RSMo, andsections 408.560 to 408.562, RSMo, the title lender shall be authorized tosell the titled personal property in accordance with chapter 400, RSMo,sections 408.551 to 408.557, RSMo, and sections 408.560 to 408.562, RSMo,and to convey to the buyer thereof good title thereto.
2. Any borrower who obtains a title loan under false pretenses byhiding or not disclosing the existence of a valid prior lien or securityinterest affecting the titled personal property shall be personally liableto the title lender for the full amount stated in the title loan agreement.
367.512. 1. Every title loan, and each extension or renewal of suchtitle loan, shall be in writing, signed by the borrower and shall providethat:
(1) The title lender agrees to make a loan to the borrower, and theborrower agrees to give the title lender a security interest inunencumbered titled personal property;
(2) Whether the borrower consents to the title lender keepingpossession of the certificate of title;
(3) The borrower shall have the right to redeem the certificate oftitle by repaying the loan in full and by complying with the title loanagreement which may be for any agreed period of time not less than thirtydays;
(4) The title lender shall renew the title loan agreement upon theborrower's written request and the payment by the borrower of any interestdue at the time of such renewal. However, upon the third renewal of anytitle loan agreement, and any subsequent renewal, the borrower shall reducethe principal by ten percent until such loan is paid in full;
(5) When the loan is satisfied, the title lender shall release itslien and return the title to the borrower;
(6) If the borrower defaults, the title lender shall be allowed totake possession of the titled personal property after compliance withchapter 400, RSMo, sections 408.551 to 408.557, RSMo, and sections 408.560to 408.562, RSMo;
(7) Upon obtaining possession of the titled personal property inaccordance with chapter 400, RSMo, sections 408.551 to 408.557, RSMo, andsections 408.560 to 408.562, RSMo, the title lender shall be authorized tosell the titled personal property in accordance with chapter 400, RSMo,sections 408.551 to 408.557, RSMo, and sections 408.560 to 408.562, RSMo,and to convey to the buyer thereof good title thereto.
2. Any borrower who obtains a title loan under false pretenses byhiding or not disclosing the existence of a valid prior lien or securityinterest affecting the titled personal property shall be personally liableto the title lender for the full amount stated in the title loan agreement.
