Consumer Protection Legislation - Missouri

SCS/SBs 712 & 882 - This act allows a consumer to request that a "security freeze" be placed on his or her credit report, which prohibits credit reporting agencies from releasing the consumer's credit report or credit score without specific authorization from the consumer. Credit reporting agencies are directed to place a freeze on any consumer's credit report within five days of the receipt of such a request. The reporting agency must notify the consumer in writing within ten days of enacting the security freeze and must provide instructions for removing or temporarily lifting the freeze. No fee may be charged by a credit reporting agency for a consumer's first security freeze request, but a fee up to $10 may be charged for any subsequent freeze request made by the same consumer. Credit reporting agencies may issue credit reports subject to a freeze in certain circumstances that include: when requested or authorized by the consumer, pursuant to a court order, during times when the [...]

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SB 744 - This act amends the law relating to unsecured loans of $500 or less. Under current law, lenders may renew such loans upon the borrower's request. This act prohibits lenders from renewing such loans. Under current law, the director of the Division of Finance may issue a cease and desist order when lenders fail to make a good faith effort to comply with laws relating to consumer loans. This act allows the attorney general to do the same. The Attorney General may also file an action in any circuit court to enjoin the practice; impose a civil penalty; or to obtain an order of rescission, restitution, or disgorgement. Under the act, a lender may only charge interest and fees up to the amount of $15 per $100 of principal for the first 30 days of the loan, and not more than 3% per month thereafter, which is an annual percentage rate of approximately 36%. Under current law, the Division of Finance must report to the general assembly, the number of licenses issued under this [...]

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SB 773 - This act provides that no applicant shall be enrolled in a Medicare Advantage plan until two business days have passed since the initial personal solicitation and the applicant has signed a disclosure form. Personal solicitation includes either an on-site presentation at a facility or a home meeting with an insurance agent. The disclosure shall be signed and dated by both the applicant and the agent on the day of the initial personal solicitation and shall include: -A statement that Medicare Advantage plans are not Medigap supplement plans; -A statement advising the applicant to confirm with his or her health care providers whether or not the provider has contracted with the Medicare Advantage plan to provide medical services; and -A statement advising the applicant to contact either a trusted family member, friend or the state health insurance assistance program, known as CLAIM. The director of the Department of Insurance, Financial Institutions and Professional Registration [...]

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