Source: http://www.moga.mo.gov/mostatutes/chapters/chapText364.html
Timestamp: 2017-10-21 06:36:23
Document Index: 263409064

Matched Legal Cases: ['§ 1', '§ 7', '§ 1', '§ 3', '§ 4', '§ 8', '§ 9', '§ 10', '§ 11', '§ 13']

Chapter 364 RSMO
Retail Credit Financing Institutions
←Chapter: 362
Chapter: 365→ August 28, 2016
364.010. This chapter may be cited as the "Missouri Financing Institution Licensing Law".
(L. 1963 p. 463 § 1)
364.020. Unless otherwise clearly indicated by the context, when used in this chapter, the following terms mean:
Financial institutions to obtain license,exceptions--application--fee.
License denied or suspended, grounds--hearing and review.
364.040. 1. Renewal of a license originally granted under this chapter may be denied, or a license may be suspended or revoked by the director on the following grounds:
Director may investigate--buyer may make complaint.
364.050. 1. The director, or his duly authorized representatives, shall have full power and authority at any time to make any investigation considered necessary of financing institutions and of other persons having personal knowledge of the matters under investigation and, to the extent necessary for this purpose, may compel the production of all relevant books, records, accounts and documents of financing institutions and other persons with respect to their retail time transactions.
Director may promulgate rules and regulations, issuesubpoenas--enforcement--rulemaking, procedure, generally, thischapter.
364.060. 1. The director shall have the power to adopt and promulgate all rules and regulations necessary to carry out the intent and purposes of this chapter. A copy of every rule or regulation shall be mailed to each financing institution, postage prepaid, at least fifteen days in advance of its effective date; except, however, the failure of a financing institution to receive a copy of the rules or regulations shall not exempt it from the duty of compliance with the rules and regulations lawfully promulgated hereunder.
364.070. Any person who knowingly violates any provision of this chapter or of any law of this state relating to the business of a financing institution in this state without a license therefor except as provided in this chapter is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than five hundred dollars or by confinement in the county jail for not more than six months or both.
(L. 1963 p. 463 § 7)
364.100. As used in sections 364.100 to 364.160, the following terms shall mean:
(1) "Director", the director of the division of finance of the state of Missouri;
(2) "Person", an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company, or any other group of individuals, however organized;
(3) "Premium finance agreement", an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest or discount and a service charge, as authorized and limited by sections 364.100 to 364.160;
(4) "Premium finance company", a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies.
(L. 1984 S.B. 636 § 1)
Registration required--fee--forms.
364.105. 1. No person shall engage in the business of a premium finance company in this state without first registering as a premium finance company with the director.
Records to be maintained by company.
364.110. 1. A premium finance company shall maintain records of its premium finance transactions.
2. A premium finance company shall preserve its records of premium finance transactions, including cards used in a card system, if any, for at least two years after making the final entry with respect to any premium finance agreement. The preservation of records in photographic, microfilm or microfiche form constitutes compliance with this section.
(L. 1984 S.B. 686 § 3)
Premium finance agreement, requirements, contents.
364.115. A premium finance agreement shall:
(1) Be dated and signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight point type;
(2) Contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or place of business of the insured, the name and place of business of the premium finance company to which payments are to be made, a brief description of the insurance contracts involved and the amount of the premium; and
(3) Set forth the following items, where applicable:
(a) The total amount of the premium;
(c) The principal balance, meaning the difference between the amounts stated under paragraphs (a) and (b) of this subdivision;
(d) The amount of the interest or discount;
(e) The balance payable by the insured, meaning the sum of amounts stated under paragraphs (c) and (d) of this subdivision; and
(L. 1984 S.B. 686 § 4)
Interest or discount, amount allowed, computation--prepayment ofobligation--refund credit, calculation.
364.120. 1. A premium finance company shall not charge, contract for, receive, or collect any interest or discount charge other than as permitted by sections 364.100 to 364.160.
Other charges allowed.
364.125. 1. A premium finance agreement may provide for the payment by the insured of a delinquency charge of up to five percent of any installment which is in default for a period of five days or more. If the premium finance agreement is for personal, family or household purposes, then the maximum delinquency charge shall be fifteen dollars. If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge of fifteen dollars.
Cancellation of finance contract under power ofattorney--requirements, procedure.
364.130. 1. When a premium finance agreement contains a power of attorney clause enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless such cancellation is done in accordance with this section.
Return of unearned premiums on cancellation of financed contract--timeallowed.
364.135. Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross unearned premiums are due under the insurance contract directly to the premium finance company for the account of the insured or insureds as soon as reasonably possible, but in no event later than sixty days after the effective date of cancellation. In the event that the crediting of return premiums to the account of the insured results in a surplus over the amount due from the insured, the premium finance company shall refund such excess to the insured, provided that no such refund shall be required if it amounts to less than one dollar.
(L. 1984 S.B. 686 § 8)
Filing of agreement not required for validity against creditors.
364.140. No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or any other insolvency proceeding under any law, or anyone having the status or power of the aforementioned or their successors or assigns.
(L. 1984 S.B. 686 § 9)
Revenue deposited to state general revenue fund.
364.145. All revenues collected by or paid to the director under the provisions of sections 364.100 to 364.160 shall be forwarded immediately to the director of revenue, who shall deposit them in the general revenue fund.
(L. 1984 S.B. 686 § 10)
364.150. The licensing provisions of sections 364.100 to 364.160 shall not apply to any insurance agent or insurance broker licensed to do business in this state. Nor shall the provisions of sections 364.100 to 364.160 apply to insurance premiums financed in connection with credit transactions.
(L. 1984 S.B. 686 § 11)
Violation of law--misdemeanor.
364.160. Any premium finance company willfully and knowingly violating the provisions of sections 364.100 to 364.160 shall be guilty of a class A misdemeanor.
(L. 1984 S.B. 686 § 13)