Can I collect credit card information from participants in Missouri? What are the requirements?

Yes, you can collect credit card information from participants in Missouri, but there are specific requirements that must be followed.

Requirements for Collecting Credit Card Information in Missouri

According to 11 CSR 45-8.140 and 11 CSR 45-8.142, a person who wants to obtain credit from a Class B licensee in Missouri must file a credit application with the licensee that contains certain information, including bank account information, the credit limit requested, and the person’s signature indicating acceptance of the terms of the credit agreement and attesting to the accuracy of the information provided. The Class B licensee must also verify the person’s identity, address, and banking information, as well as perform a credit check and apply usual standards to determine the dollar amount of credit for which the person qualifies. All transactions affecting a person’s outstanding indebtedness, including all issuances of credit and payments thereof, to the Class B licensee shall be recorded in chronological order in the person’s credit file (either manually or electronically). The following information shall be maintained in each person’s credit file:

• A copy of the person’s valid, non-expired government-issued photo identification presented prior to approval of the person’s credit limit (may be held in a separate file);
• The date, amount, and check number, if applicable, of each credit instrument accepted from the person;
• The date, method, amount, and, if applicable, the personal check number of each payment transaction and the check number, if applicable, of the credit instrument returned to the person;
• The date, amount, and check number, if applicable, of each personal check used for a substitution transaction and the check number, if applicable, of the credit instrument returned to the person;
• The date, amount, and check number, if applicable, of each replacement credit instrument accepted from the person in a consolidation transaction and the check numbers, if applicable, of the initial credit instruments that were consolidated and returned to the person;
• The date, amount, and check number, if applicable, of each credit instrument deposited;
• The date, amount, and check number, if applicable, of each personal check or credit instrument returned to the Class B licensee by the person’s bank and the reason for its return;
• The outstanding balance after each transaction; and
• The date, amount, and check number, if applicable, of any credit instruments or personal checks that have been partially or completely written off by the Class B licensee and a brief explanation of the reason for the write off.

Evidence of creditworthiness and related documents shall be retained in the credit file for a minimum of five (5) years, or as long as the debt remains unpaid, whichever is longer. Player ratings (if rated) shall be retained for a minimum of five (5) years, or as long as the debt remains unpaid, whichever is longer. These records may be maintained separately from the credit file.

Therefore, if you are collecting credit card information as part of a credit application process in Missouri, you must ensure that you are following these requirements.

Privacy Requirements for Handling Credit Card Information

Additionally, according to MOCS 20 CSR 100-6.100, companies in Missouri must follow certain privacy requirements when handling nonpublic personal information, including credit card information. These requirements include providing clear and conspicuous notices to consumers about how their information will be used and disclosed, as well as implementing appropriate safeguards to protect the confidentiality and security of the information.

Therefore, if you are collecting credit card information from participants in Missouri, you must also ensure that you are following these privacy requirements.

Overall, while it is possible to collect credit card information from participants in Missouri, it is important to ensure that you are following the specific requirements outlined in the relevant regulations.

Jurisdiction

Missouri

• Privacy