Effective – 28 Aug 1994 408.231. Definitions. — 1. A “second mortgage loan” shall mean a loan secured in whole or in part by a lien upon any interest in residential real estate created by a security instrument, including a mortgage, trust deed, or other similar instrument or document, which provides for interest to be […]
Effective – 28 Aug 2004 408.232. Rates and terms. — 1. With respect to a second mortgage loan, any person, firm or corporation may charge, contract for, and receive interest in any manner at rates agreed to by the parties computed on unpaid balances of the principal for the time actually outstanding. 2. The term […]
Effective – 28 Aug 2021, 3 histories 408.233. Additional charges authorized. — 1. No charge other than that permitted by section 408.232 shall be directly or indirectly charged, contracted for or received in connection with any second mortgage loan, except as provided in this section: (1) Fees and charges prescribed by law actually and necessarily […]
Effective – 28 Aug 2021, 2 histories 408.234. Collateral — prepayment rights, method of computation. — 1. A lender may take a security interest in any collateral in conjunction with residential real estate in connection with a second mortgage loan. 2. The borrower shall have an unconditional right to prepay any second mortgage loan. If […]
Effective – 28 Aug 1994 408.235. Director may examine certain lenders. — The director of the division of finance shall have full power and authority at any time and as often as reasonably necessary to investigate and examine the books, records, and papers of any lender making second mortgage loans pursuant to this act*, and […]
Effective – 28 Aug 1994 408.236. Recovery of interest barred, when, exceptions — actions taken or omitted in reliance on interpretation by division of finance, effect. — Any person violating the provisions of sections 408.231 to 408.241 shall be barred from recovery of any interest on the contract, except where such violations occurred either: (1) […]
Effective – 28 Aug 1994 408.237. Applicability of sections 408.231 to 408.241. — Sections 408.231 to 408.241 shall not apply to any transaction in which a single extension of credit is allocated between a first lien and any number of subordinate liens, for the purpose or with the result of contracting for or receiving a […]
Effective – 28 Aug 1994 408.240. Penalties — actions taken or omitted in reliance on written interpretation by division, effect. — Any person, firm, or corporation who or which shall violate the provisions of sections 408.100 to 408.241 and any member, officer, director, agent or employee of such person, firm or corporation who shall participate […]
Effective – 07 Mar 1991 408.241. Prepayment fee, second mortgage loans, allowed when. — Notwithstanding the provisions of sections 408.233 and 408.234, a prepayment fee may be charged on second mortgage loans, as defined in section 408.231, under the same provisions as is allowed under section 408.036. ——– (L. 1991 H.B. 180 § 1) Effective […]
