367.509.  Qualifications of applicants, surety bond, fee, display of license. — 1.  A title loan license applicant must have and maintain capital of at least seventy-five thousand dollars at all times.  

  2.  The license application shall be in writing, under oath and in the form prescribed by the director.  The application shall contain the name of the applicant, date of formation if a business entity, the address of each title loan office operated or sought to be operated, the name and residential address of the owner, partners, directors, trustees and principal officers, and such other pertinent information as the director may require.  A corporate surety bond in the principal sum of twenty thousand dollars per location shall accompany each license application.  The bond shall be in a form satisfactory to the director and shall be issued by a bonding company or insurance company authorized to do business in this state in order to ensure the faithful performance of the obligations of the applicant and the applicant's agents and subagents in connection with title loan activities.  An applicant or licensee may, in lieu of filing any bond required pursuant to this section, provide the director with an irrevocable letter of credit as defined in section 400.5-103 in the amount of twenty thousand dollars per location, issued by any bank, trust company, savings and loan or credit union operating in Missouri in a form acceptable to the director.  

  3.  At the time of filing an application for licensure, the applicant shall pay a licensing fee, to be determined by the director from time to time, not to exceed five thousand dollars and a fee for each additional location where such applicant conducts business, to be determined by the director from time to time, not to exceed one thousand dollars.  Applicants who have not exceeded one hundred active accounts at any point in the previous licensing year, shall pay a licensing fee, to be determined by the director from time to time, not to exceed one thousand dollars and a fee for each additional location where such applicant conducts business, to be determined by the director from time to time, not to exceed one thousand dollars.  The licensing period shall run from January first to December thirty-first.  Thereafter, every licensee shall pay a like fee on or before December thirty-first of each year.  All license fees paid pursuant to this section shall be credited to the consumer licensing fund, established pursuant to section 361.170.  

  4.  Each license shall specify the location of the title loan office and shall be conspicuously displayed therein.  Before any title lending office may relocate, the director shall approve such relocation by mailing the licensee a new license to that effect, without charge.