reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1355 - Social Security numbers, prohibited actions involving.

Title XXVI TRADE AND COMMERCE
Chapter 407
Effective - 28 Aug 2012, 3 histories
407.1355. Social Security numbers, prohibited actions involving. —
1. Except as provided in this section a person or entity, not including a state or local agency, shall not do any of the following:
(1) Publicly post or publicly display in any manner an individual's Social Security number.
"Publicly post"
or
"publicly display"
is defined in this section to intentionally communicate or otherwise make available to the general public or to an individual's co-workers;
(2) Require an individual to transmit his or her Social Security number over the internet, unless the connection is secure or the Social Security number is encrypted;
(3) Require an individual to use his or her Social Security number to access an internet website, unless a password, unique personal identification number, or other authentication device is also required to access the internet website;
(4) Require an individual to use his or her Social Security number as an employee number for any type of employment-related activity;
(5) Require an individual to use the last four digits of his or her Social Security number as an employee number for any type of employment-related activity.
2. The provisions of subdivision (5) of subsection 1 of this section shall only apply to such use after December 31, 2015.
3. This section does not prevent the collection, use, or release of a Social Security number as required by state or federal law or the use of a Social Security number for internal verification or administrative purposes.
4. This section does not apply to documents that are recorded or required to be open to the public pursuant to chapter 610. This section does not apply to records that are required by statute, case law, or Missouri court rules to be made available to the public.
5. If a federal law takes effect requiring the United States Department of Health and Human Services to establish a national unique patient health identifier program, any person or entity that complies with the federal law shall be deemed in compliance with this section.
­­--------
(L. 2003 S.B. 61, A.L. 2005 H.B. 353, A.L. 2012 H.B. 1318)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1362 - Dealership agreements, good cause needed to terminate or cancel.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2004
407.1362. Dealership agreements, good cause needed to terminate or cancel. —
No boat, marine, vessel, or personal watercraft manufacturer, directly or through any officer, agent or employee, may terminate, cancel or fail to renew a dealership agreement of a boat, marine, or vessel dealership without good cause. In addition, good cause shall exist whenever:
(1) The boat, marine, vessel, or personal watercraft dealer has transferred an interest in the dealership without the manufacturer's written consent;
(2) The boat, marine, vessel, or personal watercraft dealer has filed a voluntary petition in bankruptcy or has had an involuntary petition in bankruptcy filed against it which has not been discharged within thirty days after the filing;
(3) There has been a closeout or sale of a substantial part of the dealer's assets related to the boat, marine, vessel, or personal watercraft dealership or there has been a commencement or dissolution or liquidation of the dealership;
(4) There has been a change without the prior written approval of the manufacturer in the location of the dealer's principal place of business under the dealership agreement;
(5) The boat, marine, vessel, or personal watercraft dealer has defaulted under any chattel mortgage or other security agreement between the dealer and the boat, marine, vessel, or personal watercraft manufacturer or there has been a revocation or discontinuance of any guarantee of the dealer's present or future obligations to the boat, marine, or vessel;
(6) The boat, marine, vessel, or personal watercraft dealer has failed to operate in the normal course of business for thirty consecutive days or has otherwise abandoned his or her business, unless otherwise provided for in the dealer agreement;
(7) The boat, marine, vessel, or personal watercraft dealer has pleaded guilty to or has been convicted of a felony, or of any misdemeanor relating to the relationship between the dealer and manufacturer;
(8) The dealer has engaged in conduct which is injurious or detrimental to the dealer's customers or to the public welfare.
­­--------
(L. 2004 H.B. 1288)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1364 - Notice of termination or cancellation, contents.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2004
407.1364. Notice of termination or cancellation, contents. —
1. Except as provided in this section, a boat, marine, vessel, or personal watercraft manufacturer shall provide a boat, marine, vessel, or personal watercraft dealer at least ninety days' prior written notice of termination, cancellation, or nonrenewal of the dealership agreement. The notice shall state all the reasons for termination, cancellation, or nonrenewal of the dealership agreement and shall provide the said dealer the aforesaid ninety days in which to cure any claimed deficiency. If the deficiency is rectified within the aforesaid ninety days, the manufacturer's notice shall be void. However, if the dealer fails to provide the notice of intent to cure deficiencies in the prescribed time period, the termination shall take effect sixty days after the dealer's receipt of the manufacturer's notice unless the dealer has new and untitled inventory on hand, in which case, if requested by the dealer, it will take effect upon the sale of the remaining inventory but in no event later than ninety days from the manufacturer's notice of termination.
2. The notice and right to cure provisions in this section shall not apply if the reason for termination, cancellation, or nonrenewal is for good cause as defined in section 407.1360.
3. A dealer may terminate its dealer agreement at any time by giving written notice of said intentions to the manufacturer at least ninety days prior to the effective date specified for termination.
4. The ninety-day notice may be reduced to sixty days' notice if the grounds for termination are due to:
(1) Conviction of or pleas of nolo contendere to a felony of a dealer, or one of its owners;
(2) The business operations of the dealer have been abandoned or closed for thirty consecutive days unless the closing is due to an act of God or other cause over which the dealer has no control;
(3) A material misrepresentation by the dealer; or
(4) The suspension, revocation, or refusal to renew the dealer's license.
5. The provisions of this section regarding notice shall not apply if the reason for termination is insolvency, the occurrence of an assignment for the benefit of creditors, or bankruptcy.
­­--------
(L. 2004 H.B. 1288)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1366 - Change in ownership, notice required.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2004
407.1366. Change in ownership, notice required. —
1. If a boat, marine, vessel, or personal watercraft dealer desires to make a change in its ownership by the sale of the business assets, stock transfer, or otherwise, the dealer must give the manufacturer ninety days' written notice prior to the closing including all supporting documentation as may be required by the manufacturer. The manufacturer shall not refuse to agree to such proposed change or sale and may not disapprove or withhold approval of such change or sale unless the manufacturer can show that its decision is based on the manufacturer's reasonable criteria, which may include but is not limited to the prospective transferee's business experience, moral character, financial qualifications, and any criminal record.
2. It is unlawful for any manufacturer to fail to provide a boat, marine, vessel, or personal watercraft dealer an opportunity to designate, in writing, a member of the dealer's family as a successor to the dealership in the event of the death, incapacity, or retirement of the boat, marine, vessel, or personal watercraft dealer. It shall be unlawful to prevent or refuse to honor the succession to a dealership by a member of the family of the deceased, retired or incapacitated dealer unless the manufacturer has provided to the dealer written notice of its objections. Grounds for objection shall be lack of creditworthiness, conviction of a felony, lack of required licenses or business experience or other conditions which make such succession unreasonable under the circumstances, but the manufacturer shall bear the burden of showing the unreasonableness of such succession. However, no member of the family may succeed to a boat, marine, vessel, or personal watercraft dealer if the succession to the boat, marine, vessel, or personal watercraft dealer involves, without the manufacturer's consent, a relocation of the business or an alteration of the terms and conditions of the written agreement.
3. If the manufacturer rejects a proposed change or sale, the manufacturer shall give written notice of its reasons to the boat, marine, vessel, or personal watercraft dealer within sixty days after receipt of the dealer notification and complete documentation. If no such notice is given to the boat, marine, vessel, or personal watercraft dealer, the change or sale shall be deemed approved.
­­--------
(L. 2004 H.B. 1288)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1368 - Repurchase required, when.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2004
407.1368. Repurchase required, when. —
If the boat, marine, vessel, or personal watercraft dealer agreement is terminated, cancelled or not renewed by the manufacturer for cause, the manufacturer shall, at the election of the boat, marine, vessel, or personal watercraft dealer, within thirty days of termination, repurchase:
(1) (a) All new, untitled current model year inventory, acquired from the manufacturer, which has not been used (except for demonstration purposes), altered or damaged to the extent that such damage must be disclosed to the consumer pursuant to section 407.1343, at one hundred percent of the net invoice cost, less transportation, applicable rebates, and discounts to the dealer;
(b) All new, untitled inventory of the prior model year, acquired from the manufacturer, provided the prior model year vessels have not been altered, used (except for demonstration purposes) or damaged to the extent that such damage must be disclosed to the consumer pursuant to section 407.1343, and were drafted on the dealer's financing source or paid within one hundred twenty days prior to the effective date of the termination, cancellation, or nonrenewal;
(c) Any other existing inventory provided the boat, marine, vessel, or personal watercraft dealer and the manufacturer have agreed on a wholesale value for such inventory.
­­In the event any of the vessels repurchased pursuant to this subdivision are damaged, but do not trigger the consumer disclosure requirement, the amount due the dealer shall be reduced by the cost to repair the vessels. Damage prior to delivery to dealer that is disclosed at the time of delivery will not disqualify repurchase under this provision;
(2) All current and undamaged manufacturer's accessories and proprietary parts sold to the dealer for resale, if accompanied by the original invoice, at one hundred percent of the original net price paid to the manufacturer minus a ten percent freight and restocking expense
*
.
­­--------
(L. 2004 H.B. 1288)
*Word "; and" appears in original rolls.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1370 - Applicability.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2004
407.1370. Applicability. —
The provisions of sections 407.1360 to 407.1370 shall apply to all dealership agreements entered into or renewed on or after January 1, 2005.
­­--------
(L. 2004 H.B. 1288)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1380 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2008
407.1380. Definitions. —
As used in sections 407.1380 to 407.1384, the following terms shall mean:
(1)
"Account review"
, activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements;
(2)
"Consumer"
, any individual;
(3)
"Consumer credit reporting agency"
, any entity that, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages, in whole or in part, in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer credit reports to third parties. The term "consumer credit reporting agency" shall not include an entity that acts only as a reseller of credit information by assembling and merging information contained in the database of another consumer credit reporting agency and who does not maintain a permanent database of credit information from which consumer reports are produced and who does not furnish consumer reports to third parties;
(4)
"Credit report"
, any written or electronic communication of any information by a consumer credit reporting agency that in any way bears upon a person's credit worthiness, credit capacity, or credit standing;
(5)
"Security freeze"
, a notice placed in a consumer's credit report, at the request of the consumer and subject to certain exceptions, that prohibits the consumer credit reporting agency from releasing the consumer's credit report or score relating to the extension of credit without the express authorization of the consumer.
­­--------
(L. 2008 H.B. 1384 and H.B. 2157)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1384 - Agency liability for failure to comply, damages and equitable relief.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2008
407.1384. Agency liability for failure to comply, damages and equitable relief. —
1. Any consumer credit reporting agency that knowingly fails to comply with the provisions of sections 407.1380 to 407.1384 shall be liable to the consumer who is subject to the credit report in an amount equal to:
(1) Any actual damages sustained by the consumer due to such failure; and
(2) Any court costs and fees assessed in maintaining the action, as well as reasonable attorney's fees.
2. In addition to the foregoing monetary sums, a court, upon request of the damaged consumer, shall award such equitable relief as may be necessary to restore the damaged consumer's credit and to discourage future violations of sections 407.1380 to 407.1384 by the consumer credit reporting agency.
­­--------
(L. 2008 H.B. 1384 and H.B. 2157)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1385 - Processing of applications for credit — effect of security freeze.

Title XXVI TRADE AND COMMERCE
Chapter 407
Effective - 28 Aug 2008
407.1385. Processing of applications for credit — effect of security freeze. —
It shall not be considered a violation of any law that requires an application for credit to be processed within a specified time frame if a creditor is unable to meet this time frame because of inability to access a credit report due to a security freeze.
­­--------
(L. 2008 H.B. 1384 and H.B. 2157)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1400 - Processing services agreements, required disclosures — inapplicability, when.

Title XXVI TRADE AND COMMERCE
Chapter 407
Effective - 28 Aug 2014
407.1400. Processing services agreements, required disclosures — inapplicability, when. —
1. Any person or entity that offers a credit card processing service in this state shall disclose the following information on any contract or agreement to render a credit card processing service:
(1) The effective date of the contract;
(2) The term of the contract;
(3) The amount of any monthly minimum fee or charge for the credit card processing service; and
(4) The amount of any fee or charge for terminating the contract or agreement.
2. The disclosures required in subsection 1 of this section and any other terms and conditions pertaining to the use of the credit card processing service shall be printed in eight-point font at a minimum.
3. Nothing in this section shall limit the rights or remedies that are otherwise available to a person or an entity that has contracted with a credit card processing service.
4. The obligations of this section are cumulative and do not limit the obligations imposed under any other state or federal law.
5. The provisions of this section shall not apply to:
(1) A state bank or a state savings association that offers a credit card processing service or is a party to a contract that offers a credit card processing service; or
(2) A national bank or a national savings association that offers a credit card processing service or a party to a contract that offers a credit card processing service in connection with a national bank or national savings association; or
(3) The parent, affiliate, or subsidiary of any bank or savings association that offers a credit card processing service; or
(4) A credit union that offers a credit card processing service or is a party to a contract that offers a credit card processing service; or
(5) The parent, affiliate, or subsidiary of any credit union that offers a credit card processing service; or
(6) A trade or business organization or association that offers a credit card processing service or is a party to a contract that offers a credit card processing service.
6. The provisions of this section shall only apply to new contracts entered into after August 28, 2014.
­­--------
(L. 2014 H.B. 1270)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.1610 - Speculative accumulation of asphalt shingles prohibited.

Title XXVI TRADE AND COMMERCE
Chapter 407
Effective - 28 Aug 2014
*407.1610. Speculative accumulation of asphalt shingles prohibited. —
It shall be unlawful for any person or entity to engage in the speculative accumulation of asphalt roofing shingles in any city not within a county. For the purposes of this section, the term
"speculative accumulation"
means the collection or storage of asphalt shingles without a showing that, during a calendar year, at least seventy-five percent of the material accumulated during the year, either by weight or by volume, will be recycled for other use.
­­--------
(L. 2014 S.B. 672)
*Revisor's Note: This section was declared unconstitutional in Calzone v. Koster, et al., see 2016 annotation below.
(2016) Provisions of S.B. 672 from 2014 declared unconstitutional as violating the single subject rule of Article III, § 23; under the facts presented, those provisions cannot be severed and the bill is unconstitutional in its entirety. Calzone v. Koster, et al., Case No. 15AC-CC00247 (Cole County Cir. Ct., Feb. 9, 2016).
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2020 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2020. Definitions. —
For purposes of sections 407.2020 to 407.2090, the following terms mean:
(1)
"Commercial transaction"
, a transaction involving a motor vehicle in which the motor vehicle will primarily be used for business purposes rather than personal purposes;
(2)
"Consumer"
, an individual purchaser of a motor vehicle or a borrower under a finance agreement. The term "consumer" includes any borrower, as defined in section 407.2030, or contract holder, as defined in section 407.2060, as applicable;
(3)
"Finance agreement"
, a loan, retail installment sales contract, or lease for the purchase, refinancing, or lease of a motor vehicle;
(4)
"Free-look period"
, a period of time from the effective date of the motor vehicle financial protection product until the date the motor vehicle financial protection product may be cancelled without penalty, fees, or costs. This period of time shall not be shorter than thirty days;
(5)
"Insurer"
, an insurance company licensed, registered, or otherwise authorized to issue contractual liability insurance under the insurance laws of this state;
(6)
"Motor vehicle"
, any self-propelled or towed vehicle designed for personal or commercial use including, but not limited to, automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, personal watercraft, and related trailers;
(7)
"Motor vehicle financial protection product"
, an agreement that protects a consumer's financial interest in his or her current or future motor vehicle. The term "motor vehicle financial protection product" includes any debt waiver, as defined in section 407.2030, and any vehicle value protection agreement, as defined in section 407.2060;
(8)
"Person"
, an individual, company, association, organization, partnership, business trust, or corporation, and every form of legal entity.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2025 - Products, offered, sold or given, when — charges for, separately stated — extension of credit.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2025. Products, offered, sold or given, when — charges for, separately stated — extension of credit. —
1. Motor vehicle financial protection products may be offered, sold, or given to consumers in this state in compliance with sections 407.2020 to 407.2090.
2. Any amount charged or financed for a motor vehicle financial protection product shall be separately stated and shall not be considered a finance charge or interest.
3. Any extension of credit, terms of credit, or terms of the related motor vehicle sale or lease shall not be conditioned upon the consumer's payment for or financing of any charge for a motor vehicle financial protection product, except that motor vehicle financial protection products may be discounted or given at no charge in connection with the purchase of other noncredit-related goods or services.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2030 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2030. Definitions. —
For purposes of sections 407.2030 to 407.2055, the following terms mean:
(1)
"Administrator"
, any person, other than an insurer or creditor, who performs administrative or operational functions for debt waiver programs;
(2)
"Borrower"
, a debtor or retail buyer or lessee under a finance agreement;
(3)
"Creditor"
:
(a) The lender in a loan or credit transaction;
(b) The lessor in a lease transaction;
(c) Any retail seller of motor vehicles;
(d) The seller in commercial retail installment transactions; or
(e) The assignee of any person described in paragraphs (a) to (d) of this subdivision to whom the credit obligation is payable;
(4)
"Debt waiver"
, any guaranteed asset protection waiver or excess wear and use waiver;
(5)
"Excess wear and use waiver"
, a contractual agreement in which a creditor agrees, with or without a separate charge, to cancel or waive all or part of amounts that may become due under a borrower's lease agreement as a result of excessive wear and use of a motor vehicle, which agreement shall be part of, or a separate addendum to, the lease agreement. Excess wear and use waivers may also cancel or waive amounts due for excess mileage;
(6)
"Guaranteed asset protection waiver"
, a contractual agreement in which a creditor agrees, with or without a separate charge, to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle, which agreement shall be part of, or a separate addendum to, the finance agreement. A guaranteed asset protection waiver may also provide, with or without a separate charge, a benefit that waives an amount, or provides a borrower with a credit, toward the purchase of a replacement motor vehicle.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2035 - Debt waiver obligations, insuring of by retail sellers and creditors, requirements.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2035. Debt waiver obligations, insuring of by retail sellers and creditors, requirements. —
1. (1) A retail seller shall insure its debt waiver obligations under a contractual liability or other insurance policy issued by an insurer. A creditor, other than a retail seller, may insure its debt waiver obligations under a contractual liability policy or other such policy issued by an insurer. Any such insurance policy may be directly obtained by a creditor or retail seller or may be procured by an administrator to cover a creditor's or retail seller's obligations.
(2) Notwithstanding the provisions of subdivision (1) of this subsection, retail sellers who are lessors on motor vehicles shall not be required to insure obligations related to debt waivers on such leased motor vehicles.
2. The debt waiver remains a part of the finance agreement upon the assignment, sale, or transfer of such finance agreement by the creditor.
3. Any creditor who offers a debt waiver shall report the sale of, and forward funds due to, the designated party or parties.
4. Funds received or held by a creditor or administrator and belonging to an insurer, creditor, or administrator shall be held by such creditor or administrator in a fiduciary capacity.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2040 - Debt waiver insurance policies, requirements and coverage.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2040. Debt waiver insurance policies, requirements and coverage. —
1. Contractual liability or other insurance policies insuring debt waivers shall state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under a debt waiver.
2. Coverage under a contractual liability or other insurance policy insuring a debt waiver shall also cover any subsequent assignee upon the assignment, sale, or transfer of the finance agreement.
3. Coverage under a contractual liability or other insurance policy insuring a debt waiver shall remain in effect unless cancelled or terminated in compliance with applicable insurance laws of this state.
4. The cancellation or termination of a contractual liability or other insurance policy shall not reduce the insurer's responsibility for debt waivers issued by the creditor before the date of cancellation or termination and for which premium has been received by the insurer.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2045 - Debt waiver disclosure requirements.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2045. Debt waiver disclosure requirements. —
Debt waivers shall disclose in writing and in clear, understandable language that is easy to read the following:
(1) The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor;
(2) The purchase price, if any, and the terms of the debt waiver including, but not limited to, the requirements for protection, conditions, or exclusions associated with the debt waiver;
(3) A statement that the borrower may cancel the debt waiver within a free-look period as specified in the debt waiver and, if so cancelled, shall be entitled to a full refund of the purchase price paid by the borrower, if any, so long as no benefits have been provided;
(4) The procedure the borrower is required to follow, if any, to obtain debt waiver benefits under the terms and conditions of the debt waiver, including, if applicable, a telephone number or website and address where the borrower may apply for debt waiver benefits;
(5) The terms and conditions governing cancellation consistent with all applicable Missouri laws; and
(6) A statement that any extension of credit, terms of the credit, or terms of the related motor vehicle sale or lease shall not be conditioned upon the borrower's purchase of a debt waiver.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2050 - Debt waiver cancellation — free-look period — default.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2050. Debt waiver cancellation — free-look period — default. —
1. Debt waivers shall provide that if a borrower cancels a debt waiver within the free-look period, the borrower shall be entitled to a full refund of the amount the borrower paid, if any, so long as no benefits have been provided.
2. If, after the debt waiver has been in effect beyond the free-look period, the borrower cancels the debt waiver or there is an early termination of the finance agreement, the borrower may be entitled to a refund of the amount the borrower paid of the unearned portion of the purchase price, if any, less a cancellation fee up to seventy-five dollars, if no benefit has been or will be provided.
3. If the cancellation of a debt waiver occurs as a result of a default under the finance agreement, the repossession of the motor vehicle associated with the finance agreement, or any other termination of the finance agreement, any refund due may be paid directly to the creditor or administrator and applied as a reduction of the amount owed under the finance agreement unless the borrower can show that the finance agreement has been paid in full.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2055 - Debt waivers exempt, when.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2055. Debt waivers exempt, when. —
1. Debt waivers offered by state or federal banks or credit unions in compliance with applicable state or federal law shall be exempt from the provisions of sections 407.2020 to 407.2090.
2. The provisions of sections 407.2045 and 407.2080 shall not apply to debt waivers offered in connection with commercial transactions.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2060 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2060. Definitions. —
For purposes of sections 407.2060 to 407.2075, the following terms mean:
(1)
"Administrator"
, any person who is responsible for the administrative or operational functions of vehicle value protection agreements including, but not limited to, the adjudication of claims or benefit requests by contract holders;
(2)
"Contract holder"
, a person who is the purchaser or holder of a vehicle value protection agreement;
(3)
"Provider"
, a person who is obligated to provide a benefit under a vehicle value protection agreement. A provider may perform as an administrator or retain the services of a third-party administrator;
(4)
"Vehicle value protection agreement"
, a contractual agreement that:
(a) Provides a benefit toward the reduction of some or all of the contract holder's current finance agreement deficiency balance or toward the purchase or lease of a replacement motor vehicle or motor vehicle services upon the occurrence of an adverse event to the motor vehicle including, but not limited to, loss, theft, damage, obsolescence, diminished value, or depreciation;
(b) Does not include debt waivers; and
(c) May include agreements such as, but not limited to, trade-in-credit agreements, diminished value agreements, depreciation benefit agreements, or other similarly named agreements.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2065 - Administration of agreements, use of administrator or designee — sale of agreements — obligations to contract holders, requirements.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2065. Administration of agreements, use of administrator or designee — sale of agreements — obligations to contract holders, requirements. —
1. A provider may, but is not required to, use an administrator or other designee to be responsible for any and all of the administration of vehicle value protection agreements in compliance with the provisions of sections 407.2020 to 407.2090.
2. Vehicle value protection agreements shall not be sold unless the contract holder has been or will be provided access to a copy of the vehicle value protection agreement within a reasonable time.
3. In order to assure the faithful performance of the provider's obligations to its contract holders, each provider shall comply with subdivision (1) or (2) of this subsection, as follows:
(1) In order to satisfy the requirements of this subsection under this subdivision, the provider shall insure all its vehicle value protection agreements under an insurance policy that pays or reimburses in the event the provider fails to perform its obligations under the vehicle value protection agreement and that is issued by an insurer who is licensed, registered, or otherwise authorized to do business in this state and who:
(a) Maintains surplus as to policyholders and paid-in capital of at least fifteen million dollars; or
(b) Maintains:
a. Surplus as to policyholders and paid-in capital of less than fifteen million dollars but at least equal to ten million dollars; and
b. A ratio of net-written premiums, wherever written, to surplus as to policyholders and paid-in capital of not greater than three to one; or
(2) In order to satisfy the requirements of this subsection under this subdivision, the provider shall:
(a) Maintain, or together with its parent company maintain, a net worth or stockholders' equity of one hundred million dollars; and
(b) Upon request, provide the attorney general with a copy of the provider's or the provider's parent company's most recent Form 10-K or Form 20-F filed with the Securities and Exchange Commission (SEC) within the last calendar year or, if the company does not file with the SEC, a copy of the company's audited financial statements, which show a net worth of the provider or its parent company of at least one hundred million dollars. If the provider's parent company's Form 10-K, Form 20-F, or financial statements are filed to meet the provider's financial security requirement, the parent company shall agree to guarantee the obligations of the provider relating to vehicle value protection agreements sold by the provider in this state.
4. Except for the requirements specified in subsection 3 of this section, no other financial security requirements shall be required for vehicle value protection agreement providers.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2075 - Inapplicability to commercial transactions.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2075. Inapplicability to commercial transactions. —
The provisions of sections 407.2070 and 407.2080 shall not apply to vehicle value protection agreements offered in connection with a commercial transaction.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2080 - Enforcement by attorney general.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2080. Enforcement by attorney general. —
The attorney general may take action that is necessary or appropriate to enforce the provisions of sections 407.2020 to 407.2090 and to protect motor vehicle financial protection product consumers in this state. After proper notice and opportunity for hearing, the attorney general may:
(1) Order the creditor, provider, administrator, or any other person not in compliance with the provisions of sections 407.2020 to 407.2090 to cease and desist from product-related operations that are in violation of the provisions of sections 407.2020 to 407.2090; and
(2) Impose a penalty of not more than five hundred dollars for each violation of the provisions of sections 407.2020 to 407.2090 and not more than ten thousand dollars in the aggregate for all violations of a similar nature. A violation shall be considered of a similar nature to another violation if the violation consists of the same or similar course of conduct, action, or practice, irrespective of the number of times the action, conduct, or practice that is determined to be a violation of the provisions of sections 407.2020 to 407.2090 occurred.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2085 - Products not considered insurance, when.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2085. Products not considered insurance, when. —
Notwithstanding the provisions of section 407.2090, all motor vehicle financial protection products issued before and on and after August 28, 2023, shall not be considered insurance.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 407 - Merchandising Practices › Section 407.2090 - Applicability, when.

Title XXVI TRADE AND COMMERCE
Chapter 407
• Effective - 28 Aug 2023
407.2090. Applicability, when. —
The provisions of sections 407.2020 to 407.2090 shall apply to all motor vehicle financial protection products that become effective after February 23, 2024.
­­--------
(L. 2023 S.B. 398)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.010 - Silver a legal tender.

Title XXVI TRADE AND COMMERCE
Chapter 408
Effective - 28 Aug 1939
408.010. Silver a legal tender. —
The silver coins of the United States are hereby declared a legal tender, at their par value, fixed by the laws of the United States, and shall be receivable in payment of all debts, public or private, hereafter contracted in the state of Missouri; provided, however, that no person shall have the right to pay, upon any one debt, dimes and half dimes to an amount exceeding ten dollars, or of twenty and twenty-five cent pieces exceeding twenty dollars.
­­--------
(RSMo 1939 § 3359)
Prior revisions: 1929 § 2972; 1919 § 7100; 1909 § 8099
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.015 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Mar 2011, 2 histories, see footnote
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 purpose of acquiring an interest in a business. The term shall also include a loan to a trust, estate, cooperative, association, or limited or general partnership;
(3)
"Corporation"
shall mean any corporation, whether for profit or not for profit, and including any urban redevelopment corporation;
(4)
"Lender"
shall include any bank, savings and loan association, credit union, corporation, partnership, or any other person or entity who makes loans or extends credit;
(5)
"Monthly Index of Long Term United States Government Bond Yields"
shall mean the monthly unweighted average yield for all outstanding United States Treasury bonds neither due nor callable in less than ten years, based on the daily closing bid prices in the over the counter market, as determined by the Board of Governors of the Federal Reserve System, published in the Federal Reserve Bulletin, and expressed in terms of percent per annum;
(6)
"Residential real estate"
shall mean any real estate used or intended to be used as a residence by not more than four families, one of whom is the borrower, including a manufactured home as defined in section 700.010, which is real estate as defined in subsection 7 of section 442.015;
(7)
"Residential real estate loan"
shall mean a loan made for the acquisition, construction, repair, or improvement of, or secured by, residential real estate. The term shall also include any loan made to refinance such a loan. No loan secured by residential real estate shall be considered to be a business loan unless such loan meets the requirements of subdivision (2) of this section and subdivision (2) of section 408.035.
­­--------
(L. 1974 2d Ex. Sess. S.B. 1, A.L. 1979 S.B. 305, A.L. 1982 H.B. 1341, et al., A.L. 2010 S.B. 630)
Effective 3-01-11
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.031 - Fee in lieu of interest may be charged on loan — exception.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1979
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 lender on two or more contracts at any given time for the purpose or with the result of contracting for or receiving fees exceeding that permitted by this section.
­­--------
(L. 1977 S.B. 420 § 2, A.L. 1979 S.B. 305)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.032 - Recording fees.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2004
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 fee paid to a third party for expediting the debtor's motor vehicle or other title or lien with the department of revenue, provided:
(a) The creditor does not control the third party; and
(b) Both creditor and third party do not share common ownership.
2. Either fee provided for in subdivisions (1) and (2) of subsection 1 of this section may be charged such debtor, and is not included as interest or service charges for the purposes of state usury laws; except that the expeditor fee as provided in subdivision (2) of subsection 1 of this section may not exceed fifteen dollars.
­­--------
(L. 1997 H.B. 257, A.L. 2004 H.B. 959)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.035 - Unlimited interest, when allowed.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2021, 2 histories
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 partnership, limited partnership or limited liability company;
(2) Extension of credit primarily for agricultural, business, or commercial purposes;
(3) Real estate loan, other than residential real estate loans and loans of less than five thousand dollars secured by real estate used for an agricultural activity; or
(4) Loan of five thousand dollars or more secured solely by certificates of stock, bonds, bills of exchange, certificates of deposit, warehouse receipts, or bills of lading pledged as collateral for the repayment of such loans.
­­--------
(L. 1974 2d Ex. Sess. S.B. 1, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 1992 S.B. 688, A.L. 1997 H.B. 655 merged with S.B. 170, A.L. 2021 S.B. 106)
(1994) Where statute allows unlimited interest on loans in excess of five thousand dollars secured by real estate used for agricultural activity, banking regulation, C.S.R. 140-6.050, relating to contingent interest and limitations on its application to profitability and successful operations of businesses, is not inconsistent and statute does not entitle bank to ignore limitation of banking regulation. Contingent interest provision of bank note was invalid and unenforceable. Killion v. Bank Midwest, N.A., 886 S.W.2d 29 (Mo. App. W.D.).
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.036 - Prepayment penalty by lender prohibited, exception — maximum permitted, exceptions — return of moneys above maximum permitted.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1998
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 promissory note or other evidence of debt secured by residential real estate when the full principal balance thereof is paid after five years from the origination date and prior to maturity; and in no event shall any prepayment penalty exceed two percent of the balance at the time of prepayment, except for, when an existing mortgage loan is replaced with a new mortgage loan made by another lender and the proceeds from the new loan are used to either pay down or reduce the balance to a smaller amount before paying in full and in order to avoid or reduce the prepayment penalty. In such an occurrence the prepayment penalty shall not be more than two percent of the average daily balance for the prior six months, provided that the 1990 and 1992 reenactment of this section shall not be construed to be action taken in accordance with Public Law 96.221, Section 501(b)(4). Any fees received in excess of those permitted pursuant to this section shall be returned to the person from whom received upon demand. Business and corporate loans are not subject to the provisions of this section.
­­--------
(L. 1974 2d Ex. Sess. S.B. 1, A.L. 1979 S.B. 305, A.L. 1990 H.B. 1125, A.L. 1992 S.B. 688, A.L. 1998 H.B. 1189)