Title XXVI, TRADE AND COMMERCE

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…

408.595. 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…

408.675. 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…

408.690. Nonprohibited disclosure activities. — 1. Nothing in sections 408.675 to 408.700 prohibits any supervisory agency from exchanging examination reports or other information with another supervisory agency. Nothing in sections 408.675 to 408.700 prohibits the transfer of a …

408.692. Law not applicable to government authority, when — procedure. — 1. Except for sections 408.680 and 408.700, nothing in sections 408.675 to 408.700 shall apply when financial records are sought by a government authority: (1) In connection with a lawful proceeding, investi…

408.693. Fee paid to financial institution, amount, how determined. — Except for records obtained pursuant to section 408.690, a government authority shall pay to the financial institution assembling or providing financial records pertaining to a customer and in accordance with p…

408.695. Statute of limitations. — An action to enforce any provision of sections 408.675 to 408.700 may be brought in the circuit court within three years from the date on which the violation occurs or on the date of discovery of such violation, whichever is later. ­­-------- (L…

408.696. Civil liability for violation, amount — disciplinary action against agency employee, when — good faith a valid defense, when — exclusive remedy. — 1. Any financial institution or an agency or department of the state of Missouri obtaining or disclosing financial records o…

408.697. Injunctive relief, allowed when. — In addition to any other remedy contained in sections 408.675 to 408.700, injunctive relief shall be available to require that the procedures of sections 408.675 to 408.700 are complied with. In the event of a successful action, costs t…

408.699. Statute of limitations, tolled when. — If any individual files a motion or application under sections 408.655 and 408.675 to 408.700 which has the effect of delaying the access of a government authority to financial records pertaining to such individual, any applicable s…

408.700. Subpoena issued under authority of grand jury, records, use of. — Financial records relating to a customer obtained from a financial institution pursuant to a subpoena issued under the authority of a grand jury: (1) Shall be returned and actually presented to the grand j…

408.800. Definitions. — As used in sections 408.800 to 408.815, the following terms shall mean: (1) "American Savings Promotion Act", Public Law 113-251, enacted by the 113th United States Congress; (2) "Eligible account", an insured deposit account offered by an eligible financi…

408.805. Savings promotion program authorized, conditions. — Eligible financial institutions may offer and conduct a savings promotion program under the following conditions: (1) The terms and conditions of the savings promotion program shall allow an eligible account to obtain o…

408.810. Compliance with federal American Savings Promotion Act. — Eligible financial institutions that choose to offer savings promotion programs shall comply with the requirements of the American Savings Promotion Act and the regulations promulgated by the federal prudential re…

408.815. Programs not gambling, gaming, lottery, raffle, or sweepstake. — Savings promotion programs under sections 408.800 to 408.815 shall not constitute gambling, gaming, a lottery, raffle, or sweepstakes as defined by any other statute. ­­-------- (L. 2016 H.B. 2125 § 408.830…

409.7-703. Application of act to existing proceedings and existing rights and duties. — (a) The predecessor act exclusively governs all actions or proceedings that are pending on September 1, 2003, or may be instituted on the basis of conduct occurring before September 1, 2003, b…

409.1000. Business opportunities — definitions. — 1. For the purposes of sections 409.1000 to 409.1006, "business opportunity" means the sale or lease of any product, equipment, supplies or services which are sold or leased to a purchaser to enable the purchaser to start a busine…

409.1003. Practices prohibited — penalty. — 1. A business opportunity seller shall not: (1) Misrepresent, by failure to disclose or otherwise, the known required total investment for such business opportunity; (2) Misrepresent or fail to disclose efforts to sell or establish more…

409.1006. Civil remedies. — 1. If a business opportunity seller uses untrue or misleading statements in the sale of a business opportunity, fails to give the proper disclosures, or fails to deliver the equipment, supplies or products necessary to begin substantial operation of th…

409.107. Investment firms, legal firms, other persons shall not be involved with issuance of bonds, when. — No investment firm, legal firm offering bond counsel services, or any persons having an interest in any such firms shall be involved in the issuance of bonds authorized by …

409.108. Tampering with securities documents or impeding investigations prohibited. — It is unlawful for any person, in any investigation or other proceeding under this chapter, to alter, destroy, mutilate, conceal, make a false entry in, or by any means falsify, remove from any …

409.109. Penalty. — A person who willfully violates section 409.108 shall upon conviction be fined not more than five hundred thousand dollars or imprisoned not more than ten years, or both. The proper prosecuting attorney with or without a criminal reference from the commissione…

409.111. Commissioner of securities may investigate violations. — The commissioner of securities may conduct pursuant to the authorization of section 409.6-602 such investigations as the commissioner considers necessary to determine whether a person has violated, is violating, or…

409.112. Commissioner of securities may seek relief for violations, when. — If the commissioner believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of sections 409.108 to 409.114, or any order,…