Missouri § 374.305 - Conditioning loan on purchase of credit insurance from certain persons prohibited — freedom of selection of insurer required.
Full text of Missouri Revised Statutes of Missouri § 374.305 — Conditioning loan on purchase of credit insurance from certain persons prohibited — freedom of selection of insurer required., with citation guidance and answers to common questions.
§ 374.305. Conditioning loan on purchase of credit insurance from certain persons prohibited — freedom of selection of insurer required.
No financial institution, as defined in section 374.300, shall, as a condition of a loan, require any debtor to purchase life or health insurance from an agent who is employed or retained by, or is a director or officer of the financial institution making the loan. When life or accident and sickness insurance is required or requested as additional security for indebtedness, the debtor shall be informed of the option of furnishing the insurance, or any portion thereof, through existing policies owned or controlled by the debtor, or of procuring and furnishing the required coverage through any agent or insurer authorized to transact such insurance business within this state.
--------
(L. 1977 H.B. 40 § 2)
---- end of effective 28 Aug 1977 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 374.305
What does Revised Statutes of Missouri § 374.305 cover?
Section 374.305 ("Conditioning loan on purchase of credit insurance from certain persons prohibited — freedom of selection of insurer required.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 374.305?
A common citation format is "Revised Statutes of Missouri § 374.305" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 374.305 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.