Title XXVI, TRADE AND COMMERCE

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…

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 — rules. — 1. Lenders, other than banks, trust co…