Bill > SB1021

This bill modifies provisions relating to the Division of Finance by creating a new "Consumer Licensing Fund" and changing licensing requirements and fees for various financial service providers. The bill standardizes licensing processes across multiple types of financial institutions, including earned wage access services, financing institutions, premium finance companies, sales finance companies, consumer credit loan lenders, title loan providers, credit services organizations, small unsecured loan lenders, and consumer legal funding companies. Key changes include introducing more flexible licensing fees (typically between $1,000 and $5,000 depending on the number of active accounts), establishing a consistent licensing period (usually running from January or July 1st to December or June 30th), and mandating that all license fees be credited to the new Consumer Licensing Fund. The bill also provides the director of the Division of Finance with enhanced regulatory powers, including the ability to investigate, suspend, or revoke licenses, and to issue cease and desist orders with potential daily civil penalties. Additionally, the legislation creates provisions for rulemaking and ensures that these new regulations can be adapted as needed while maintaining oversight and consumer protection.

Business and Industry

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=424