Section 407.2045 - Debt waiver disclosure requirementsDebt 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.Added by 2023 Mo. Laws, SB 398,s A, eff. 8/28/2023.