PURPOSE: This rule establishes the requirements that must be met for registration as a title service agent.

1. (1) Motor vehicle title service agents registering pursuant to section 301.114.2., RSMo shall file an application with the Department of Revenue on a form provided by the director of revenue. The application shall be filed annually together with the following:

   1. (A) Proof of registration with the Office of the Secretary of State, either Certificate of Incorporation or fictitious name registration, if required;

   2. (B) A corporate surety bond on a form approved by the director of revenue. The bond requirements are—

      1. 1. The amount of the bond must be

twenty-five thousand dollars ($25,000);

1. 2. The bond must be executed in the

name of the State of Missouri for the benefit of any aggrieved party. The proceeds are to be payable to the aggrieved party upon receipt by the director of a final judgment from a court of competent jurisdiction against the title service agent;

1. 3. The effective date for the bond must

be on or before the date the application is received by the motor vehicle bureau;

1. 4. The bond must state that it is condi-

tioned upon the applicant's compliance with the provisions of the statutes applicable to all requirements for the lawful obtaining or receiving of certificates of ownership for motor vehicles;

1. 5. The bond must state that it is an

indemnity bond for loss sustained by any person by reasons of an act of the title service agent when that act could constitute grounds for suspension or revocation of the title service agent’s registration; and

1. 6. The bond must state that in the event

of cancellation by the surety, the Department of Revenue will receive notice of cancellation prior to the cancellation;

1. (C) Address where business is to be conducted (not a post office box) and the established business hours; and
2. (D) Registration fee.

1. (2) A title service agent must file a separate application and shall be issued a separate license for each location owned and operated by the agent.
2. (3) All registrations expire on June 30 of each year and applications for renewal must be filed in a timely manner to assure registration for the year beginning July 1.
3. (4) Any title service agent who changes the site of either the principal or a branch location must comply with all provisions of section 301.114, RSMo before the application may be accepted.
4. (5) Whenever a title service agent is no longer entitled to registration pursuant to section 301.114, RSMo through voluntary cessation of business, abandonment of the registered place of business, suspension of registration, sale of a business, declaration of bankruptcy or for any other reason, the title service agent immediately shall surrender his/her license to the director of revenue regardless of the unexpired time remaining in the registration period applicable to that license. No portion of the registration fee will be refunded.
5. (6) The agent must maintain reasonable business hours to allow contact by any authorized representative of the department, member of the Missouri State Highway Patrol or any authorized peace officer. Reasonable business hours will be considered to be 9:00 a.m. to 4:00 p.m., four (4) days a week. If the title service is closed, the agent, by notice, must inform the public of a reasonable method of making appointments and the hours during which the agent will be present. An agent may make written application to the Department of Revenue for approval of more limited hours of operation than those required in this section and may operate during the hours upon written approval by the Department of Revenue.
6. (7) Any changes in the application information must be reported immediately to the motor vehicle bureau.

AUTHORITY: section 301.114, RSMo 1986.* Original rule filed Sept. 10, 1984, effective Jan. 12, 1985. *Original authority: 301.114, RSMo 1984.