Section 408.512 – Loans by traditional installment loan lenders.
Effective – 28 Aug 2020, 2 histories 408.512. Loans by traditional installment loan lenders. — 1. Any traditional installment loan lender licensed under sections 367.100 to 367.200 or section 408.510 shall be permitted to make loans and charge fees and interest as authorized under sections 408.100, 408.140, and 408.170. 2. No charter provision, ordinance, rule, […]
Section 408.550 – Discrimination prohibited — damages recoverable.
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 […]
Section 408.551 – Applicability of sections 408.551 to 408.562 — credit transaction defined.
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 […]
Section 408.552 – Enforceability of default provisions.
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 […]
Section 408.553 – Recovery limitation.
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 […]
Section 408.554 – Notice of default, contents, form, delivery.
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 […]
Section 408.555 – Acceleration, repossession and cancellation restricted — required procedures — borrower’s right to cure.
Effective – 28 Aug 2006 408.555. Acceleration, repossession and cancellation restricted — required procedures — borrower’s right to cure. — 1. Except as provided in subsection 2 of this section, after a default consisting only of the borrower’s failure to make a required payment, a lender, because of that default, may neither accelerate maturity of […]
Section 408.556 – Actions arising from default, contents of petition — default judgment requires sworn testimony — recovery of unpaid balances.
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 […]
Section 408.557 – Notice required before deficiency action may be commenced.
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 […]
Section 408.558 – Security interests not to be taken, when.
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 […]