Section 438.151 – Interest Rate; Obligations Payable Out of State.
438.151 Interest rate; obligations payable out of state. Sec. 1. That it shall be lawful for any person or corporation, borrowing money in this State, to make notes, bills, bonds, drafts, acceptances, mortgages, or other securities, for the payment of principal or interest, at the rates authorized by the laws of this State, payable at […]
Section 438.152 – Interest Valid in This State; Defense of Usury Not Available.
438.152 Interest valid in this state; defense of usury not available. Sec. 2. No plea of usury, nor defense founded upon an allegation of usury, shall be sustained in any court in this State, nor shall any security be held invalid on an allegation of usury, where the rate of interest reserved, discounted or taken, […]
Section 438.31a – Payment of Reasonable and Necessary Charges in Addition to Interest; Exceptions.
438.31a Payment of reasonable and necessary charges in addition to interest; exceptions. Sec. 1a. A state or national bank, except as federal law and regulation provide otherwise, insurance company, or lender approved as a mortgagee under the national housing act, 12 U.S.C. 1701 to 1750g, or regulated by a federal agency, may require a borrower […]
Section 438.31b – Loan Settlement Statement.
438.31b Loan settlement statement. Sec. 1b. A state or national bank, insurance company, or lender approved as a mortgagee under the national housing act or regulated by a federal agency, shall furnish a loan settlement statement to a borrower upon closing of the loan, indicating in detail the charges the borrower has paid or obligated […]
Section 438.31c – Interest Charged by Securities Broker or Dealer for Carrying Debit Balance in Customer Account; Written Agreement for Payment of Interest on Evidence of Indebtedness; Prohibitions When Security Is Single-Family Dwelling Unit; Validity of Transaction or Rate of Interest; Limitation on Rate of Interest; Loans to Which Subsection (2) Applicable; Mortgage Loans or Land Contracts by Lenders or Vendors Not Qualified Under Subsection (5); Rate of Interest on Purchase Money Mortgage or Second Mortgage; Interest on Extension of Credit Secured by Lien on Mobile Home; Interest Not to Be Added or Deducted in Advance; Computation of Interest; Injunction; Agreement by Certain Parties for Payment of Interest; Interest Charged by Certain Trusts Excepted; Interest Bearing Deposit Account; Limitation; Maintaining Interest Bearing Account as Condition of Making Mortgage Loan or Land Contract Providing for Biweekly Payments.
438.31c Interest charged by securities broker or dealer for carrying debit balance in customer account; written agreement for payment of interest on evidence of indebtedness; prohibitions when security is single-family dwelling unit; validity of transaction or rate of interest; limitation on rate of interest; loans to which subsection (2) applicable; mortgage loans or land contracts […]
Section 438.1 – Money of Account.
438.1 Money of account. Sec. 1. The money of account of this state, shall be the dollar, cent, and mill; and all accounts in the public offices, and all other public accounts, and all proceedings in courts, shall be kept and had in conformity with this regulation. History: R.S. 1846, Ch. 34 ;– CL 1857, […]
Section 438.2 – Reduction of Monetary Units to Standard Units.
438.2 Reduction of monetary units to standard units. Sec. 2. Nothing contained in the preceding section, shall vitiate or affect any account, charge or entry, originally made, or any note, bond, or other instrument expressed in any other money of account; but the same shall be reduced to dollars and parts of a dollar, as […]
Section 438.5 – Holder in Due Course; Recovery.
438.5 Holder in due course; recovery. Sec. 5. In any action brought on any bill of exchange or promissory note payable in money, and to order or bearer, originally given or made for or upon any usurious consideration or contract, if it shall appear that the plaintiff became, in good faith the indorsee or holder […]
Section 438.7 – Interest on Verdicts.
438.7 Interest on verdicts. In all actions founded on contracts express or implied, whenever in the execution thereof any amount in money shall be liquidated or ascertained in favor of either party, by verdict, report of referees, award of arbitrators, or by assessment made by the clerk of the court, or by any other mode […]
Section 438.31 – Legal Interest Rate; Scope; Limitation; Construction; Foreign Obligations.
438.31 Legal interest rate; scope; limitation; construction; foreign obligations. Sec. 1. The interest of money shall be at the rate of $5.00 upon $100.00 for a year, and at the same rate for a greater or less sum, and for a longer or shorter time, except that in all cases it shall be lawful for […]