HB3187

Establishes the "Credit Fairness and Financial Opportunity Act" to regulate consumer loan denials in Missouri.

The "Credit Fairness and Financial Opportunity Act" mandates that lenders in Missouri cannot deny a consumer loan application solely based on a numerical credit score. Instead, lenders must conduct an individualized ability-to-pay analysis. This analysis includes factors such as verified income, debt-to-income ratio, and payment history. The act also prohibits certain practices, such as using minimum credit score cutoffs as the sole basis for denials.