Mo. Rev. Stat. ch. 408 – Legal Tender and Interest | Midpage

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Revised Statutes of Missouri

Chapter 408

Mo. Rev. Stat. ch. 408

Legal Tender and Interest

408.010Constitutional money act — electronic specie currency accepted as legal tender — rules — payment and compensation by, requirements — definitions 408.015Definitions 408.020When no rate of interest is agreed upon, nine percent allowed as legal interest 408.030Interest, maximum rate allowed — penalty for overcharge, limitation on action for — "market rate" to be determined, when, how — discounting to financial organizations authorized 408.031Fee in lieu of interest may be charged on loan — exception 408.032Recording fees 408.035Unlimited interest, when allowed 408.036Prepayment penalty by lender prohibited, exception — maximum permitted, exceptions — return of moneys above maximum permitted 408.040Interest on judgments, how regulated — prejudgment interest allowed when, procedure 408.050Excess interest paid recoverable with costs and attorney fee 408.052Points prohibited, exception — penalties for illegal points — violation a misdemeanor — default charge authorized, when, exceptions 408.060Defendant may plead usury — judgment, how rendered — corporations cannot enter plea of usury 408.070Usurious interest — security agreement invalid 408.080Interest may be paid on interest — compounding limited to once a month — prohibited for certain loans 408.081Validity of certain existing contract not to be affected, when 408.083Credit contracts, prepayment before maturity, computation of interest 408.090Demand loans where only securities are pledged not subject to usury laws 408.092Attorney fees, enforcement of credit agreements, limitations 408.095Charging interest of more than two percent per month a misdemeanor, exceptions 408.096Loan arrangement, excess fee prohibited for certain transactions — penalty 408.100Applicability of section — rate of interest 408.110Short title — applicability of sections 408.120 to 408.190 408.120Interest computed and paid, how 408.130Borrower to receive statement of contract — contents — prepayment effect — receipts for payments 408.140Additional charges or fees prohibited, exceptions — no finance charges if purchases are paid for within certain time limit, exception 408.145Credit cards issued in contiguous states, terms and conditions — definitions 408.150Lender can not receive excess interest — failure by lender to return excess interest, damages allowed 408.160False advertising prohibited 408.170Contracts paid in full before due date — recomputations of interest — refund defined 408.175Interest rate when maturity of note or contract accelerated 408.178Deferral of monthly loan payments, fee authorized for certain loans 408.180Authority of director to verify interest rates charged 408.190Certain loans exempt from sections 408.120 to 408.180, and 408.200 408.193Credit cards, no derogatory reports to credit agencies for carrying a zero balance 408.200Borrower not to be indebted on two or more contracts with same lender, when 408.210Assignment of wages or compensation — excess over loan deemed interest 408.213Changes to certain sections remedial only 408.231Definitions 408.232Rates and terms 408.233Additional charges authorized 408.234Collateral — prepayment rights, method of computation 408.235Director may examine certain lenders 408.236Recovery of interest barred, when, exceptions — actions taken or omitted in reliance on interpretation by division of finance, effect 408.237Applicability of sections 408.231 to 408.241 408.240Penalties — actions taken or omitted in reliance on written interpretation by division, effect 408.241Prepayment fee, second mortgage loans, allowed when 408.250Definitions 408.260Time contract, how executed — required contents — additional notes to cut off buyer's rights prohibited — waiver of buyer's legal remedies prohibited 408.270Retail time contracts negotiated by mail — delivery unnecessary — notice of insertions in blanks 408.280Insurance purchased to secure retail time contract, regulation 408.290Retail charge agreement — form — delivery to buyer — contents 408.300Time charges, amount authorized on retail time contracts — retail charge agreements, time charges authorized 408.310Assignments of retail time contracts and charge agreements — notice to buyer, effect 408.320Buyer may pay retail time contract debt before maturity — refund of charges 408.330Delinquency and collection charges permitted — insurance premium in lieu of perfecting security interest authorized — attorney fees — consolidation of contracts — convenience fee, when 408.340Applicability to prior transactions 408.350Waiver of provisions void 408.360Citation of law 408.365Acceleration clauses, repossession or confession of judgment by power of attorney, right of entry to repossess and waiver of damages from repossession provisions, prohibited 408.370Violation, penalty — effect on time and other charges — correction 408.375Retail installment agreement, deemed signed or accepted, when 408.380Sale of certain financial products and plans associated with certain loan transactions not prohibited 408.400Definitions 408.405Defenses or setoffs arising from transaction good against holder of security instrument, when 408.410Exempt transactions 408.415Chapter 400 is modified by provisions of sections 408.400 to 408.415 408.455Variable rate agreements subject to certain provisions 408.505Term of loans, charges permitted, repayment, return check charge 408.506Report to the general assembly, contents 408.510Licensure of consumer installment lenders — interest and fees allowed 408.512Loans by traditional installment loan lenders 408.550Discrimination prohibited — damages recoverable 408.551Applicability of sections 408.551 to 408.562 — credit transaction defined 408.552Enforceability of default provisions 408.553Recovery limitation 408.554Notice of default, contents, form, delivery 408.555Acceleration, repossession and cancellation restricted — required procedures — borrower's right to cure 408.556Actions arising from default, contents of petition — default judgment requires sworn testimony — recovery of unpaid balances 408.557Notice required before deficiency action may be commenced 408.558Security interests not to be taken, when 408.560Unenforceable provisions in note or credit contract 408.562Damages recoverable for violation 408.570Definitions 408.575Denial of loans prohibited, when, reasons for 408.580Applications to be accepted — written reasons for rejection required — display of statute required — retention of records — rulemaking, procedure 408.585Limitation on requirements of sections 408.570 to 408.600 408.590Division directors, report to governor and department director, contents 408.595Financial institutions to make other annual report, contents 408.600Division directors to enforce provisions of sections 408.570 to 408.600 — complaints, how handled — hearings — remedies 408.675Citation of law — definitions 408.677Government access to records, when — requirements 408.680Financial institution may not disclose, exceptions, requirements 408.682Customer authorization, requirements 408.683Subpoena, government may obtain records with, when — procedure — notice required 408.685Delay of notice, allowed when — postdisclosure notice, form of 408.686Challenge to subpoena — procedure, appeals 408.687Financial institution to assemble records upon subpoena — delivery of records, when 408.689Transfer of records to additional agency, allowed when — notice 408.690Nonprohibited disclosure activities 408.692Law not applicable to government authority, when — procedure 408.693Fee paid to financial institution, amount, how determined 408.695Statute of limitations 408.696Civil liability for violation, amount — disciplinary action against agency employee, when — good faith a valid defense, when — exclusive remedy 408.697Injunctive relief, allowed when 408.699Statute of limitations, tolled when 408.700Subpoena issued under authority of grand jury, records, use of 408.800Definitions 408.805Savings promotion program authorized, conditions 408.810Compliance with federal American Savings Promotion Act 408.815Programs not gambling, gaming, lottery, raffle, or sweepstake