408.510. Licensure of consumer installment lenders--interest and fees allowed.
Licensure of consumer installment lenders--interest and fees allowed.
408.510. Notwithstanding any other law to the contrary, the phrase"consumer installment loans" means secured or unsecured loans of any amountand payable in not less than four substantially equal installments over aperiod of not less than one hundred twenty days. The phrase "consumerinstallment lender" means a person licensed to make consumer installmentloans. A consumer installment lender shall be licensed in the same mannerand upon the same terms as a lender making consumer credit loans. Suchconsumer installment lenders shall contract for and receive interest andfees in accordance with sections 408.100, 408.140, and 408.170. Consumerinstallment lenders shall be subject to the provisions of sections 408.551to 408.562.
(L. 2001 S.B. 186, A.L. 2002 S.B. 895)