Bill > HB221

This bill changes the laws regarding consumer credit interest rates. It repeals and replaces sections of the Revised Statutes of Missouri (RSMo) related to consumer credit lending. The key provisions are: 1. Any person making or offering a consumer credit loan must contract for and receive interest and fees in accordance with specific sections of the RSMo, and such loans are subject to all provisions of those sections. 2. The bill sets a maximum annual percentage rate of 36% on any loan subject to this section and prohibits the use of various "devices or subterfuges" to evade the requirements. 3. The bill provides regulations and requirements for lenders of small, unsecured loans, including setting maximum loan terms, fees, and interest rates, as well as restricting the ability to use certain practices to avoid the law's provisions. 4. The bill also makes changes to the laws governing "consumer installment lenders" and the interest and fees they can charge, subjecting them to the same provisions as other consumer credit lenders. The bill will be submitted to Missouri voters for approval or rejection at an election in November 2024.