☰ Revisor of Missouri

Title XXVI TRADE AND COMMERCE

Chapter 408

< > Effective - 28 Aug 2021, 2 histories bottom

  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 any such loan providing for interest being added to the principal is prepaid in full one month or more before the final installment date, the lender shall recompute the amount of interest earned to the date of prepayment in full on the basis of the rate of interest originally contracted for computed on the actual unpaid principal balances for the time actually outstanding.

  3.  When fees charged need not be disclosed in the annual percentage rate required by Title 15, U.S.C. Sections 1601, et seq., and regulations thereunder because such fees are deminimus amounts or for other reasons, such fees need not be included in the annual percentage rate for state examination purposes.

­­--------

(L. 1979 S.B. 305, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 1994 H.B. 1312 merged with S.B. 718, A.L. 2000 S.B. 896, A.L. 2021 S.B. 106)


---- end of effective  28 Aug 2021 ----

use this link to bookmark section  408.234


 - All versions
Effective End
408.234 8/28/2021
408.234 8/28/2000 8/28/2021

Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House