Bill > HB3021

This bill modifies existing Missouri laws concerning consumer credit interest rates, primarily by establishing a new section, 408.101, that caps the combined interest, fees, and finance charges on certain loans at an annual percentage rate of thirty-six percent. It also clarifies that various lenders, including title lenders and those making unsecured loans of $500 or less, must adhere to this thirty-six percent cap and other related provisions in sections 408.100, 408.101, and 408.140. The bill explicitly prohibits lenders from using various schemes or disguises to evade these interest rate limitations, such as disguised sales and leasebacks or loan proceeds presented as cash rebates. Additionally, it updates regulations for consumer installment loans, ensuring they also fall under the new interest rate provisions and are subject to specific sections of Missouri law. The bill will be submitted to voters for approval in November 2026.

https://house.mo.gov/Bill.aspx?bill=HB3021&year=2026&code=R