Section 438.61 – “Business Entity” and “Related Entity” Defined; Extension of Credit to Business Entity; Agreement in Writing to Rate of Interest.
438.61 “Business entity” and “related entity” defined; extension of credit to business entity; agreement in writing to rate of interest. Sec. 1. (1) As used in this act: (a) “Business entity” means a corporation, trust, estate, partnership, cooperative, or association or a natural person who furnishes to the extender of the credit a sworn statement […]
Section 438.101 – Interest on Due and Unpaid Interest; Rate.
438.101 Interest on due and unpaid interest; rate. Sec. 1. That when any installment of interest upon any note, bond, mortgage or other written contract shall have become due and the same shall remain unpaid, interest may be computed and collected on any such installment so due and unpaid, from the time at which it […]
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 Nothing contained in the preceding section, shall vitiate or affect any account, charge or entry, originally made, or any note, bond, or other instrument expressed in any other money of account; but the same shall be reduced to dollars and parts of a dollar, as […]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 […]
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 […]