Title XXVII — DEBTOR-CREDITOR RELATIONS

427.011. Purpose of law — limitation of liability. — Notwithstanding any other law to the contrary, sections 427.011 to 427.041 provide the state of Missouri with a comprehensive body of law limiting the lender's or a representative's liability for violations of any state or loca…

427.021. Definitions. — As used in sections 427.011 to 427.041, the following terms mean: (1) "Contaminate" or "pollute", contamination or pollution of air, water, real or personal property, animals, or human beings from a location in the state of Missouri, including, but not lim…

427.031. Certain persons deemed not owner of property — liability arising from contamination or pollution. — 1. No person or entity shall be deemed to be an owner or operator of real or personal property, or a person having control over hazardous substances who, without participa…

427.041. Preemption of field. — In sections 427.011 to 427.041, the general assembly hereby occupies and preempts the entire field of legislation imposing liability on lenders-owners for precedent environmental conditions which result in contamination or pollution, including by w…

427.100. Bankruptcy of political subdivision, consent to institute action. — The consent of the state is hereby granted to, and all appropriate powers are hereby conferred upon, any municipality or political subdivision organized under the laws of the state to institute any appro…

427.110. Collateral protection act — audit for compliance. — Sections 427.110 to 427.190 may be cited as the "Collateral Protection Act". As a part of their regular audit, state regulators may audit creditors that elect coverage under sections 427.110 to 427.190; when the credito…

[Repealed or reserved.]

427.120. Collateral protection coverage, requirements. — For protection under sections 427.110 to 427.190, a creditor may place collateral protection coverage provided the following conditions are met: (1) The debtor has entered into a credit transaction with the creditor; (2) Th…

427.125. Notice of placement of insurance — grace period. — 1. Within thirty calendar days following the placement of collateral protection coverage, the creditor shall mail to the debtor at the last known address of any such person, a notice entitled "Notice of Placement of Insu…

427.130. Coupon book revision required, when, how. — If any form of amortization is used by the creditor and a coupon book was sent to the debtor at the inception of the credit transaction, the creditor shall send to the debtor one of the following: (1) A reprinted coupon book wi…

427.135. Collateral protection coverage cancelled, when. — 1. Any collateral protection coverage purchased unilaterally by the creditor subsequent to the date of the credit agreement shall be cancelled whenever and for so long as: (1) The debtor has in place substitute insurance …

427.140. Unearned premiums to be refunded. — Upon cancellation or expiration of collateral protection coverage, the amount of unearned premiums, if any, as calculated in accordance with the policy approved by the department of commerce and insurance as permitted by law, shall be …

427.145. Placement of coverage. — Collateral protection coverage may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the department of commerce and insurance. The insurance shall be evidenced by an individual policy or…

427.150. Liability limitation, notice. — A creditor that places collateral protection coverage in substantial compliance with the terms of sections 427.110 to 427.190 shall not be directly or indirectly liable in any manner to a debtor, cosigner, guarantor, or any other person in…

427.155. No fiduciary relationship intended. — Sections 427.110 to 427.190 do not impose a fiduciary relationship between the creditor and the debtor. Placement of collateral protection coverage is for the sole purpose of protecting the interest of the creditor when the debtor fa…

427.160. Insurance not required. — A creditor is not required to purchase collateral protection coverage or to otherwise insure collateral. A creditor shall not be liable to a debtor or to any other person for failure to purchase collateral protection coverage, as a result of the…

427.165. Uniform commercial code not affected by act. — The obligations and rights of the creditor and the debtor with respect to the collateral as provided by the uniform commercial code are not affected by sections 427.110 to 427.190. ­­-------- (L. 1997 H.B. 257)

427.170. Severability — nonimpairment. — The provisions of sections 427.110 to 427.190 are severable under section 1.140 and shall not impair any other remedies, rights, or options available to a creditor pursuant to any law, regulation, ruling, court order, contract, or agreemen…

427.180. Insurer may claim protection of act. — Any insurer, as defined in subdivision (5) of section 375.012, that underwrites collateral protection coverage for various creditors, may claim the protection of sections 427.110 to 427.190. ­­-------- (L. 1997 H.B. 257)

427.190. Statute of limitations. — An action to enforce an obligation, duty, or right to determine liability for collateral protection coverage shall be commenced within five years after the cause of action accrues. The cause of action shall accrue when such collateral protection…

427.200. Lease of personal property allowed — writing required. — Any person may hold personal property for lease, except as otherwise provided by law. A lease shall be in writing and may be either the functional equivalent of a loan or a true lease where the lessee pays compensa…

427.220. Commissions and consideration paid to depository institutions not to be more limited than those paid to insurance agencies — definitions. — 1. Commissions paid to properly licensed employees or individual agents of a depository institution or a related entity shall not b…

427.225. Name of financial institution, deceptive use of, when — cause of action may be brought by whom — financial institution defined — attorney general may enforce. — 1. Deceptive use of a financial institution's name in notification or solicitation occurs when a business, or …

427.300. Citation of law — definitions — commercial financing transaction disclosures, requirements — inapplicability — registration requirements — violations — effective date — rules. — 1. This section shall be known and may be cited as the "Commercial Financing Disclosure Law".…