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 Title XXVI TRADE AND COMMERCE

 Chapter 408 Legal Tender and Interest 
LEGAL TENDER
408.010   Silver a legal tender. (8/28/1939)
INTEREST
408.015   Definitions. (3/1/2011)
408.020   When no rate of interest is agreed upon, nine percent allowed as legal interest. (8/28/1979)
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. (7/3/1979)
408.031   Fee in lieu of interest may be charged on loan — exception. (8/28/1979)
408.032   Recording fees. (8/28/2004)
408.035   Unlimited interest, when allowed. (8/28/2024)
408.036   Prepayment penalty by lender prohibited, exception — maximum permitted, exceptions — return of moneys above maximum permitted. (8/28/1998)
408.040   Interest on judgments, how regulated — prejudgment interest allowed when, procedure. (1/15/2015)
408.050   Excess interest paid recoverable with costs and attorney fee. (8/28/1939)
408.052   Points prohibited, exception — penalties for illegal points — violation a misdemeanor — default charge authorized, when, exceptions. (7/10/2012)
408.060   Defendant may plead usury — judgment, how rendered — corporations cannot enter plea of usury. (8/28/1939)
408.070   Usurious interest — security agreement invalid. (8/28/1965)
408.080   Interest may be paid on interest — compounding limited to once a month — prohibited for certain loans. (8/28/1992)
408.081   Validity of certain existing contract not to be affected, when. (8/28/1992)
408.083   Credit contracts, prepayment before maturity, computation of interest. (7/1/2003)
408.090   Demand loans where only securities are pledged not subject to usury laws. (8/28/1974)
408.092   Attorney fees, enforcement of credit agreements, limitations. (8/28/1997)
408.095   Charging interest of more than two percent per month a misdemeanor, exceptions. (1/9/1975)
408.096   Loan arrangement, excess fee prohibited for certain transactions — penalty. (8/28/1979)
INTEREST ON SMALL LOANS
408.100   Applicability of section — rate of interest. (8/28/2021)
408.105   Precomputed loans, extensions, fee, limitations. (8/28/1985)
408.110   Short title — applicability of sections 408.120 to 408.190. (8/28/1996)
408.120   Interest computed and paid, how. (8/28/1981)
408.130   Borrower to receive statement of contract — contents — prepayment effect — receipts for payments. (8/28/1994)
408.140   Additional charges or fees prohibited, exceptions — no finance charges if purchases are paid for within certain time limit, exception. (8/28/2024)
408.145   Credit cards issued in contiguous states, terms and conditions — definitions. (8/28/2023)
408.150   Lender can not receive excess interest — failure by lender to return excess interest, damages allowed. (8/28/1982)
408.160   False advertising prohibited. (8/28/1951)
408.170   Contracts paid in full before due date — recomputations of interest — refund defined. (7/1/2003)
408.175   Interest rate when maturity of note or contract accelerated. (8/28/1959)
408.178   Deferral of monthly loan payments, fee authorized for certain loans. (8/28/2021)
408.180   Authority of director to verify interest rates charged. (8/28/1951)
408.190   Certain loans exempt from sections 408.120 to 408.180, and 408.200. (8/28/2004)
408.193   Credit cards, no derogatory reports to credit agencies for carrying a zero balance. (1/1/1999)
408.200   Borrower not to be indebted on two or more contracts with same lender, when. (8/28/1998)
408.210   Assignment of wages or compensation — excess over loan deemed interest. (8/28/1951)
408.213   Changes to certain sections remedial only. (8/28/2004)
SECOND MORTGAGE LOANS
408.231   Definitions. (8/28/1994)
408.232   Rates and terms. (8/28/2004)
408.233   Additional charges authorized. (8/28/2021)
408.234   Collateral — prepayment rights, method of computation. (8/28/2021)
408.235   Director may examine certain lenders. (8/28/1994)
408.236   Recovery of interest barred, when, exceptions — actions taken or omitted in reliance on interpretation by division of finance, effect. (8/28/1994)
408.237   Applicability of sections 408.231 to 408.241. (8/28/1994)
408.240   Penalties — actions taken or omitted in reliance on written interpretation by division, effect. (8/28/1994)
408.241   Prepayment fee, second mortgage loans, allowed when. (3/7/1991)
RETAIL CREDIT SALES
408.250   Definitions. (8/28/2021)
408.260   Time contract, how executed — required contents — additional notes to cut off buyer's rights prohibited — waiver of buyer's legal remedies prohibited. (8/28/1975)
408.270   Retail time contracts negotiated by mail — delivery unnecessary — notice of insertions in blanks. (8/28/1961)
408.280   Insurance purchased to secure retail time contract, regulation. (8/28/1989)
408.290   Retail charge agreement — form — delivery to buyer — contents. (8/28/1975)
408.300   Time charges, amount authorized on retail time contracts — retail charge agreements, time charges authorized. (8/28/2011)
408.310   Assignments of retail time contracts and charge agreements — notice to buyer, effect. (8/28/1961)
408.320   Buyer may pay retail time contract debt before maturity — refund of charges. (7/1/2003)
408.330   Delinquency and collection charges permitted — insurance premium in lieu of perfecting security interest authorized — attorney fees — consolidation of contracts — convenience fee, when. (8/28/2017)
408.340   Applicability to prior transactions. (8/28/1961)
408.350   Waiver of provisions void. (8/28/1961)
408.360   Citation of law. (8/28/1961)
408.365   Acceleration clauses, repossession or confession of judgment by power of attorney, right of entry to repossess and waiver of damages from repossession provisions, prohibited. (8/28/1975)
408.370   Violation, penalty — effect on time and other charges — correction. (8/28/1975)
408.375   Retail installment agreement, deemed signed or accepted, when. (8/28/1998)
408.380   Sale of certain financial products and plans associated with certain loan transactions not prohibited. (8/28/2011)
BUYER'S DEFENSES AGAINST HOLDER OF CREDIT INSTRUMENT
408.400   Definitions. (8/28/1983)
408.405   Defenses or setoffs arising from transaction good against holder of security instrument, when. (8/28/1974)
408.410   Exempt transactions. (8/28/1974)
408.415   Chapter 400 is modified by provisions of sections 408.400 to 408.415. (8/28/1974)
408.455   Variable rate agreements subject to certain provisions. (8/28/2003)
LENDERS OF UNSECURED LOANS OF $500 OR LESS
408.500   Unsecured loans of five hundred dollars or less, licensure of lenders, interest rates and fees allowed — penalties for violations — cost of collection expenses — notice required, form — cease and desist order issued, when. (8/28/2023)
408.505   Term of loans, charges permitted, repayment, return check charge. (8/28/2002)
408.506   Report to the general assembly, contents. (8/28/2002)
408.510   Licensure of consumer installment lenders — interest and fees allowed. (8/28/2002)
408.512   Loans by traditional installment loan lenders. (8/28/2020)
LOAN DISCRIMINATION
408.550   Discrimination prohibited — damages recoverable. (8/28/1979)
DEFAULTS
408.551   Applicability of sections 408.551 to 408.562 — credit transaction defined. (8/28/1998)
408.552   Enforceability of default provisions. (8/28/1979)
408.553   Recovery limitation. (8/28/2021)
408.554   Notice of default, contents, form, delivery. (8/28/2021)
408.555   Acceleration, repossession and cancellation restricted — required procedures — borrower's right to cure. (8/28/2006)
408.556   Actions arising from default, contents of petition — default judgment requires sworn testimony — recovery of unpaid balances. (8/28/2002)
408.557   Notice required before deficiency action may be commenced. (8/28/2002)
408.558   Security interests not to be taken, when. (8/28/1979)
408.560   Unenforceable provisions in note or credit contract. (8/28/1979)
408.562   Damages recoverable for violation. (8/28/1979)
RESIDENTIAL REAL ESTATE LOANS
408.570   Definitions. (8/28/2008)
408.575   Denial of loans prohibited, when, reasons for. (1/1/1980)
408.580   Applications to be accepted — written reasons for rejection required — display of statute required — retention of records — rulemaking, procedure. (8/28/1995)
408.585   Limitation on requirements of sections 408.570 to 408.600. (1/1/1980)
408.590   Division directors, report to governor and department director, contents. (8/28/2013)
408.595   Financial institutions to make other annual report, contents. (1/1/1980)
408.600   Division directors to enforce provisions of sections 408.570 to 408.600 — complaints, how handled — hearings — remedies. (8/28/2013)
RIGHT TO FINANCIAL PRIVACY ACT
408.675   Citation of law — definitions. (8/28/1989)
408.677   Government access to records, when — requirements. (8/28/1989)
408.680   Financial institution may not disclose, exceptions, requirements. (8/28/1989)
408.682   Customer authorization, requirements. (8/28/1989)
408.683   Subpoena, government may obtain records with, when — procedure — notice required. (8/28/1989)
408.685   Delay of notice, allowed when — postdisclosure notice, form of. (8/28/1989)
408.686   Challenge to subpoena — procedure, appeals. (8/28/1989)
408.687   Financial institution to assemble records upon subpoena — delivery of records, when. (8/28/1989)
408.689   Transfer of records to additional agency, allowed when — notice. (8/28/1989)
408.690   Nonprohibited disclosure activities. (8/28/1989)
408.692   Law not applicable to government authority, when — procedure. (8/28/1989)
408.693   Fee paid to financial institution, amount, how determined. (8/28/1989)
408.695   Statute of limitations. (8/28/1989)
408.696   Civil liability for violation, amount — disciplinary action against agency employee, when — good faith a valid defense, when — exclusive remedy. (8/28/1989)
408.697   Injunctive relief, allowed when. (8/28/1989)
408.699   Statute of limitations, tolled when. (8/28/1989)
408.700   Subpoena issued under authority of grand jury, records, use of. (8/28/1989)
SAVINGS PROMOTION
408.800   Definitions. (8/28/2016)
408.805   Savings promotion program authorized, conditions. (8/28/2016)
408.810   Compliance with federal American Savings Promotion Act. (8/28/2016)
408.815   Programs not gambling, gaming, lottery, raffle, or sweepstake. (8/28/2016)
 - Cross References
Annual interest rate for department of revenue to be calculated by state treasurer, 32.068, 32.069
Credit cards accepted for payment of taxes and fees by department of revenue, charge for card use, when, 32.063
Loan brokers, advance fees prohibited, 367.305
Pawnbroker loans, interest rate, 367.021
Persons, firms and corporations not subject to administrative penalties for acts performed in reliance on written interpretations of this chapter by division of finance, 361.729
Regulation of small loans, 367.100 to 367.215
Retail credit financing institutions, Chap. 364
Written interpretations of this chapter, reliance upon as defense to administrative action, 361.729

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