Section 12 Practice Tips - Small Loans
| Library | Consumer Law and Practice 2010 – Forms |
Counsel should investigate the following facts:
. If the loan is for $500 or less, is this a payday (small-small) loan or a small loan? Does the lender have the appropriate license for the loan?
. Is the loan secured? It should be a small loan because payday loans cannot be secured.
. If there is security, is the collateral real property? If so, was the proper notification included on the loan contract? Section 367.185.3, RSMo 2000.
. Is there a maximum fee notice posted conspicuously at the lender's...
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