Effective 28 Aug 2008

367.500. Definitions. — As used in sections 367.500 to 367.533, unless the context otherwise requires, the following terms mean:

(1) "Borrower", a person who borrows money pursuant to a title loan agreement;

(2) "Capital", the assets of a person less the liabilities of that person. Assets and liabilities shall be measured according to generally accepted accounting principles;

(3) "Certificate of title", a state-issued certificate of title or certificate of ownership for personal property;

(4) "Director", the director of the division of finance or its successor agency;

(5) "Person", any resident of the state of Missouri or any business entity formed under Missouri law or duly qualified to do business in Missouri;

(6) "Pledged property", personal property, ownership of which is evidenced and delineated by a title;

(7) "Title lender", a person qualified to make title loans pursuant to sections 367.500 to 367.533 who maintains at least one title lending office within the state of Missouri, which office is open for the conduct of business not less than thirty hours per week, excluding legal holidays;

(8) "Title lending office" or "title loan office", a location at which, or premises in which, a title lender regularly conducts business;

(9) "Title loan agreement", a written agreement between a borrower and a title lender in a form which complies with the requirements of sections 367.500 to 367.533. The title lender shall perfect its lien pursuant to sections 301.600 to 301.660 but need not retain physical possession of the titled personal property at any time; and

(10) "Titled personal property", any personal property excluding property qualified to be a personal dwelling the ownership of which is evidenced by a certificate of title.

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(L. 1998 H.B. 1526 § 1, A.L. 2001 H.B. 738 merged with S.B. 186, A.L. 2008 S.B. 788)