Effective – 01 Mar 2011, 2 histories 408.015. Definitions. — As used in sections 408.020 to 408.562: (1) “Bank” shall mean bank, trust company, or bank and trust company; (2) “Business loan” shall mean a loan to an individual or a group of individuals, the proceeds of which are to be used in a business […]
Effective – 28 Aug 1979 408.020. When no rate of interest is agreed upon, nine percent allowed as legal interest. — Creditors shall be allowed to receive interest at the rate of nine percent per annum, when no other rate is agreed upon, for all moneys after they become due and payable, on written contracts, […]
Effective – 03 Jul 1979 408.030. Interest, maximum rate allowed — penalty for overcharge, limitation on action for — “market rate” to be determined, when, how — discounting to financial organizations authorized. — 1. Parties may agree, in writing, to a rate of interest not exceeding ten percent per annum on money due or to […]
Effective – 28 Aug 1979 408.031. Fee in lieu of interest may be charged on loan — exception. — In lieu of the rate established under section 408.030, parties may agree in writing to a fee of ten dollars on any loan; provided, however, that no lender shall permit any borrower to be indebted to […]
Effective – 28 Aug 2004 408.032. Recording fees. — 1. Notwithstanding any provisions of law to the contrary, the recording fees, including actual fees paid to a third party by a creditor, may include the following: (1) Any fee paid in processing the debtor’s liens as provided in section 136.055; (2) Any fee paid to […]
Effective – 28 Aug 2021, 2 histories 408.035. Unlimited interest, when allowed. — Notwithstanding the provisions of any other law to the contrary, it is lawful for the parties to agree in writing to any rate of interest, fees, and other terms and conditions in connection with any: (1) Loan to a corporation, general partnership, […]
Effective – 28 Aug 1998 408.036. Prepayment penalty by lender prohibited, exception — maximum permitted, exceptions — return of moneys above maximum permitted. — Notwithstanding any other provision of this chapter to the contrary, no prepayment penalty shall be charged or exacted by a lender on any promissory note or other evidence of debt secured […]
Effective – 15 Jan 2015, 2 histories 408.040. Interest on judgments, how regulated — prejudgment interest allowed when, procedure. — 1. Judgments shall accrue interest on the judgment balance as set forth in this section. The “judgment balance” is defined as the total amount of the judgment awarded on the day judgment is entered including, […]
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 […]
Effective – 10 Jul 2012 408.052. Points prohibited, exception — penalties for illegal points — violation a misdemeanor — default charge authorized, when, exceptions. — 1. No lender shall charge, require or receive, on any residential real estate loan, any points or other fees of any nature whatsoever, excepting insurance, including insurance for involuntary unemployment […]
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 […]
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 […]
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 […]
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. ——– (L. 1992 S.B. 688)
Effective – 01 Jul 2003 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 […]
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 […]
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 […]
Effective – 09 Jan 1975 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 […]
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 […]
