☰ Revisor of Missouri


Chapter 365

< > Effective - 28 Aug 2017, 4 histories, see footnote (history) bottom

  365.100.  Late payment charges, interest on delinquent payments, attorney fees — dishonored or insufficient funds fee — convenience fee imposed, when — 1.  For contracts entered into on or after August 28, 2005, if the contract so provides, the holder thereof may charge, finance, and collect:

  (1)  A charge for late payment on each installment or minimum payment in default for a period of not less than fifteen days in an amount not to exceed five percent of each installment due or the minimum payment due or twenty-five dollars, whichever is less; except that, a minimum charge of ten dollars may be made, or when the installment is for twenty-five dollars or less, a charge for late payment for a period of not less than fifteen days shall not exceed five dollars, provided, however, that a minimum charge of one dollar may be made;

  (2)  Interest on each delinquent payment at a rate which shall not exceed the highest lawful contract rate.  In addition to such charge, the contract may provide for the payment of attorney fees not exceeding fifteen percent of the amount due and payable under the contract where the contract is referred for collection to any attorney not a salaried employee of the holder, plus court costs;

  (3)  A dishonored or insufficient funds check fee equal to such fee as provided in section 408.653*, in addition to fees charged by a bank for each check, draft, order or like instrument which is returned unpaid; and

  (4)  All other reasonable expenses incurred in the origination, servicing, and collection of the amount due under the contract.

  2.  A holder of a contract may impose a convenience fee for payments using an alternative payment channel that accepts a debit or credit card not present transaction, nonface-to-face payment, provided that:

  (1)  The person making the payment is notified of the convenience fee; and

  (2)  The fee is fixed or flat, except that the fee may vary based upon method of payment used.


(L. 1963 p. 466 § 10, A.L. 1994 S.B. 718, A.L. 2002 S.B. 895, A.L. 2004 S.B. 1233, et al., A.L. 2017 H.B. 292)

*Section 408.653 was repealed by H.B. 221 and also S.B. 346 in 2003.

---- end of effective  28 Aug 2017 ----

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Effective End
365.100 8/28/2021
365.100 8/28/2017 8/28/2021
365.100 8/28/2005 8/28/2017
365.100 8/29/1957 8/29/1957

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