Missouri HB3021 amends consumer credit interest rates by setting minimum and maximum loan terms, restricting additional fees, and requiring clear.

Missouri HB3021 modifies consumer credit laws by establishing a minimum loan term of fourteen days and a maximum term of thirty-one days. It restricts lenders from charging fees beyond simple interest and reasonable attorney fees. The bill mandates lenders to conspicuously display current maximum annual percentage rates and inform borrowers of their right to cancel the loan without cost within a day. It also prohibits state or public employees from enforcing contracts that violate these provisions.

Missouri HB3021 amends consumer credit interest rates by setting minimum and maximum loan terms, restricting additional fees, and requiring clear.

Missouri HB3021 modifies consumer credit laws by establishing a minimum loan term of fourteen days and a maximum term of thirty-one days. It restricts lenders from charging fees beyond simple interest and reasonable attorney fees. The bill mandates lenders to conspicuously display current maximum annual percentage rates and inform borrowers of their right to cancel the loan without cost within a day. It also prohibits state or public employees from enforcing contracts that violate these provisions.