Title XXVI — TRADE AND COMMERCE

408.280. Insurance purchased to secure retail time contract, regulation. — 1. The amount, if any, included for insurance, if a separate identified charge is made for the insurance, which insurance may be purchased by the seller or other person holding a retail time contract or ac…

408.290. Retail charge agreement — form — delivery to buyer — contents. — 1. Every retail charge agreement shall be in writing and shall be signed by the retail buyer. A copy of any such agreement executed on or after October 13, 1961, shall be delivered or mailed to the retail b…

408.300. Time charges, amount authorized on retail time contracts — retail charge agreements, time charges authorized. — 1. Notwithstanding the provisions of any other law, the seller or other holder under a retail time contract may charge, receive and collect a time charge, whic…

408.310. Assignments of retail time contracts and charge agreements — notice to buyer, effect. — Any person may purchase or acquire or agree to purchase or acquire from any seller any retail time contract or account under a retail charge agreement on such terms and conditions and…

408.320. Buyer may pay retail time contract debt before maturity — refund of charges. — Notwithstanding the provisions of any retail time contract to the contrary, any buyer may prepay in full at any time before maturity the debt of any retail time contract and on so paying such …

408.330. Delinquency and collection charges permitted — insurance premium in lieu of perfecting security interest authorized — attorney fees — consolidation of contracts — convenience fee, when. — 1. If a retail time contract or a retail charge agreement so provides, the holder t…

408.340. Applicability to prior transactions. — The provisions of sections 408.250 to 408.370 shall not apply to retail time transactions consummated prior to the effective date hereof; provided, however, that with respect to any sale made subsequent to the effective date hereof …

408.350. Waiver of provisions void. — Any waiver of the provisions of sections 408.250 to 408.370 shall be unenforceable and void. ­­-------- (L. 1961 p. 638 § 12)

408.360. Citation of law. — Sections 408.250 to 408.370 may be cited as the "Missouri Retail Credit Sales Law". ­­-------- (L. 1961 p. 638 § 1)

408.365. Acceleration clauses, repossession or confession of judgment by power of attorney, right of entry to repossess and waiver of damages from repossession provisions, prohibited. — 1. No retail time contract shall contain any provision by which in the absence of the buyer's …

408.370. Violation, penalty — effect on time and other charges — correction. — 1. Any person who shall knowingly violate any provision of section 408.250 and sections 408.260 to 408.370 shall be deemed guilty of a misdemeanor and, upon conviction, shall be punished by a fine of n…

408.375. Retail installment agreement, deemed signed or accepted, when. — As used in sections 408.250 to 408.370, a retail installment agreement shall be deemed to be signed or accepted by the buyer, if after a request for a retail installment account, the agreement or applicatio…

408.380. Sale of certain financial products and plans associated with certain loan transactions not prohibited. — 1. Notwithstanding any provision of sections 408.140, 408.233, 408.300, or any other law to the contrary, no provision of such sections shall be construed to prohibit…

408.400. Definitions. — 1. As used in sections 408.400 to 408.415, unless the context otherwise requires: (1) "Arranged" means to provide or offer to provide a loan which is or will be extended by another person under a business or other relationship pursuant to which the person …

408.405. Defenses or setoffs arising from transaction good against holder of security instrument, when. — The rights of a holder or assignee of an instrument, account, contract, right, chattel paper or other writing other than a check or draft, which evidences the obligation of a…

408.410. Exempt transactions. — Sections 408.400 to 408.415 are not applicable to: (1) An instrument or other writing which evidences a loan or indebtedness to a lender or person, other than a seller or lessor, which was not arranged by a seller or lessor, the proceeds of which a…

408.415. Chapter 400 is modified by provisions of sections 408.400 to 408.415. — Subject to the provisions of sections 408.400 to 408.415, the provisions of chapter 400, RSMo 1969, shall be applicable to any consumer credit transaction. ­­-------- (L. 1974 H.B. 1047, et al. § 4)…

408.455. Variable rate agreements subject to certain provisions. — All contracts or agreements originally subject to sections 408.450 to 408.470, existing on August 28, 2003, shall remain subject to the provisions of sections 408.140, 408.150, 408.160 and 408.550 to 408.562, even…

408.500. Unsecured loans of five hundred dollars or less, licensure of lenders, interest rates and fees allowed — penalties for violations — cost of collection expenses — notice required, form — cease and desist order issued, when. — 1. Lenders, other than banks, trust companies,…

408.505. Term of loans, charges permitted, repayment, return check charge. — 1. This section shall apply to: (1) Unsecured loans made by lenders licensed or who should have been licensed pursuant to section 408.500; (2) Any person that the Missouri division of finance determines …

408.506. Report to the general assembly, contents. — The division of finance shall report to the general assembly beginning on January 1, 2003, and on the first day of January every other year thereafter, the number of licenses issued by the director pursuant to section 408.500, …

408.510. Licensure of consumer installment lenders — interest and fees allowed. — Notwithstanding any other law to the contrary, the phrase "consumer installment loans" means secured or unsecured loans of any amount and payable in not less than four substantially equal installmen…

408.512. Loans by traditional installment loan lenders. — 1. Any traditional installment loan lender licensed under sections 367.100 to 367.200 or section 408.510 shall be permitted to make loans and charge fees and interest as authorized under sections 408.100, 408.140, and 408.…

408.550. Discrimination prohibited — damages recoverable. — 1. No person, upon proper application, shall be denied credit under the provisions of sections 408.015 to 408.562 on the basis of sex, marital status, age, race or religion. Any action which complies with the provisions …

408.551. Applicability of sections 408.551 to 408.562 — credit transaction defined. — Sections 408.551 to 408.562 shall apply to any credit transaction made primarily for personal, family or household purposes pursuant to sections 365.010 to 365.160 and sections 408.100 to 408.37…

408.552. Enforceability of default provisions. — An agreement of the parties to a credit transaction concerning default by the borrower is enforceable only to the extent that: (1) The borrower fails to make a payment as required by agreement; or (2) The lender's prospect of payme…

408.553. Recovery limitation. — Upon default the lender shall be entitled to recover the amount due and accrued under the agreement, including interest and penalties through the date of payment in full or to the date of a final judgment. Following a judgment, the lender may addit…

408.554. Notice of default, contents, form, delivery. — 1. After a borrower has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of the collateral, a lender may give the borrower and all cosigners on the credit tra…

408.555. Acceleration, repossession and cancellation restricted — required procedures — borrower's right to cure. — 1. Except as provided in subsection 2 of this section, after a default consisting only of the borrower's failure to make a required payment, a lender, because of th…

408.556. Actions arising from default, contents of petition — default judgment requires sworn testimony — recovery of unpaid balances. — 1. In any action brought by a lender against a borrower arising from default, the petition shall allege the facts of the borrower's default, fa…

408.557. Notice required before deficiency action may be commenced. — When a lender sells or otherwise disposes of collateral in a transaction in which an action for a deficiency may be commenced against the borrower, prior to bringing any such action or upon written request of t…

408.558. Security interests not to be taken, when. — 1. No security interest, other than a purchase money security interest, may be taken or acquired in household furnishings, appliances, or clothing of the borrower or his dependents as security for a loan if the amount financed …

408.560. Unenforceable provisions in note or credit contract. — The following provisions when contained in any note or credit contract or the contract of any guarantor of a credit transaction shall be void and unenforceable: (1) A power of attorney to confess judgment; (2) An ass…

408.562. Damages recoverable for violation. — In addition to any other civil remedies or penalties provided for by law, any person who suffers any loss of money or property as a result of any act, method or practice in violation of the provisions of sections 408.100 to 408.561 ma…

408.570. Definitions. — Unless otherwise clearly indicated by the context, the following words and terms as used in sections 408.570 to 408.600 shall mean: (1) "Department", the Missouri department of commerce and insurance; (2) "Director", the director of the department of comme…

408.575. Denial of loans prohibited, when, reasons for. — It shall be unlawful for any financial institution, or any subsidiary or agent thereof, to deny a residential real estate loan to a person because of any of the following factors or to discriminate against any applicant fo…

408.580. Applications to be accepted — written reasons for rejection required — display of statute required — retention of records — rulemaking, procedure. — 1. No state financial institution shall refuse to provide, upon request, an application form or refuse to accept or otherw…

408.585. Limitation on requirements of sections 408.570 to 408.600. — 1. No provision of sections 408.570 to 408.600 shall be construed to require any financial institution to make any residential real estate loan contrary to sound underwriting practices which shall include but n…

*408.590. Division directors, report to governor and department director, contents. — 1. As to the state financial institutions under the supervision of the respective divisions, each division director shall report annually to the governor and the director of the department, with…

408.595. Financial institutions to make other annual report, contents. — Not later than sixty days following the close of each fiscal year, every state financial institution which accepts savings deposits shall certify to the appropriate division director the total savings deposi…

*408.600. Division directors to enforce provisions of sections 408.570 to 408.600 — complaints, how handled — hearings — remedies. — 1. Each division director shall enforce the provisions of sections 408.570 to 408.600. With respect to state financial institutions which he superv…

408.675. Citation of law — definitions. — 1. Sections 408.675 to 408.700 shall be known and may be cited as the "Missouri Right to Financial Privacy Act". 2. For the purposes of sections 408.675 to 408.700, the following terms mean: (1) "Customer", any person or his authorized re…

408.677. Government access to records, when — requirements. — Except as provided in section 408.690, no government authority may have access to or obtain copies of the information contained in the financial records of any customer unless the financial records are reasonably descr…

408.680. Financial institution may not disclose, exceptions, requirements. — 1. A financial institution, or officer, employee, or agent thereof shall not provide to any government authority access to the financial record of any customer except in accordance with the provisions of…

408.682. Customer authorization, requirements. — 1. A customer may authorize disclosure of his financial records if he furnishes to the financial institution and to the government authority seeking to obtain such disclosure a signed and dated statement which: (1) Authorizes such …

408.683. Subpoena, government may obtain records with, when — procedure — notice required. — A government authority may obtain financial records pursuant to a subpoena if: (1) There is reason to believe that the records sought are relevant to a government investigation; (2) A cop…

408.685. Delay of notice, allowed when — postdisclosure notice, form of. — 1. Upon application of the government authority, the customer notice required under section 408.682, 408.683, or 408.689 may be delayed by order of circuit court of Cole County or the circuit court for the…

408.686. Challenge to subpoena — procedure, appeals. — 1. Within ten days of service or within fourteen days of mailing of a subpoena, a customer may file a motion to quash the subpoena, or an action to enjoin a government authority from obtaining financial records pursuant to a …

408.687. Financial institution to assemble records upon subpoena — delivery of records, when. — Upon receipt of a request for financial records made by a government authority under section 408.683, the financial institution shall, unless otherwise provided by law proceed to assem…

408.689. Transfer of records to additional agency, allowed when — notice. — 1. Financial records originally obtained pursuant to sections 408.675 to 408.700 shall not be transferred to another agency or department unless the transferring agency or department makes a written findi…