Following are the laws and regulations that govern payday loans in the state of Missouri:
- Maximum loan amount: $500
- Loan tenure anywhere between 14 to 31 days
- Finance charge for $100 in 14 days: $75
- APR per $100: 1950% (14 days)
- Maximum number of loans: $500 maximum from any lender at one time
- Rollovers allowed up to 6 times. The principal amount must reduce by 5% for each rollover that is sanctioned.
- Collection Fee: NSF and court costs
Depending upon the agreement made by the parties, the maximum finance rates and fees might vary. However, as per the law, the borrowers must not end up paying more than 75% of the principal amount in interest/ fees. This rule is applicable over the entire loan term as well as any renewals. The cooling off period is not specified between loans. The repayment plan is also up to the discretion of the lender because no specification is provided within the laws.
All problems, queries and complaints can be forwarded to the Missouri Division of Finance. Contact can be established with the Office by several means:
Consumer Credit Section, P.O. Box 716 301 W. High Street
Jefferson City, MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Consumers are encouraged to get to grips with the laws that govern payday loans within the state in order to get a better understanding.
- Missouri is known as the “show me” state. It has been said that this is because in 1899 Congressman Willard Duncan Vandiver was quoted as having said, “I am from Missouri, and you will have to show me”.
- There is a state law making it illegal for more than four people who are not related to one another to occupy the same dwelling. This is called the Brothel Law.
- We have the St. Louis world’s fair of 1904 to thank for the ice cream cones we use today. A vendor selling ice cream at the fair ran out of serving cups and he substituted waffles rolled up into cylinders as ice cream holders.
- The act of worrying a squirrel will not be tolerated in this state.
- In 1811 the most powerful earthquake to ever hit the United States struck in New Madrid. It is said that the quake shook more than one million square miles and people felt the effects as far as one thousand miles away.
- It is against the law for you to throw hard object using your hands in this state.
- The empty container law pertaining to alcoholic beverages is very strict in this state. If a person that is under the legal drinking age of 21 is caught carrying out the trash, and in that trash is an open alcohol container, that person can be charged with illegal possession according to state laws.
- This was the most fought over state during the civil war.
- In 1912 the first successful parachute jump from a moving airplane happened over St. Louis. Captain Berry was the gentleman wearing the chute that day.
- You will find more miles of boulevards in Kansas City than you will find in all of Paris. You will also find more fountains in Kansas City than you will find anywhere else in the world, with the exception of Rome.
- Tennessee and Missouri are tied for the right to call themselves the most neighborly state in the United States.
- The largest beer producing plant in the nation is located in St. Louis. It is the Anheuser-Busch brewery that produces Budweiser beer.
- Aunt Jemima pancake flour was the first ready-made food product to be sold commercially and it started out in St. Louis in 1899.
- It is unlawful to install a bathtub that has four legs which resemble animal paws in this state.
- 7-Up was invented in Missouri, and the world came to know about Dr. Pepper after it was introduced at the World’s Fair in St. Louis.
- In this state a person under the age of 18 cannot lawfully purchase a cap pistol, bit persons under the age of 18 may purchase shotguns.
- The state animal is the mule.
- When a milk man is on duty in the state it is unlawful for them to run.
- Iced tea was introduced to the world at the World’s Fair of 1904 in St. Louis.
- In 1925 the most destructive tornado to ever be recorded struck Annapolis. During a span of three hours it spun through the town and in its wake left a path that was 980 feet wide of debris and destruction. 832 people were killed by the storm and more than three thousand were injured.
- It is illegal to scare a baby in this state.
- It is unlawful to sit on a street curb while drinking beer from a bucket in this state.
- Dancing is a prohibited activity in this state.
- There were more than one thousand battles fought here during the civil war.
- Nixa is the home of Sucker day where more than fifteen thousand hungry people gather once a year to eat the bottom dwelling fish that most other people find distasteful. Schools in Nixa are closed on this day so the children can be part of the celebration.
- The tallest man ever documented on medical charts came from this state. Robert Pershing Wadlow was from St. Louis and measured 8’ and 11” in height.
- The tallest monument in the United States is the Gateway Arch standing at 630 feet in height.
- It is illegal to provide alcoholic beverages to your elephant in this state.