Missouri Revised Statutes
Chapter 364 - Retail Credit Financing Institutions
Section 364.125 - Other charges allowed.

Effective - 28 Aug 1984
364.125. Other charges allowed. — 1. A premium finance agreement may provide for the payment by the insured of a delinquency charge of up to five percent of any installment which is in default for a period of five days or more. If the premium finance agreement is for personal, family or household purposes, then the maximum delinquency charge shall be fifteen dollars. If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge of fifteen dollars.
2. A premium finance agreement may provide for payment of collection costs and attorney's fees equal to twenty percent of the outstanding indebtedness if the premium finance agreement is referred for collection to a collection agency or attorney who are not salaried employees of the premium finance company.
3. None of the charges referred to in this section shall be considered, directly or indirectly, in determining whether a violation of the usury laws has occurred under a premium finance agreement.
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(L. 1984 S.B. 686 § 6)

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Structure Missouri Revised Statutes

Missouri Revised Statutes

Title XXIV - Business and Financial Institutions

Chapter 364 - Retail Credit Financing Institutions

Section 364.010 - Citation of law.

Section 364.020 - Definitions.

Section 364.030 - Financial institutions to obtain license, exceptions — application — fee.

Section 364.040 - License denied or suspended, grounds — hearing and review.

Section 364.050 - Director may investigate — buyer may make complaint.

Section 364.060 - Director may promulgate rules and regulations, issue subpoenas — enforcement — rulemaking, procedure, generally, this chapter.