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Missouri Revised Statutes Title XXVI. Trade and Commerce § 408.130. Borrower to receive statement of contract--contents--prepayment effect--receipts for payments

Current as of January 01, 2025 | Updated by Findlaw Staff

1. At the time the loan is made, there shall be delivered to the borrower, or, if there are two or more borrowers, to one of them, a written statement or copy of the loan contract showing in clear and distinct terms:

(1) The name and address of the lender and of one of the borrowers;

(2) The date of the loan contract;

(3) The schedule of installments or description thereof;

(4) The type of any instrument securing the loan;

(5) The principal amount of the loan excluding interest;

(6) The rate or amount of interest as the contract may provide;

(7) That the borrower may prepay the loan, in whole or in part, at any time, and in case interest has been added to the principal of the loan;

(8) That the interest is subject to the refund requirements of section 408.170 if the loan is prepaid in full.

2. A receipt shall be given for the amount of each payment made in currency. Any note paid in full, or a copy thereof, shall be so marked “paid” and returned, and any security interest which no longer secures a loan shall be restored, cancelled or released.

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Cite this article: FindLaw.com - Missouri Revised Statutes Title XXVI. Trade and Commerce § 408.130. Borrower to receive statement of contract--contents--prepayment effect--receipts for payments - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xxvi-trade-and-commerce/mo-rev-st-408-130/

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