When someone buys a debt waiver (a product that cancels or reduces what a person owes on a loan if something goes wrong), the company selling it must give that person a written document written in plain, easy-to-read language. That document must include the names and addresses of the lender and borrower, the price and terms of the waiver, how to cancel it for a full refund during a trial period (if no benefits were used), how to make a claim, the rules for canceling, and a statement that buying the waiver is not required to get a loan or vehicle.
407.2045. 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 and the borrower at the time of sale, and the identity of any 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 associated with the debt waiver;
(3) A statement that the borrower may cancel the debt waiver within a as specified in the debt waiver and, if so , 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 consistent with all applicable Missouri laws; and
(6) A statement that any , terms of the , or terms of the related motor vehicle sale or shall not be upon the borrower's purchase of a debt waiver.
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Source & history notes
(L. 2023 S.B. 398)
Related Missouri laws
Debt waiver insurance policies, requirements and coverage
RSMo 407.2040
Debt waiver cancellation
RSMo 407.2050
Debt waiver obligations, insuring of by retail sellers and creditors, requirements
RSMo 407.2035
Debt waivers exempt, when
RSMo 407.2055
Definitions
RSMo 407.2030
Definitions
RSMo 407.2060
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.