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Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 447

Effective - 28 Aug 1998bottom

  447.506.  Imposition of charges including prepayment penalties on certificates of deposit, requirements — not to affect unclaimed property. — 1.  For the purpose of sections 447.500 to 447.595, a banking organization, business association, or financial organization may impose charges including prepayment penalties on certificates of deposit, on property subject to sections 447.500 to 447.595 that are lawful when collected, provided such organization or association gives prior constructive or actual notice to their customers that such charges may be imposed.

  2.  Incorrect computations or other bona fide errors that result in recredited charges to a customer's account that are made despite the holder's standard procedures to the contrary do not establish a pattern of custom or usage for charges on unclaimed property.

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(L. 1989 H.B. 506, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)


---- end of effective   28 Aug 1998 ----

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