Premium Finance Companies
The entire law of premium finance, i.e., both licensing requirements and those concerning rates, refunding, etc., is found in sections 364.100-364.160. A company licensed pursuant to this section finances insurance premiums. The premiums financed are not credit insurance premiums, but typically would include such things as homeowners insurance or auto insurance. However, the majority of the premium finance business involves the financing of business insurance premiums such as liability and workman's compensation. Engaging in the business of financing business insurance premiums does not exempt a company from the licensing requirement. In what may be unique to Missouri law, there is no lengthy list of entities that need not be licensed to do premium finance: even banks and trust companies must be licensed. Another unusual feature is that the law has different requirements for disclosures, rates, etc. for business purposes than for personal, household, or family purposes.
The consumer protection provisions of sections 408.551-408.562 do not apply (but see section 408.554.3).