Title XXVI, TRADE AND COMMERCE

408.010. Constitutional money act — electronic specie currency accepted as legal tender — rules — payment and compensation by, requirements — definitions. — 1. This section shall be known and may be cited as the "Constitutional Money Act". 2. Electronic specie currency shall be a…

408.015. Definitions. — As used in sections 408.020 to 408.562: (1) "Bank" shall mean bank, trust company, or bank and trust company; (2) "Business loan" shall mean a loan to an individual or a group of individuals, the proceeds of which are to be used in a business or for the pu…

408.020. When no rate of interest is agreed upon, nine percent allowed as legal interest. — Creditors shall be allowed to receive interest at the rate of nine percent per annum, when no other rate is agreed upon, for all moneys after they become due and payable, on written contra…

408.030. Interest, maximum rate allowed — penalty for overcharge, limitation on action for — "market rate" to be determined, when, how — discounting to financial organizations authorized. — 1. Parties may agree, in writing, to a rate of interest not exceeding ten percent per annu…

408.031. Fee in lieu of interest may be charged on loan — exception. — In lieu of the rate established under section 408.030, parties may agree in writing to a fee of ten dollars on any loan; provided, however, that no lender shall permit any borrower to be indebted to such lende…

408.032. Recording fees. — 1. Notwithstanding any provisions of law to the contrary, the recording fees, including actual fees paid to a third party by a creditor, may include the following: (1) Any fee paid in processing the debtor's liens as provided in section 136.055; (2) Any…

408.035. Unlimited interest, when allowed. — Notwithstanding the provisions of any other law to the contrary, it is lawful for the parties to agree in writing to any rate of interest, fees, and other terms and conditions in connection with any: (1) Loan to a corporation, general …

408.036. Prepayment penalty by lender prohibited, exception — maximum permitted, exceptions — return of moneys above maximum permitted. — Notwithstanding any other provision of this chapter to the contrary, no prepayment penalty shall be charged or exacted by a lender on any prom…

408.040. Interest on judgments, how regulated — prejudgment interest allowed when, procedure. — 1. Judgments shall accrue interest on the judgment balance as set forth in this section. The "judgment balance" is defined as the total amount of the judgment awarded on the day judgme…

408.050. Excess interest paid recoverable with costs and attorney fee. — No person shall directly or indirectly take, for the use or loan of money or other commodity, above the rates of interest specified in sections 408.020 to 408.040, for the forbearance or use of one hundred d…

408.052. Points prohibited, exception — penalties for illegal points — violation a misdemeanor — default charge authorized, when, exceptions. — 1. No lender shall charge, require or receive, on any residential real estate loan, any points or other fees of any nature whatsoever, e…

408.060. Defendant may plead usury — judgment, how rendered — corporations cannot enter plea of usury. — Usury may be pleaded as a defense in civil actions in the courts of this state, and upon proof that usurious interest has been paid, the same, in excess of the legal rate of i…

408.070. Usurious interest — security agreement invalid. — In actions for the enforcement of liens upon personal property subjected to a security agreement to secure indebtedness, or to maintain or secure possession of property so subjected to a security agreement, or in any othe…

408.080. Interest may be paid on interest — compounding limited to once a month — prohibited for certain loans. — Parties may contract, in writing, for the payment of interest upon interest; but the interest shall not be compounded more often than once a month. Where a different …

408.081. Validity of certain existing contract not to be affected, when. — Nothing in sections 408.035, 408.036 and 408.080 shall affect the validity of any contract in existence on August 28, 1992. ­­-------- (L. 1992 S.B. 688)

408.083. Credit contracts, prepayment before maturity, computation of interest. — Notwithstanding any other provision of law to the contrary, all credit contracts with interest or time price differential calculated on an add-on basis entered into after August 28, 2002, the procee…

408.090. Demand loans where only securities are pledged not subject to usury laws. — Any other laws to the contrary notwithstanding, in any case in which advances of money, repayable on demand, are made solely upon securities, as defined in section 400.8-102(a), RSMo 1969, pledge…

408.092. Attorney fees, enforcement of credit agreements, limitations. — 1. Notwithstanding any other provision of law to the contrary, attorneys' fees are permitted to enforce a credit agreement provided the enforcing attorney is a licensed member of the Missouri bar or is autho…

408.095. Charging interest of more than two percent per month a misdemeanor, exceptions. — Every person or persons, company, corporation or firm, and every agent of any person, persons, company, corporation* or firm, who shall take or receive, or agree to take or receive, directl…

408.096. Loan arrangement, excess fee prohibited for certain transactions — penalty. — No person, firm or corporation shall receive or impose any fee or charge, other than one expressly provided for by statute, for arranging credit in the amount of one thousand dollars or less th…

408.100. Applicability of section — rate of interest. — This section shall apply to all loans which are not made as permitted by other laws of this state except that it shall not apply to loans which are secured by a lien on real estate. On any loan subject to this section, any p…

408.105. Precomputed loans, extensions, fee, limitations. — 1. Extensions on precomputed loans made pursuant to section 408.100 shall be calculated on an actuarial basis or as follows and shall not be considered an additional charge or fee within the meaning of section 408.140: ­…

408.110. Short title — applicability of sections 408.120 to 408.190. — Sections 408.120 to 408.190 shall apply only to loans made pursuant to section 408.100, and shall be known as the "Consumer Loan Act". ­­-------- (L. 1951 p. 875 § 408.032, A.L. 1981 S.B. 326, A.L. 1996 H.B. 1…

408.120. Interest computed and paid, how. — The total interest for payment according to schedule may be added to the principal of the loan, but interest shall not be discounted or deducted from the principal of the loan, or paid or received at the time the loan is made, and shall…

408.130. Borrower to receive statement of contract — contents — prepayment effect — receipts for payments. — 1. At the time the loan is made, there shall be delivered to the borrower, or, if there are two or more borrowers, to one of them, a written statement or copy of the loan …

408.140. Additional charges or fees prohibited, exceptions — no finance charges if purchases are paid for within certain time limit, exception. — 1. No further or other charge or amount whatsoever shall be directly or indirectly charged, contracted for or received for interest, s…

408.145. Credit cards issued in contiguous states, terms and conditions — definitions. — 1. To encourage competitive equality, lenders issuing credit cards in this state pursuant to the authority of section 408.100 or 408.200, may issue such credit cards under such terms and cond…

408.150. Lender can not receive excess interest — failure by lender to return excess interest, damages allowed. — If any amount in excess of the interest permitted by sections 408.100 to 408.190 is charged or received on any loan except as the result of a bona fide error, the len…

408.160. False advertising prohibited. — No person, firm, or corporation shall print, publish, distribute or cause the same to be done in any manner whatsoever, any written or printed statement with regard to interest or charges, terms or conditions for the lending of money which…

408.170. Contracts paid in full before due date — recomputations of interest — refund defined. — 1. If a note or loan contract providing for amount of interest, added to the principal of the loan, is prepaid in full (by cash, renewal, or refinancing) one month or more before the …

408.175. Interest rate when maturity of note or contract accelerated. — If the maturity of a note or loan contract providing for an amount of interest added to the principal of the loan is accelerated, the unpaid balance shall be reduced by the refund of that portion of the amoun…

408.178. Deferral of monthly loan payments, fee authorized for certain loans. — Notwithstanding any other law to the contrary, and provided the debtor agrees in writing, the lender may collect a fee in advance for allowing the debtor to defer monthly loan payments, so long as the…

408.180. Authority of director to verify interest rates charged. — The director of finance shall have the power and duty to verify the correctness of the rate and amount of interest charged or received and the refund of interest made on any loan which is subject to section 408.10…

408.190. Certain loans exempt from sections 408.120 to 408.180, and 408.200. — Sections 408.120 to 408.180 and 408.200 shall not apply to any loan on which the rate or amount of interest and fees charged or received are lawful under Missouri law without regard to the rates permit…

408.193. Credit cards, no derogatory reports to credit agencies for carrying a zero balance. — 1. For the purposes of this section, the term "credit card" shall mean a credit device defined as such in the federal Consumer Credit Protection Act. 2. Any entity that issues credit ca…

408.200. Borrower not to be indebted on two or more contracts with same lender, when. — No lender shall permit any borrower to be indebted to such lender on two or more contracts at any time for the purpose or with the result of contracting for or receiving more interest on the m…

408.210. Assignment of wages or compensation — excess over loan deemed interest. — The payment of four hundred dollars or less in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for the payment of wages, salary, commissions, or …

408.213. Changes to certain sections remedial only. — The changes in sections 408.140, 408.145, 408.190, and 408.232 are remedial and should be given that construction; however, this section shall have no effect, favorably or unfavorably, on any case filed in court prior to Janua…

408.231. Definitions. — 1. A "second mortgage loan" shall mean a loan secured in whole or in part by a lien upon any interest in residential real estate created by a security instrument, including a mortgage, trust deed, or other similar instrument or document, which provides for…

408.232. Rates and terms. — 1. With respect to a second mortgage loan, any person, firm or corporation may charge, contract for, and receive interest in any manner at rates agreed to by the parties computed on unpaid balances of the principal for the time actually outstanding. 2.…

408.233. Additional charges authorized. — 1. No charge other than that permitted by section 408.232 shall be directly or indirectly charged, contracted for or received in connection with any second mortgage loan, except as provided in this section: (1) Fees and charges prescribed…

408.234. Collateral — prepayment rights, method of computation. — 1. A lender may take a security interest in any collateral in conjunction with residential real estate in connection with a second mortgage loan. 2. The borrower shall have an unconditional right to prepay any seco…

408.235. Director may examine certain lenders. — The director of the division of finance shall have full power and authority at any time and as often as reasonably necessary to investigate and examine the books, records, and papers of any lender making second mortgage loans pursu…

408.236. Recovery of interest barred, when, exceptions — actions taken or omitted in reliance on interpretation by division of finance, effect. — Any person violating the provisions of sections 408.231 to 408.241 shall be barred from recovery of any interest on the contract, exce…

408.237. Applicability of sections 408.231 to 408.241. — Sections 408.231 to 408.241 shall not apply to any transaction in which a single extension of credit is allocated between a first lien and any number of subordinate liens, for the purpose or with the result of contracting f…

408.240. Penalties — actions taken or omitted in reliance on written interpretation by division, effect. — Any person, firm, or corporation who or which shall violate the provisions of sections 408.100 to 408.241 and any member, officer, director, agent or employee of such person…

408.241. Prepayment fee, second mortgage loans, allowed when. — Notwithstanding the provisions of sections 408.233 and 408.234, a prepayment fee may be charged on second mortgage loans, as defined in section 408.231, under the same provisions as is allowed under section 408.036. …

408.250. Definitions. — Unless otherwise clearly indicated by the context, the following words when used in sections 408.250 to 408.370, for the purposes of sections 408.250 to 408.370, shall have the meanings respectively ascribed to them in this section: (1) "Cash sale price" m…

408.260. Time contract, how executed — required contents — additional notes to cut off buyer's rights prohibited — waiver of buyer's legal remedies prohibited. — 1. Each retail time contract shall be in writing, shall be signed by both the buyer and the seller, and shall be compl…

408.270. Retail time contracts negotiated by mail — delivery unnecessary — notice of insertions in blanks. — Retail time contracts negotiated and entered into by mail without personal solicitation by salesmen or other representatives of the seller and based upon the catalog of th…