Section 407.2045

Title XXVI TRADE AND COMMERCE

Chapter 407

Effective - 28 Aug 2023   

  407.2045.  Debt waiver disclosure requirements. — Debt waivers shall disclose in writing and in clear, understandable language that is easy to read the following:

  (1)  The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor;

  (2)  The purchase price, if any, and the terms of the debt waiver including, but not limited to, the requirements for protection, conditions, or exclusions associated with the debt waiver;

  (3)  A statement that the borrower may cancel the debt waiver within a free-look period as specified in the debt waiver and, if so cancelled, shall be entitled to a full refund of the purchase price paid by the borrower, if any, so long as no benefits have been provided;

  (4)  The procedure the borrower is required to follow, if any, to obtain debt waiver benefits under the terms and conditions of the debt waiver, including, if applicable, a telephone number or website and address where the borrower may apply for debt waiver benefits;

  (5)  The terms and conditions governing cancellation consistent with all applicable Missouri laws; and

  (6)  A statement that any extension of credit, terms of the credit, or terms of the related motor vehicle sale or lease shall not be conditioned upon the borrower's purchase of a debt waiver.

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(L. 2023 S.B. 398)