reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.340 - Applicability to prior transactions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1961
408.340. Applicability to prior transactions. —
The provisions of sections 408.250 to 408.370 shall not apply to retail time transactions consummated prior to the effective date hereof; provided, however, that with respect to any sale made subsequent to the effective date hereof pursuant to a retail charge agreement entered into prior to the effective date hereof, the provisions of sections 408.250 to 408.370 shall apply if (1) prior to the making of such sale the seller shall have delivered or mailed to the buyer a copy of a retail charge agreement, duly executed on behalf of the seller, conforming, except for the buyer's signature, with the provisions of section 408.290, and (2) the seller thereafter complies with all the other provisions of sections 408.250 to 408.370.
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(L. 1961 p. 638 § 13)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.350 - Waiver of provisions void.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1961
408.350. Waiver of provisions void. —
Any waiver of the provisions of sections 408.250 to 408.370 shall be unenforceable and void.
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(L. 1961 p. 638 § 12)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.360 - Citation of law.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1961
408.360. Citation of law. —
Sections 408.250 to 408.370 may be cited as the "Missouri Retail Credit Sales Law".
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(L. 1961 p. 638 § 1)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.365 - Acceleration clauses, repossession or confession of judgment by power of attorney, right of entry to repossess and waiver of damages from repossession provisions, prohibited.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1975
408.365. Acceleration clauses, repossession or confession of judgment by power of attorney, right of entry to repossess and waiver of damages from repossession provisions, prohibited. —
1. No retail time contract shall contain any provision by which in the absence of the buyer's default in the performance of any of his obligations, the seller or holder may arbitrarily and without reasonable cause accelerate the maturity of any part or all of the amount owing thereunder.
2. No retail time contract or retail charge agreement shall contain any provision by which:
(1) A power of attorney is given to confess judgment, or an assignment of wages is given;
(2) The seller or holder of the contract or other person acting on his behalf is given authority to enter upon the buyer's premises unlawfully or to commit any breach of the peace in the repossession of goods;
(3) The buyer waives any right of action against the seller or holder of the contract or other person acting on his behalf, as the buyer's agent in the collection of payments under the contract or in the repossession of goods; or
(4) The buyer executes a power of attorney appointing the seller or holder of the contract, or other person acting on his behalf, as the buyer's agent in collection of payments under the contract or in the repossession of goods.
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(L. 1975 S.B. 71)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.370 - Violation, penalty — effect on time and other charges — correction.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1975
408.370. Violation, penalty — effect on time and other charges — correction. —
1. Any person who shall knowingly violate any provision of section 408.250 and sections 408.260 to 408.370 shall be deemed guilty of a misdemeanor and, upon conviction, shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months or both.
2. Any person violating sections 408.260 to and including 408.330, except as the result of an accidental and bona fide error of computation, shall be barred from recovery of any time charge, delinquency or collection charge on the contract.
3. Notwithstanding the other provisions of this section, the failure to comply with any provision of section 408.250 and sections 408.260 to 408.370 with respect to any retail time transaction may be corrected by the seller, or other person holding the retail time contract or account under a retail charge agreement, at any time after the execution thereof, but in any event not later than ten days after such person shall have been notified thereof in writing by the buyer, and, if so corrected, such person shall not be subject to any criminal penalty, civil forfeiture, or private cause of action under sections 408.250 to 408.370 for such failure.
4. Any buyer, who suffers an ascertainable loss of money or property, real or personal, as a result of the use or employment of any method, act or practice in violation of section 408.250 and sections 408.260 to 408.370, which is not restored by action taken pursuant to subsection 3 of this section, may bring a private cause of action pursuant to section 407.025.
5. No private action for the recovery of damages under the provisions of subsection 4 of this section shall be commenced after three years from the date of the last method, act, or practice in violation of sections 408.250 to 408.260, 408.290, 408.300, 408.330, 408.365 and 408.370. The limitation on the commencement of action provided in this subsection shall be tolled for the same reason and in the same manner as other limitations on the bringing of actions under the provisions of chapter 516.
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(L. 1961 p. 638 § 11, A.L. 1975 S.B. 71)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.375 - Retail installment agreement, deemed signed or accepted, when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1998
408.375. Retail installment agreement, deemed signed or accepted, when. —
As used in sections 408.250 to 408.370, a retail installment agreement shall be deemed to be signed or accepted by the buyer, if after a request for a retail installment account, the agreement or application for a retail installment account is in fact signed by the buyer, or if the retail installment account is used by the buyer, or if the retail installment account is used by another person authorized by the buyer to use it.
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(L. 1998 H.B. 1189 § 1)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.380 - Sale of certain financial products and plans associated with certain loan transactions not prohibited.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2011
408.380. Sale of certain financial products and plans associated with certain loan transactions not prohibited. —
1. Notwithstanding any provision of sections 408.140, 408.233, 408.300, or any other law to the contrary, no provision of such sections shall be construed to prohibit the sale of a deficiency waiver addendum, guaranteed asset protection, or a similar product purchased as part of a loan transaction with collateral and at the borrower's consent, provided the cost of the product is reasonable and is disclosed in the loan contract. The borrower's consent to the purchase of the deficiency waiver addendum, guaranteed asset protection, or a similar product shall be in writing and acknowledge receipt of the required disclosures by the borrower. The creditor shall retain a copy for the file.
2. Each deficiency waiver addendum, guaranteed asset protection, or other similar product shall provide that in the event of termination of the product prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for such product shall be paid or credited promptly to the person entitled thereto; provided, however, that no refund of less than one dollar need be made. The formula to be used in computing the refund shall be the pro rata method.
3. Any debtor may cancel a deficiency waiver addendum, guaranteed asset protection, or other similar product within fifteen days of its purchase and shall receive a complete refund or credit of premium. This right shall be set forth in the loan contract, or by separate written disclosure. This right shall be disclosed at the time the debt is incurred in ten-point type and in a manner reasonably calculated to inform the debtor of this right.
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(L. 2011 S.B. 83)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.400 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1983
408.400. Definitions. —
1. As used in sections 408.400 to 408.415, unless the context otherwise requires:
(1)
"Arranged"
means to provide or offer to provide a loan which is or will be extended by another person under a business or other relationship pursuant to which the person arranging such loan receives or will receive a fee, compensation, or other consideration for such service or has knowledge of the terms of the loan and participates in the preparation of the instruments required in connection with the extension of the loan;
(2)
"Consumer goods or services"
means goods or services for use primarily for personal, family or household purposes.
2. The definitions in Articles 1, 3 and 9 of chapter 400 are applicable to sections 408.400 to 408.415.
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(L. 1974 H.B. 1047, et al. § 1, A.L. 1983 H.B. 713 Revision)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.405 - Defenses or setoffs arising from transaction good against holder of security instrument, when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1974
408.405. Defenses or setoffs arising from transaction good against holder of security instrument, when. —
The rights of a holder or assignee of an instrument, account, contract, right, chattel paper or other writing other than a check or draft, which evidences the obligation of a natural person as buyer, lessee, or borrower in connection with the purchase or lease of consumer goods or services, are subject to all defenses and setoffs of the debtor arising from or out of such sale or lease, notwithstanding any agreement to the contrary, only as to amounts then owing and as a matter of defense to or setoff against a claim by the holder or assignee; provided, however, with respect to goods only, the rights of the debtor under this section may be asserted to the seller at the address at which he did business at the time of the sale and must be so asserted within ninety days after receipt of the goods.
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(L. 1974 H.B. 1047, et al. § 2)
(1986) Home improvements held to be "consumer goods" within the meaning of this section. Roosevelt Federal Savings & Loan Ass'n. v. Crider, 722 S.W.2d 325 (Mo.App. S.D.).
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.410 - Exempt transactions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1974
408.410. Exempt transactions. —
Sections 408.400 to 408.415 are not applicable to:
(1) An instrument or other writing which evidences a loan or indebtedness to a lender or person, other than a seller or lessor, which was not arranged by a seller or lessor, the proceeds of which are used by the buyer or lessee to satisfy an obligation to a seller or lessor;
(2) Credit card sales on a credit card issued by an issuer other than the seller.
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(L. 1974 H.B. 1047, et al. § 3)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.415 - Chapter 400 is modified by provisions of sections 408.400 to 408.415.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1974
408.415. Chapter 400 is modified by provisions of sections 408.400 to 408.415. —
Subject to the provisions of sections 408.400 to 408.415, the provisions of chapter 400, RSMo 1969, shall be applicable to any consumer credit transaction.
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(L. 1974 H.B. 1047, et al. § 4)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.455 - Variable rate agreements subject to certain provisions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2003
408.455. Variable rate agreements subject to certain provisions. —
All contracts or agreements originally subject to sections 408.450 to 408.470, existing on August 28, 2003, shall remain subject to the provisions of sections 408.140, 408.150, 408.160 and 408.550 to 408.562, even if the contract or agreement is converted into another form of credit.
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(L. 1984 H.B. 1170, A.L. 2003 H.B. 221 merged with S.B. 346)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.506 - Report to the general assembly, contents.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2002
408.506. Report to the general assembly, contents. —
The division of finance shall report to the general assembly beginning on January 1, 2003, and on the first day of January every other year thereafter, the number of licenses issued by the director pursuant to section 408.500, the number of loans issued by said lenders, the average face value of such loans, the average number of times said loans are renewed, the number of said loans that are defaulted on an annual basis, and the number and nature of complaints made to the director by customers on such licensees and the disposition of such complaints. Such report shall also include the average interest and fees charged and collected by lenders on such loans, and a comparison of such with similar small loan lenders from adjoining states.
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(L. 2002 S.B. 884)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.510 - Licensure of consumer installment lenders — interest and fees allowed.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2002, 2 histories
408.510. Licensure of consumer installment lenders — interest and fees allowed. —
Notwithstanding any other law to the contrary, the phrase
"consumer installment loans"
means secured or unsecured loans of any amount and payable in not less than four substantially equal installments over a period of not less than one hundred twenty days. The phrase
"consumer installment lender"
means a person licensed to make consumer installment loans. A consumer installment lender shall be licensed in the same manner and upon the same terms as a lender making consumer credit loans. Such consumer installment lenders shall contract for and receive interest and fees in accordance with sections 408.100, 408.140, and 408.170. Consumer installment lenders shall be subject to the provisions of sections 408.551 to 408.562.
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(L. 2001 S.B. 186, A.L. 2002 S.B. 895)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.550 - Discrimination prohibited — damages recoverable.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1979
408.550. Discrimination prohibited — damages recoverable. —
1. No person, upon proper application, shall be denied credit under the provisions of sections 408.015 to 408.562 on the basis of sex, marital status, age, race or religion. Any action which complies with the provisions of the Equal Credit Opportunity Act, Public Law 93-495 (15 U.S.C. 1691 et seq.), and rules and regulations promulgated thereto shall be deemed to be in compliance with this section. Any borrower discriminated against on any of these prohibited bases may recover five hundred dollars or actual damages, whichever is greater, court costs and attorney's fees.
2. No person shall be denied credit under the provisions of sections 408.015 to 408.562 because of any exercise of his rights under law.
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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 408.551 - Applicability of sections 408.551 to 408.562 — credit transaction defined.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1998
408.551. Applicability of sections 408.551 to 408.562 — credit transaction defined. —
Sections 408.551 to 408.562 shall apply to any credit transaction made primarily for personal, family or household purposes pursuant to sections 365.010 to 365.160 and sections 408.100 to 408.370. For the purposes of this section, unless the context requires otherwise,
"credit transaction"
shall mean any retail installment transaction as defined by section 365.020 or any loan subject to section 408.100 or any second mortgage loan as defined by section 408.231 or any retail time transaction as defined in section 408.250.
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(L. 1979 S.B. 305, A.L. 1984 H.B. 1170, A.L. 1998 S.B. 792)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.552 - Enforceability of default provisions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1979
408.552. Enforceability of default provisions. —
An agreement of the parties to a credit transaction concerning default by the borrower is enforceable only to the extent that:
(1) The borrower fails to make a payment as required by agreement; or
(2) The lender's prospect of payment, performance, or ability to realize upon the collateral is significantly impaired; the burden of establishing significant impairment is on the lender.
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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 408.553 - Recovery limitation.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2021, 2 histories
408.553. Recovery limitation. —
Upon default the lender shall be entitled to recover the amount due and accrued under the agreement, including interest and penalties through the date of payment in full or to the date of a final judgment. Following a judgment, the lender may additionally recover the simple interest equivalent of the rate provided in the contract as applied to the amount of the judgment until the date the judgment is paid and satisfied.
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(L. 1979 S.B. 305, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.554 - Notice of default, contents, form, delivery.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2021, 2 histories
408.554. Notice of default, contents, form, delivery. —
1. After a borrower has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of the collateral, a lender may give the borrower and all cosigners on the credit transaction the notice described in this section. A lender gives notice to the borrower and cosigners under this section when he delivers the notice to the borrower or cosigner or mails the notice to him at his last known address.
2. Except as provided in subsection 4 of this section, the notice shall be in writing and conspicuously state: The name, address and telephone number of the lender to whom payment is to be made, a brief identification of the credit transaction, the borrower's right to cure the default, and the amount of payment and date by which payment must be made to cure the default. A notice in substantially the following form complies with this subsection:
(name, address, and telephone number of lender)
(account number, if any)
(brief identification of credit transaction)
(amount) is the AMOUNT NOW DUE
(date) is the LAST DAY FOR PAYMENT
You are late in making your payment(s). If you pay the AMOUNT NOW DUE (above) by the LAST DAY FOR PAYMENT (above), you may continue with the contract as though you were not late. If you do not pay by that date, we may exercise our rights under the law.
3. If the loan transaction is an insurance premium loan, the notice shall conform to the requirements of subsection 2 of this section and a notice in substantially the form specified in that subsection complies with this subsection, except for the following:
(1) In lieu of a brief identification of the loan transaction, the notice shall identify the transaction as an insurance premium loan and each insurance policy or contract that may be cancelled;
(2) In lieu of the statement in the form of notice specified in subsection 2 of this section that the lender may exercise his rights under the law, the statement that each policy or contract identified in the notice may be cancelled; and
(3) The last paragraph of the form of notice specified in subsection 2 of this section shall be omitted.
4. If a credit transaction is secured, the notice described in this section shall further state the following:
"If you voluntarily surrender possession of the following specified collateral, you could still owe additional money after the money received from the sale of the collateral is deducted from the total amount you owe.".
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(L. 1979 S.B. 305, A.L. 1992 S.B. 705, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.556 - Actions arising from default, contents of petition — default judgment requires sworn testimony — recovery of unpaid balances.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2002
408.556. Actions arising from default, contents of petition — default judgment requires sworn testimony — recovery of unpaid balances. —
1. In any action brought by a lender against a borrower arising from default, the petition shall allege the facts of the borrower's default, facts sufficient to show compliance with the provisions of sections 400.9-601 to 400.9-629, which provisions are hereby deemed applicable to all credit transactions, with respect to any sale or other disposition of collateral for the credit transaction, the amount to which the lender is entitled, and an indication of how that amount was determined.
2. A default judgment may not be entered in the action in favor of the lender unless the petition is verified by the lender, or sworn testimony, by affidavit or otherwise, is adduced showing that the lender is entitled to the relief demanded.
3. If a lender takes possession or voluntarily accepts surrender of goods in which the lender has a purchase money security interest to secure a credit transaction in the principal amount of less than five hundred dollars, the borrower is not liable to the lender for the unpaid balance.
4. Following any disposition of collateral pursuant to the provisions of sections 400.9-601 to 400.9-629, the lender shall be entitled to recover from the borrower the deficiency, if any, only if the amount financed in the transaction was more than five hundred dollars and the amount remaining unpaid at the time of default is three hundred dollars or more.
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(L. 1979 S.B. 305, A.L. 1983 S.B. 70, A.L. 2002 S.B. 895)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.557 - Notice required before deficiency action may be commenced.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2002
408.557. Notice required before deficiency action may be commenced. —
When a lender sells or otherwise disposes of collateral in a transaction in which an action for a deficiency may be commenced against the borrower, prior to bringing any such action or upon written request of the borrower, the lender shall give the borrower the notice provided in section 400.9-614 for consumer goods transactions or section 400.9-613 for all other transactions that are not consumer goods transactions.
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(L. 1979 S.B. 305, A.L. 2002 S.B. 895)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.558 - Security interests not to be taken, when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1979
408.558. Security interests not to be taken, when. —
1. No security interest, other than a purchase money security interest, may be taken or acquired in household furnishings, appliances, or clothing of the borrower or his dependents as security for a loan if the amount financed is less than five hundred dollars.
2. No security interest may be taken or acquired in goods as security for a credit transaction in the principal amount of less than one hundred fifty dollars.
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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 408.560 - Unenforceable provisions in note or credit contract.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1979
408.560. Unenforceable provisions in note or credit contract. —
The following provisions when contained in any note or credit contract or the contract of any guarantor of a credit transaction shall be void and unenforceable:
(1) A power of attorney to confess judgment;
(2) An assignment of wages;
(3) A waiver or limitation of any exemption given by law to the borrower exempting the borrower's property from attachment or execution, except insofar as the waiver or limitation applies to property in which the lender has been granted a security interest to secure the credit transaction;
(4) A security interest in consumer goods which are identified only as a general class of goods, such as "household goods" or "furniture"; and
(5) A waiver of any right of action against the lender or his assignee or other person acting on behalf of the lender in the collection of payments under the contract or in the repossession of goods.
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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 408.562 - Damages recoverable for violation.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1979
408.562. Damages recoverable for violation. —
In addition to any other civil remedies or penalties provided for by law, any person who suffers any loss of money or property as a result of any act, method or practice in violation of the provisions of sections 408.100 to 408.561 may bring an action in the circuit court of the county in which any of the defendants reside, in which the plaintiff resides, or in which the transaction complained of occurred to recover actual damages. The court may, in its discretion, award punitive damages and may award to the prevailing party in such action attorney's fees, based on the amount of time reasonably expended, and may provide such equitable relief as it deems necessary and proper.
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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 408.570 - Definitions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2008
408.570. Definitions. —
Unless otherwise clearly indicated by the context, the following words and terms as used in sections 408.570 to 408.600 shall mean:
(1)
"Department"
, the Missouri department of commerce and insurance;
(2)
"Director"
, the director of the department of commerce and insurance;
(3)
"Division director"
, the appropriate director of the division of finance or the division of credit unions of the department of commerce and insurance;
(4)
"Financial institution"
, a bank, savings and loan association, credit union, consumer credit lender, mortgage banker, or any other association or institution which:
(a) Operates a place of business in Missouri; and
(b) As part of its business, makes residential real estate loans;
(5)
"Residential real estate"
, any real estate used or intended to be used as a residence by not more than four families;
(6)
"Residential real estate loan"
, a loan made for the acquisition, construction, repair, rehabilitation or remodeling of residential real estate or any loan secured by residential real estate. The term shall include any loan made to refinance or prepay in full or in part any such loan;
(7)
"State financial institution"
, any financial institution other than a national banking association, a federal savings and loan association, and a federal credit union;
(8)
"Type"
of residential real estate loan, conventional loans, construction loans, loans insured by the Federal Housing Administration, loans guaranteed by the Veterans Administration, home improvement loans.
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(L. 1979 S.B. 305, A.L. 1994 H.B. 1165, A.L. 2008 S.B. 788)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.575 - Denial of loans prohibited, when, reasons for.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Jan 1980, see footnote
408.575. Denial of loans prohibited, when, reasons for. —
It shall be unlawful for any financial institution, or any subsidiary or agent thereof, to deny a residential real estate loan to a person because of any of the following factors or to discriminate against any applicant for a residential real estate loan with respect to any aspect of the loan transaction because of any of the following factors:
(1) The race, color, religion, national origin, handicap, age, marital status, or sex, of the applicant or the race, religion or national origin of persons living in the vicinity of the residential real estate;
(2) The specific geographic location of the residential real estate in such financial institution's local community as defined by it pursuant to the Community Reinvestment Act (12 U.S.C. 2901 et seq.) and the rules and regulations promulgated thereunder. Any state financial institution not regulated by the Community Reinvestment Act shall, subject to the approval of the appropriate division director, delineate its local community for the purposes of this section and shall make such delineation available to the public upon request at each office where the financial institution accepts applications for residential real estate loans;
(3) The age of the residential real estate or the age of structures in the immediate vicinity of the residential real estate.
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(L. 1979 S.B. 305)
Effective 1-01-80
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.585 - Limitation on requirements of sections 408.570 to 408.600.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Jan 1980, see footnote
408.585. Limitation on requirements of sections 408.570 to 408.600. —
1. No provision of sections 408.570 to 408.600 shall be construed to require any financial institution to make any residential real estate loan contrary to sound underwriting practices which shall include but not be limited to the following:
(1) The credit worthiness of the applicant; and
(2) The market value of the residential real estate proposed as security for the loans.
2. A financial institution may employ different loan application procedures for loans to purchase or construct new dwellings as opposed to the purchase of previously occupied dwellings.
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(L. 1979 S.B. 305)
Effective 1-01-80
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.590 - Division directors, report to governor and department director, contents.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 2013
*408.590. Division directors, report to governor and department director, contents. —
1. As to the state financial institutions under the supervision of the respective divisions, each division director shall report annually to the governor and the director of the department, with regard to each county or city with a population in excess of two hundred fifty thousand the following:
(1) The number and type of violations of sections 408.570 to 408.600 which are found to have occurred, a statement of the action or actions taken to enforce the provisions of said sections, and the names of the financial institutions which have been found upon a hearing to have violated the provisions of said sections; and
(2) The number and nature of all complaints received by the department or division regarding alleged violations of any provision of sections 408.570 to 408.600 and the action taken on each complaint by the division.
2. This report shall be maintained by each division as a public document for a period of five years.
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(L. 1979 S.B. 305, A.L. 2013 H.B. 329 merged with S.B. 235)
Effective 8-28-13 (S.B. 235); 10-11-13 (H.B. 329)
*H.B. 329 effective 10-11-13, see § 21.250. H.B. 329 was vetoed July 2, 2013. The veto was overridden on September 11, 2013.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.595 - Financial institutions to make other annual report, contents.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 01 Jan 1980, see footnote
408.595. Financial institutions to make other annual report, contents. —
Not later than sixty days following the close of each fiscal year, every state financial institution which accepts savings deposits shall certify to the appropriate division director the total savings deposits of the institution accepted by the institution in the state of Missouri as of the close of the fiscal year, and the total amount of the institution's investments in loans, other than loans originated in the state of Missouri and in negotiable instruments other than loans.
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(L. 1979 S.B. 305)
Effective 1-01-80
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.675 - Citation of law — definitions.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.675. Citation of law — definitions. —
1. Sections 408.675 to 408.700 shall be known and may be cited as the "Missouri Right to Financial Privacy Act".
2. For the purposes of sections 408.675 to 408.700, the following terms mean:
(1)
"Customer"
, any person or his authorized representative who utilized services of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in such person's name;
(2)
"Financial institution"
, bank, savings and loan association, trust company, credit union, consumer credit lender, consumer finance institution, persons who act as lender on loans governed by sections 408.100 and 408.120 to 408.190, persons who are sellers under a retail time contract or retail time transactions governed by sections 408.250 to 408.370, and any other persons, including, but not limited to, stockbrokers and brokerage firms, which accept money for deposit to an account on which checks may be drawn by the owner of such account;
(3)
"Financial record"
, an original, a copy, or information derived from any record held by a financial institution pertaining to a customer's relationship with the financial institution;
(4)
"Government authority"
, any agency or department of the state of Missouri or any agent thereof;
(5)
"Law enforcement inquiry"
, a lawful investigation, official proceeding, or grand jury proceeding relating to the commission of any crime;
(6)
"Subpoena"
, a judicial subpoena, an administrative subpoena, or other process expressly authorized by law;
(7)
"Supervisory agency"
, any agency or department of Missouri having statutory authority to examine the financial condition or business operations of a financial institution;
(8)
"Government investigation"
, a lawful proceeding inquiring into a violation of any civil statute or any valid regulation, rule, or order issued pursuant thereto.
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(L. 1989 H.B. 82 §§ 1, 2)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.677 - Government access to records, when — requirements.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.677. Government access to records, when — requirements. —
Except as provided in section 408.690, no government authority may have access to or obtain copies of the information contained in the financial records of any customer unless the financial records are reasonably described and:
(1) Such customer has authorized such disclosure in accordance with section 408.682;
(2) Such financial records are disclosed in response to a subpoena which meets the requirements of section 408.683; or
(3) Such financial records are disclosed in response to a written request which meets the requirements of section 408.683.
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(L. 1989 H.B. 82 § 3)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.680 - Financial institution may not disclose, exceptions, requirements.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.680. Financial institution may not disclose, exceptions, requirements. —
1. A financial institution, or officer, employee, or agent thereof shall not provide to any government authority access to the financial record of any customer except in accordance with the provisions of sections 408.675 to 408.700.
2. A financial institution shall not release the financial records of a customer until the government authority seeking such records gives notice in writing to the financial institution that it has complied with the applicable provisions of sections 408.675 to 408.700.
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(L. 1989 H.B. 82 § 4)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.682 - Customer authorization, requirements.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.682. Customer authorization, requirements. —
1. A customer may authorize disclosure of his financial records if he furnishes to the financial institution and to the government authority seeking to obtain such disclosure a signed and dated statement which:
(1) Authorizes such disclosure for such period as may be agreed upon;
(2) States that the customer may revoke such authorization at any time before the financial records are disclosed;
(3) Identifies the financial records which are authorized to be disclosed;
(4) Specifies the purpose and the government authority to which such records may be disclosed; and
(5) States the customer's rights under sections 408.675 to 408.700.
2. Such authorization shall not be required as a condition of doing business with any financial institution.
3. The customer has the right to obtain a copy of the information which shall be disclosed to a government authority pursuant to sections 408.675 to 408.700, and the identity of the government authority to which such disclosure was made.
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(L. 1989 H.B. 82 § 5)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.683 - Subpoena, government may obtain records with, when — procedure — notice required.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.683. Subpoena, government may obtain records with, when — procedure — notice required. —
A government authority may obtain financial records pursuant to a subpoena if:
(1) There is reason to believe that the records sought are relevant to a government investigation;
(2) A copy of the subpoena has been served upon the customer or mailed to his last known address on or before the date on which the subpoena is served on the financial institution together with the following notice:
"Records or information concerning your transactions held by the financial institution named in the attached subpoena (or other process) are being sought by the (agency or department) in accordance with the Missouri Right to Financial Privacy Act for the following purpose: (state purpose with reasonable specificity)
If you desire that such records or information not be made available, you must:
1. State in writing that you are the customer whose records are being requested and give the reasons you believe the records are not relevant to the law enforcement inquiry stated in this subpoena or any other basis for objecting to the release of the records;
2. File the statement by mailing or delivering it to the clerk of the court which issued or has the power to enforce the subpoena;
3. Serve the government authority requesting the records by mailing or delivering a copy of your statement to it at the address stated in the notice; and
4. Be prepared to go to court or to the issuing authority and present your position in further detail.
You do not need to have a lawyer to represent yourself, although you may wish to employ one to represent you and protect your rights.
If you do not follow the above procedures, upon the expiration of ten days from the date of service or fourteen days from the date of mailing of this notice, the records or information requested therein will be made available. These records may be transferred to other government authorities for legitimate government investigations.";
­­and
(3) Ten days have expired from the date of service of the notice or fourteen days have expired from the date of mailing the notice to the customer and within such time period the customer has not filed a statement or a motion to quash in an appropriate court, or the customer challenge provisions of section 408.686 have been complied with.
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(L. 1989 H.B. 82 § 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.687 - Financial institution to assemble records upon subpoena — delivery of records, when.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.687. Financial institution to assemble records upon subpoena — delivery of records, when. —
Upon receipt of a request for financial records made by a government authority under section 408.683, the financial institution shall, unless otherwise provided by law proceed to assemble the records requested and must be prepared to deliver the records to the government authority upon receipt of the notice required under subsection 2 of section 408.680.
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(L. 1989 H.B. 82 § 9)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.689 - Transfer of records to additional agency, allowed when — notice.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.689. Transfer of records to additional agency, allowed when — notice. —
1. Financial records originally obtained pursuant to sections 408.675 to 408.700 shall not be transferred to another agency or department unless the transferring agency or department makes a written finding that there is reason to believe that the records are relevant to a legitimate law enforcement inquiry within the jurisdiction of the receiving agency or department.
2. When financial records subject to sections 408.675 to 408.700 are transferred pursuant to this section the transferring agency or department shall within fourteen days send to the customer the following notice:
"Copies of, or information contained in, your financial records lawfully in possession of (the agency or department) have been furnished to (the agency or department) pursuant to the Missouri Right to Financial Privacy Act for the following purpose (state with reasonable specificity). If you believe that this transfer has not been made to further a legitimate law enforcement inquiry, you may have legal rights under the Missouri Right to Financial Privacy Act.".
3. Notwithstanding subsection 2 of this section, notice to the customer may be delayed if the transferring agency or department has obtained a court order delaying notice, or if the receiving agency or department obtains a court order authorizing a delay in notice. Upon the expiration of any such period of delay, the transferring agency or department shall serve the customer the notice specified in subsection 2 of this section and the agency or department that obtained the court order authorizing a delay in notice shall serve the notice.
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(L. 1989 H.B. 82 § 10)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.693 - Fee paid to financial institution, amount, how determined.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.693. Fee paid to financial institution, amount, how determined. —
Except for records obtained pursuant to section 408.690, a government authority shall pay to the financial institution assembling or providing financial records pertaining to a customer and in accordance with procedures established by sections 408.675 to 408.700 a fee for reimbursement for such costs as are reasonably necessary and which have been directly incurred in searching for, reproducing, or transporting books, papers, records, or other data required or requested to be produced. The rates established by the board of governors of the Federal Reserve System shall, by regulation, establish the rates and conditions under which such payment may be made.
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(L. 1989 H.B. 82 § 13)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.695 - Statute of limitations.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.695. Statute of limitations. —
An action to enforce any provision of sections 408.675 to 408.700 may be brought in the circuit court within three years from the date on which the violation occurs or on the date of discovery of such violation, whichever is later.
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(L. 1989 H.B. 82 § 14)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 408 - Legal Tender and Interest › Section 408.696 - Civil liability for violation, amount — disciplinary action against agency employee, when — good faith a valid defense, when — exclusive remedy.

Title XXVI TRADE AND COMMERCE
Chapter 408
• Effective - 28 Aug 1989
408.696. Civil liability for violation, amount — disciplinary action against agency employee, when — good faith a valid defense, when — exclusive remedy. —
1. Any financial institution or an agency or department of the state of Missouri obtaining or disclosing financial records or information contained therein in violation of sections 408.675 to 408.700 is liable to the customer to whom such records relate in an amount equal to the sum of:
(1) One thousand dollars, without regard to the volume of records involved;
(2) Any actual damages sustained by the customer as a result of the disclosure; and
(3) In the case of any successful action to enforce liability under this section, the costs of the action together with reasonable attorney's fees may be allowed by the court.
2. Whenever the court determines that any employee of an agency or department of the state of Missouri has violated any provision of sections 408.675 to 408.700 and the court finds that the circumstances surrounding the violation raise questions of whether an officer or employee of the department or agency acted willfully or intentionally with respect to the violation, the agency or department supervising said violator shall promptly initiate a proceeding to determine whether disciplinary action is warranted against the agent or employee who was primarily responsible for the violation. The agency or department after investigation and consideration of the evidence submitted shall submit its findings and recommendations to the administrative authority of the agency concerned and shall send copies of the findings and recommendations to the officer or employee or his representative.
3. Any financial institution or agent or employee thereof making a disclosure of financial records pursuant to sections 408.675 to 408.700 in good faith reliance upon a notice by any government authority shall not be liable to the customer or any other person for such disclosure.
4. The remedies and sanctions described in sections 408.675 to 408.700 shall be the only judicially recognized remedies and sanctions for violations of sections 408.675 to 408.700.
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(L. 1989 H.B. 82 § 15)