Modifies standards regarding consumer installment lenders and loans

HB 217 sets a 36% annual percentage rate (APR) cap on unsecured short-term loans of $500 or less, directly affecting lenders who provide these loans and borrowers who take them out in Missouri. The bill requires lenders to clearly disclose the maximum APR they charge, provide borrowers with a notice allowing cancellation without cost the next business day, and limit loan renewals to six times with a 5% principal reduction per renewal. It mandates that lenders obtain a $600 annual license (per location) and prohibits deceptive practices like disguising loans as property sales or charging application fees outside the APR calculation. Additionally, lenders must post maximum APRs prominently and provide federal Truth in Lending Act disclosures for all loans.