The Consumer Credit Section of the Missouri Division of Finance is responsible for licensing and regulating various types of consumer finance companies to ensure compliance with numerous state and federal laws. During an examination, examiners will identify each type of transaction and apply the appropriate statutes and regulations governing that particular type of credit. In addition to state laws, companies must comply with many federal laws as well such as Regulation AA, Regulation B, Regulation Z, the Federal Trade Commission Credit Practices Rule, and the Real Estate Settlement Procedures Act (RESPA). While each type of lender has unique statutory requirements, there are several common threads. For example, credit insurance, financial calculations, Uniform Commercial Code, and Truth-in-Lending requirements apply to all lenders.
