367.530. Safekeeping of certificates of title--liability insurance maintained, when--liability of title lender.

Safekeeping of certificates of title--liability insurance maintained,when--liability of title lender.

367.530. 1. Every title lender shall maintain a fireproof place forthe pledged certificates of title and a safe place for pledged propertydelivered to or repossessed by the title lender.

2. Every title lender shall maintain premises liability insurance inan amount of not less than one million dollars per occurrence for thebenefit of customers and employees, which insurance shall provide coveragefor, among other risks, injuries caused by the criminal acts of thirdparties.

3. A title lender shall not be liable for any loss or injuryoccasioned or caused by the use of pledged property unless the pledgedproperty is actually in the title lender's possession.

4. A title lender shall be strictly liable to the borrower for anyloss to pledged property in the title lender's possession.

(L. 1998 H.B. 1526 § 11, A.L. 2001 H.B. 738 merged with S.B. 186)