reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.050 - Excess interest paid recoverable with costs and attorney fee.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1939
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 dollars, or the value thereof, for one year, and so after those rates for a greater or less sum, or for a longer or shorter time, or according to those rates or proportions, for the loan of any money or other commodity. Any person who shall violate the foregoing prohibition of this section shall be subject to be sued, for any and all sums of money paid in excess of the principal and legal rate of interest of any loan, by the borrower, or in case of borrower's death, by the administrator or executor of his estate, and shall be adjudged to pay the costs of suit, including a reasonable attorney's fee to be determined by the court.
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(RSMo 1939 § 3229)
Prior revisions: 1929 § 2842; 1919 § 6494; 1909 § 7182
(1962) In action by borrower against bank to recover alleged usurious interest, parol evidence to effect that loan was to be for one year and that bank fraudulently induced borrowers to sign five year loan agreement and required additional payment at end of one year to close out loan, was inadmissible. Reich v. Pine Lawn Bank & Trust Co. (A.), 356 S.W.2d 545.
(1964) This section is not applicable to pawnbroker loans. McClure v. Norwich (A.), 382 S.W.2d 731.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.060 - Defendant may plead usury — judgment, how rendered — corporations cannot enter plea of usury.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1939
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 interest, shall be deemed payment, shall be credited upon the principal debt, and all costs of the action shall be taxed against the party guilty of exacting usurious interest, who shall in no case recover judgment for more than the amount found due upon the principal debt, with legal interest, after deducting therefrom all payments of usurious interest made by the debtor, whether paid as commissions or brokerage, or as payment upon the principal, or as interest on said indebtedness; provided, however, that no corporation shall, after this section takes effect, interpose the defense of usury in any such action, nor shall any bond, note, debt, contract or obligation of any corporation or any security therefor, be set aside, impaired or adjudged invalid by reason of the rate of interest which the corporation may have paid or agreed to pay hereon.
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(RSMo 1939 § 3230)
Prior revisions: 1929 § 2843; 1919 § 6495; 1909 § 7183
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.070 - Usurious interest — security agreement invalid.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1965
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 other case when the validity of such lien is drawn in question, proof upon the trial that the party holding or claiming to hold the lien has received or exacted usurious interest for the indebtedness shall render any security agreement of personal property, or any lien whatsoever thereon given to secure the indebtedness, invalid and illegal.
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(RSMo 1939 § 3231, A.L. 1965 p. 114)
Prior revisions: 1929 § 2844; 1919 § 6496; 1909 § 7184
(1977) Lender is not precluded from showing that charge of interest in excess of legal rate was unintentional or inadvertent and without existence of intent is not usurious. Wyckoff v. Commerce Bank of Kansas City (A.), 561 S.W.2d 399.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.080 - Interest may be paid on interest — compounding limited to once a month — prohibited for certain loans.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1992
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 rate is not expressed, interest upon interest shall be at the same rate as interest on the principal debt. Loans governed by section 408.035 are not subject to the provisions of this section.
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(RSMo 1939 § 3232, A.L. 1982 H.B. 1341, et al., A.L. 1992 S.B. 688)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.081 - Validity of certain existing contract not to be affected, when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1992
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.
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(L. 1992 S.B. 688)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.083 - Credit contracts, prepayment before maturity, computation of interest.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Jul 2003, see footnote
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 proceeds of which are used for personal, family or household purposes, shall provide that the amount of interest or time price differential earned upon prepayment in full will be computed on the basis of the rate or rate formula originally contracted for on the actual unpaid principal balances for the time actually outstanding.
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(L. 1988 S.B. 426 § 1, A.L. 2002 S.B. 895)
Effective 7-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.090 - Demand loans where only securities are pledged not subject to usury laws.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1974
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, pledged as collateral for such repayment and in which such advances are used by the borrower only for the purchase of securities, as so defined, it shall be lawful to receive or to contract to receive and collect, as compensation for making such advances, any sum agreed upon by the parties to such transaction.
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(L. 1974 S.B. 455 § 1)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.092 - Attorney fees, enforcement of credit agreements, limitations.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1997
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 authorized to practice law in Missouri, and such fees meet one of the following requirements:
(1) Such fees are included in the written credit agreement, and are not otherwise prohibited by law; or
(2) Such fees do not exceed fifteen percent of the outstanding credit balance in default, provided such credit was extended by a for-profit business or credit union.
2. At the court's discretion, additional fees may be awarded to the attorney for the prevailing party.
3. For the purposes of this section, a "credit agreement" shall have the same meaning as provided in subsection 1 of section 432.045.
4. No provision of this section shall be construed to authorize or limit attorney's fees permitted parties and transactions not covered by this section.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.095 - Charging interest of more than two percent per month a misdemeanor, exceptions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 09 Jan 1975, see footnote
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, directly or indirectly, by means of commissions of brokerage charges, or otherwise, for the forbearance or use of money or other commodities, any interest at a rate greater than two percent per month, except as permitted by the laws of this state, shall be deemed guilty of a misdemeanor. Nothing herein contained shall be construed as authorizing a higher rate of interest than is now provided by law.
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(RSMo 1939 § 4813, A.L. 1974 2d Ex. Sess. S.B. 1)
Prior revisions: 1929 § 4421; 1919 § 3680; 1909 § 4892
Effective 1-09-75
*Word "corporations" appears in original rolls.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.096 - Loan arrangement, excess fee prohibited for certain transactions — penalty.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1979
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 the proceeds of which are intended to be used by the borrower primarily for personal, family or household purposes. Any contract evidencing such excess fee or charge and any note evidencing credit so arranged is void. Any person, firm or corporation who receives or imposes a fee or charge prohibited by this section is guilty of a class B misdemeanor.
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(L. 1979 S.B. 305)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.100 - Applicability of section — rate of interest.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2021, 2 histories
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 person, firm, or corporation may charge, contract for and receive interest on the unpaid principal balance at rates agreed to by the parties.
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(L. 1951 p. 875 § 408.031, A.L. 1959 H.B. 320, A.L. 1979 S.B. 305, A.L. 1985 H.B. 358 & 440, A.L. 1998 S.B. 792, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.105 - Precomputed loans, extensions, fee, limitations.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1985
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:
Total Finance Charge
UNIT CHARGE (UC)
=
———————————————
Sum of the Digits of Original Term
EXTENSION FEE
=
UC Times Number of Full Remaining Installments
2. The following limitations regarding extensions on precomputed loans shall apply:
(1) No extension may be taken on the first installment;
(2) No extension fee shall be collected more than one month prior to the due date of the earliest installment being deferred;
(3) No extension shall be collected for any partial payment; however, two dollars or less shall not be considered a partial payment;
(4) A minimum extension fee of one dollar will be allowed;
(5) In the event of
*
prepayment in full of the note or contract, the extensions shall be counted as months and computed as provided in section 408.170, based on this total, applied to all of the interest contracted for, plus the extension fees collected.
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(L. 1985 S.B. 183)
*Word "of" does not appear in original rolls.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.110 - Short title — applicability of sections 408.120 to 408.190.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1996
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".
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(L. 1951 p. 875 § 408.032, A.L. 1981 S.B. 326, A.L. 1996 H.B. 1432)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.120 - Interest computed and paid, how.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1981
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 not be compounded. Loan contracts may be calculated and repaid as follows:
(1) A loan contract may provide for repayment in consecutive monthly installments, but the first installment may be payable at any time within forty-five days from the date of the loan and no installment shall be substantially greater than any other installment. Interest for any fractional portion of a month may be computed for each elapsed day at one-thirtieth of the monthly rate contracted for.
(2) A loan contract may provide for repayment as the parties may agree; however, any such loan contract shall provide for the payment of simple interest on such loans at rates not to exceed those authorized by sections 408.100 and 408.200.
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(L. 1951 p. 875 § 408.032(a), A.L. 1981 S.B. 326)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.130 - Borrower to receive statement of contract — contents — prepayment effect — receipts for payments.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1994
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 contract showing in clear and distinct terms:
(1) The name and address of the lender and of one of the borrowers;
(2) The date of the loan contract;
(3) The schedule of installments or description thereof;
(4) The type of any instrument securing the loan;
(5) The principal amount of the loan excluding interest;
(6) The rate or amount of interest as the contract may provide;
(7) That the borrower may prepay the loan, in whole or in part, at any time, and in case interest has been added to the principal of the loan;
(8) That the interest is subject to the refund requirements of section 408.170 if the loan is prepaid in full.
2. A receipt shall be given for the amount of each payment made in currency. Any note paid in full, or a copy thereof, shall be so marked "paid" and returned, and any security interest which no longer secures a loan shall be restored, cancelled or released.
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(L. 1951 p. 875 § 408.032(b), A.L. 1965 p. 114, A.L. 1994 H.B. 963)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.145 - Credit cards issued in contiguous states, terms and conditions — definitions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2023, 2 histories
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 conditions which any lender in any contiguous state is permitted to utilize for credit cards issued in such contiguous state by such state's statutes. State-chartered lenders issuing credit cards in reliance on this subsection shall file a copy of the pertinent statutes of one contiguous state authorizing credit card terms and conditions with the director of finance or such lender's principal state regulator. The director of finance or other principal state regulator shall, within thirty days after receipt of the filing, approve or disapprove of such terms and conditions on the sole basis of whether the statutes of such contiguous state permit such terms and conditions, and without regard to the restrictions placed upon credit cards by subsection 2 of this section. When the lender is chartered by the federal government, or any agency thereunder, or is unregulated, such lender shall file with and be approved by the Missouri attorney general under the same provision as provided a state-chartered lender.
2.
"Credit card"
as used in this section shall mean a credit device defined as such in the federal Consumer Credit Protection Act and regulations thereunder, except:
(1) The term shall be limited to credit devices which permit the holder to purchase goods and service upon presentation to third parties whether or not the credit card also permits the holder to obtain loans of any other type; and
(2) Such credit device shall only provide credit which is not secured by real or personal property.
3.
"Lender"
as used in this section shall mean any category of depository or nondepository creditor. Notwithstanding the provisions of sections 408.100 to 408.190 to the contrary, the lender shall declare on each credit card contract whether the credit card is issued pursuant to this section.
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(L. 1998 S.B. 792 merged with S.B. 852 & 913, A.L. 2023 S.B. 13)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.150 - Lender can not receive excess interest — failure by lender to return excess interest, damages allowed.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1982
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 lender shall be barred from recovery of any interest on the contract and shall upon demand return all interest received to the person from
*
whom received. If such interest is not returned upon written demand, then the person paying the same or his legal representative may recover twice the amount paid together with costs of the suit and reasonable attorney's fees, provided that the action is brought within five years of such written demand.
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(L. 1951 p. 875 § 408.032(d), A.L. 1982 H.B. 1341, et al.)
*Word "from" does not appear in original rolls.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.160 - False advertising prohibited.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1951
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 is false or calculated to deceive.
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(L. 1951 p. 875 § 408.032(e))
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.170 - Contracts paid in full before due date — recomputations of interest — refund defined.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Jul 2003, see footnote
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 final installment date, the lender shall either:
(1) Recompute the amount of interest earned to the date of prepayment in full on the basis of the rate of interest originally contracted for computed on the actual unpaid principal balances for the time actually outstanding; or
(2) If the initial term of the contract is sixty-one months or less and it is a contract for five thousand dollars or less, give a refund of a portion of the amount of interest originally contracted for which shall be computed as follows: The amount of the refund shall be at least as great a proportion of such amount of interest as the sum of the full monthly balances of the contract scheduled to follow the installment date after the date of prepayment in full bears to the sum of all the monthly balances of the contract, both sums to be determined according to the payment schedule provided by the contract; except that, if prepayment in full occurs during the first installment period, interest shall be recomputed and charged only for the actual number of days elapsed. When the period before the first installment is more or less than one month, the portion of the interest earned for such period shall be determined by counting each day in such period as one-thirtieth of a month and one three hundred and sixtieth of a year.
2. No refund shall be required for any partial prepayment.
3. For a contract for more than five thousand dollars, the word
"refund"
as used herein shall mean a credit or deduction from the amount of interest originally contracted for at any time by cash, renewal or refinancing, the buyer shall receive a refund which shall be calculated by the actuarial method. The lender shall retain no more interest than is actually earned whenever a note or loan contract is prepaid.
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(L. 1951 p. 875 § 408.032(f), A.L. 1986 H.B. 1207, A.L. 2002 S.B. 895)
Effective 7-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.175 - Interest rate when maturity of note or contract accelerated.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1959
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 amount of interest originally contracted for which would be required for prepayment in full on the date of acceleration, and thereafter the note or loan contract shall bear interest at the rate originally contracted for, computed on unpaid balances for the time actually outstanding from the installment date following the date of acceleration until paid.
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(L. 1959 H.B. 321)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.178 - Deferral of monthly loan payments, fee authorized for certain loans.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2021, 2 histories
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 fee on each deferred period is no more than the lesser of fifty dollars or ten percent of the loan payments deferred, however, a minimum fee of twenty-five dollars is permitted, and no extensions are made until the first loan payment is collected on any one loan. This section applies to nonprecomputed loans only.
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(L. 2004 H.B. 959, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.180 - Authority of director to verify interest rates charged.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1951
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 408.100.
­­--------
(L. 1951 p. 875 § 408.032(g))
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.190 - Certain loans exempt from sections 408.120 to 408.180, and 408.200.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2004
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 permitted in section 408.100 and the fees permitted in sections 408.140, 408.145, and 408.178.
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(L. 1951 p. 875 § 408.032(h), A.L. 1974 2d Ex. Sess. S.B. 1, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 2004 H.B. 959)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.193 - Credit cards, no derogatory reports to credit agencies for carrying a zero balance.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Jan 1999, see footnote
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 cards in this state, delivers credit cards in this state or causes credit cards to be delivered in this state shall not make any derogatory report to a credit reporting agency on any credit card holder solely because such credit card holder has paid the entire outstanding balance on such credit card by the payment date.
3. Nothing herein shall authorize or prohibit an entity from suspending credit card privileges or recalling the issued credit card for any purpose.
­­--------
(L. 1998 S.B. 852 & 913 § 1)
Effective 1-01-99
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.200 - Borrower not to be indebted on two or more contracts with same lender, when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1998
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 multiple notes or contracts than would have been permissible on a single note or contract entered into in accordance with section 408.100.
­­--------
(L. 1951 p. 875 § 408.033, A.L. 1959 H.B. 320, A.L. 1974 2d Ex. Sess. S.B. 1, A.L. 1977 S.B. 317, A.L. 1979 S.B. 305, A.L. 1985 H.B. 358 & 440, A.L. 1998 S.B. 792)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.210 - Assignment of wages or compensation — excess over loan deemed interest.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1951
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 other compensation for services, whether earned or to be earned, shall for the purpose of this chapter and any act regulating loans or punishing usury be deemed a loan secured by such assignment, and the amount by which such assigned compensation exceeds the amount of such consideration actually paid shall for the purposes of this chapter and any act regulating loans or punishing usury be deemed interest or charges upon such loan from the date of such payment to the date such compensation is payable, and such transaction shall be governed by and subject to the provisions of this chapter, provided that nothing in this section contained shall be construed as authorizing the assignment of wages, salaries, commissions, or other compensation for services not earned at the time when such purported sale or assignment thereof is made. In case any transaction defined in this section results in a greater rate or amount of interest or charges than is permitted by law, all contracts taken in connection with such transaction shall be void and the lender shall have no right to collect, receive, or retain any principal, interest or charges.
­­--------
(L. 1951 p. 875 § 408.034)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.213 - Changes to certain sections remedial only.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2004
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 January 1, 2004.
­­--------
(L. 2004 H.B. 959 § 408.480)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.231 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1994
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 interest to be calculated at the rate allowed by the provisions of section 408.232, which residential real estate is subject to one or more prior mortgage loans.
2.
"Principal"
of a second mortgage loan means the total of the net amount paid to, receivable by, contracted for, or paid or payable for the account of the borrower, and to the extent payment is deferred, additional charges permitted by section 408.233.
3.
"Residential real estate"
shall mean any real estate used or intended to be used as a residence by not more than four families, notwithstanding the provisions of section 408.015.
­­--------
(L. 1979 S.B. 305, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 1985 S.B. 183, A.L. 1986 S.B. 667, A.L. 1994 H.B. 1312 merged with S.B. 718)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.232 - Rates and terms.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2004
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. The term of the loan, for purposes of this section, commences with the date the loan is made. Differences in the lengths of months are disregarded, and a day may be counted as one-thirtieth of a month and one-three hundred sixtieth of a year. When a second mortgage loan contract provides for monthly installments, the first installment may be payable at any time within one month and fifteen days of the date of the loan.
3. For revolving loans, charges may be computed at a daily rate of one-thirtieth of the monthly rate on actual daily balances or at a monthly rate on the average daily balance in each monthly billing cycle.
4. Sections 408.231 to 408.241 shall not apply to any loans on which the rate of interest and fees charged are lawful under Missouri law without regard to the rates permitted in subsection 1 of this section and the fees permitted in section 408.233.
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(L. 1979 S.B. 305, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 1994 H.B. 1312 merged with S.B. 718, A.L. 1998 S.B. 792, A.L. 2004 H.B. 959)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.234 - Collateral — prepayment rights, method of computation.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2021, 2 histories
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 second mortgage loan. If any such loan providing for interest being added to the principal is prepaid in full one month or more before the final installment date, the lender shall recompute the amount of interest earned to the date of prepayment in full on the basis of the rate of interest originally contracted for computed on the actual unpaid principal balances for the time actually outstanding.
3. When fees charged need not be disclosed in the annual percentage rate required by Title 15, U.S.C. Sections 1601, et seq., and regulations thereunder because such fees are deminimus amounts or for other reasons, such fees need not be included in the annual percentage rate for state examination purposes.
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(L. 1979 S.B. 305, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 1994 H.B. 1312 merged with S.B. 718, A.L. 2000 S.B. 896, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.235 - Director may examine certain lenders.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1994
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 pursuant to this act
*
, and may compel the production of all relevant books, records, accounts, and documents with respect to loans made under sections 408.231 to 408.241. Provided, however, this section shall not apply to those corporations whose powers emanate from the laws of the United States and those which are subject to the divisions of credit unions and finance.
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(L. 1979 S.B. 305, A.L. 1994 H.B. 1312 merged with S.B. 718)
*"This act" (H.B. 1312, 1994, and S.B. 718, 1994) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.236 - Recovery of interest barred, when, exceptions — actions taken or omitted in reliance on interpretation by division of finance, effect.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1994
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, except where such violations occurred either:
(1) As a result of an accidental and bona fide error of computation; or
(2) As a result of any acts done or omitted in reliance on a written interpretation of the provisions of sections 408.231 to 408.241 by the division of finance.
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(L. 1979 S.B. 305, A.L. 1988 H.B. 1355, A.L. 1994 H.B. 1312 merged with S.B. 718)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.237 - Applicability of sections 408.231 to 408.241.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1994
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 for or receiving a higher rate of interest than would have been permitted if the loan had been made under section 408.030.
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(L. 1979 S.B. 305, A.L. 1994 H.B. 1312 merged with S.B. 718)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.240 - Penalties — actions taken or omitted in reliance on written interpretation by division, effect.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1994
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, firm or corporation who shall participate in such violation shall be guilty of a class A misdemeanor, except where such violation occurred either:
(1) As a result of an accidental and bona fide error of computation; or
(2) As a result of any acts done or omitted in reliance on a written interpretation of sections 408.231 to 408.241 by the division of finance. Section 408.095 shall not apply to a loan which complies with sections 408.100 to 408.241.
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(L. 1979 S.B. 305, A.L. 1988 H.B. 1355, A.L. 1994 H.B. 1312 merged with S.B. 718)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.241 - Prepayment fee, second mortgage loans, allowed when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 07 Mar 1991, see footnote
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.
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(L. 1991 H.B. 180 § 1)
Effective 3-07-91
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.270 - Retail time contracts negotiated by mail — delivery unnecessary — notice of insertions in blanks.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1961
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 the seller or other printed solicitation of business, which is distributed and made available generally to the public, if such catalog or other printed solicitation clearly sets forth the cash and time sale prices and other terms of sales to be made through such medium, may be made as provided in this section. All provisions of sections 408.250 to 408.370 shall apply to such sales except that the seller shall not be required to deliver a copy of the contract to the buyer as provided in section 408.260 and if the contract when received by the seller contains any blank spaces the seller may insert in the appropriate blank space the amounts of money and other terms which are set forth in the seller's catalog or other printed solicitation which is then in effect. In lieu of sending the buyer a copy of the contract as provided in section 408.260, the seller shall furnish to the buyer a written statement of any items inserted in the blank spaces in the contract received from the buyer.
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(L. 1961 p. 638 § 4)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.290 - Retail charge agreement — form — delivery to buyer — contents.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1975
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 buyer by the retail seller prior to the date on which the first payment is due thereunder. An acknowledgment of the delivery thereof contained in the body of the agreement shall be conclusive proof of delivery in any action. All agreements executed on or after said date shall state the amount or rate of the time charge to be charged and paid pursuant thereto or shall state that a time charge not in excess of that permitted by law will be charged and paid pursuant thereto; and may in the event of default of any payment required by the agreement, provide for the payment of attorney fees not exceeding fifteen percent of the total unpaid balance where such balance is referred for collection to an attorney not a salaried employee of the seller and for court costs.
2. The retail seller under a retail charge agreement shall promptly supply the retail buyer under such agreement with a statement at the time of sale or as of the end of each monthly period (which need not be a calendar month) or other regular period agreed upon by the retail seller and the retail buyer in which there is any unpaid balance thereunder, which shall recite the following:
(1) The total unpaid balance under the retail charge agreement at the beginning and end of the period;
(2) Unless otherwise furnished by the retail seller to the retail buyer by sales slip, memorandum, or otherwise, a description of the goods or services purchased, the cash sale price and the date of each purchase;
(3) The payments made by the retail buyer to the retail seller and any other credits to the retail buyer during the period;
(4) The amount of the time charge, if any;
(5) A legend to the effect that the retail buyer may at any time pay his total unpaid balance.
­­The above items need not be stated in the sequence or order set forth.
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(L. 1961 p. 638 § 6, A.L. 1975 S.B. 71)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.310 - Assignments of retail time contracts and charge agreements — notice to buyer, effect.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1961
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 at such price as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the purchaser or other assignee maintain dominion over the payments or the goods if repossessed shall not be necessary to the validity of a written assignment of such a contract or account as against creditors, subsequent purchasers, pledges, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract or account, payment thereunder made by the buyer to the seller or to the last known purchaser or other assignee of such contract or account shall be binding upon all subsequent purchasers or other assignees.
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(L. 1961 p. 638 § 8)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.320 - Buyer may pay retail time contract debt before maturity — refund of charges.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Jul 2003, see footnote
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 debt shall receive a refund credit thereof for such anticipation of payments. The amount of such refund shall be calculated by the actuarial method. The lender shall retain no more interest than is actually earned whenever a retail time contract is prepaid.
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(L. 1961 p. 638 § 9, A.L. 1986 H.B. 1207, A.L. 2002 S.B. 895)
Effective 7-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.330 - Delinquency and collection charges permitted — insurance premium in lieu of perfecting security interest authorized — attorney fees — consolidation of contracts — convenience fee, when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2017, 2 histories
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 thereof may charge and collect:
(1) A premium for insurance in lieu of charges for perfecting a security interest required by the lender if the premium does not exceed the fees which would otherwise be payable;
(2) Charges assessed by any institution for processing a refused instrument plus a handling fee of not more than fifteen dollars;
(3) A delinquency and collection charge on each installment in default for a period of not less than ten days in an amount not to exceed ten dollars or five dollars when the monthly installment is less than twenty-five dollars; or
(4) Interest on each delinquent payment thereunder at a rate which will not exceed the highest lawful contract rate. In addition to such delinquency charge, the contract may provide for the payment of attorney fees not exceeding fifteen percent of the amount due and payable under such contract where such contract is referred for collection to an attorney not a salaried employee of the holder of the contract and for court costs.
2. The parties to a retail time contract who have entered into more than one contract at substantially different times may agree to consolidate such contracts resulting in a single schedule of payments; provided, however, that the time charge on the new unpaid balance shall not exceed the maximum specified in section 408.300.
3. A holder of a contract may impose a convenience fee for payments using an alternative payment channel that accepts a debit or credit card not present transaction, nonface-to-face payment, provided that:
(1) The person making the payment is notified of the convenience fee; and
(2) The fee is fixed or flat, except that the fee may vary based upon method of payment used.
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(L. 1961 p. 638 § 10, A.L. 1975 S.B. 71, A.L. 1989 H.B. 386 merged with S.B. 192, A.L. 1990 H.B. 1788, A.L. 1992 S.B. 705, A.L. 1994 S.B. 718, A.L. 2017 H.B. 292)