Effective - 28 Aug 2021, 2 histories
408.554. Notice of default, contents, form, delivery. — 1. After a borrower has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of the collateral, a lender may give the borrower and all cosigners on the credit transaction the notice described in this section. A lender gives notice to the borrower and cosigners under this section when he delivers the notice to the borrower or cosigner or mails the notice to him at his last known address.
2. Except as provided in subsection 4 of this section, the notice shall be in writing and conspicuously state: The name, address and telephone number of the lender to whom payment is to be made, a brief identification of the credit transaction, the borrower's right to cure the default, and the amount of payment and date by which payment must be made to cure the default. A notice in substantially the following form complies with this subsection:
(name, address, and telephone number of lender)
(account number, if any)
(brief identification of credit transaction)
(amount) is the AMOUNT NOW DUE
(date) is the LAST DAY FOR PAYMENT
You are late in making your payment(s). If you pay the AMOUNT NOW DUE (above) by the LAST DAY FOR PAYMENT (above), you may continue with the contract as though you were not late. If you do not pay by that date, we may exercise our rights under the law.
3. If the loan transaction is an insurance premium loan, the notice shall conform to the requirements of subsection 2 of this section and a notice in substantially the form specified in that subsection complies with this subsection, except for the following:
(1) In lieu of a brief identification of the loan transaction, the notice shall identify the transaction as an insurance premium loan and each insurance policy or contract that may be cancelled;
(2) In lieu of the statement in the form of notice specified in subsection 2 of this section that the lender may exercise his rights under the law, the statement that each policy or contract identified in the notice may be cancelled; and
(3) The last paragraph of the form of notice specified in subsection 2 of this section shall be omitted.
4. If a credit transaction is secured, the notice described in this section shall further state the following:
"If you voluntarily surrender possession of the following specified collateral, you could still owe additional money after the money received from the sale of the collateral is deducted from the total amount you owe.".
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(L. 1979 S.B. 305, A.L. 1992 S.B. 705, A.L. 2021 S.B. 106)
Structure Missouri Revised Statutes
Title XXVI - Trade and Commerce
Chapter 408 - Legal Tender and Interest
Section 408.010 - Silver a legal tender.
Section 408.015 - Definitions.
Section 408.020 - When no rate of interest is agreed upon, nine percent allowed as legal interest.
Section 408.031 - Fee in lieu of interest may be charged on loan — exception.
Section 408.032 - Recording fees.
Section 408.035 - Unlimited interest, when allowed.
Section 408.050 - Excess interest paid recoverable with costs and attorney fee.
Section 408.070 - Usurious interest — security agreement invalid.
Section 408.081 - Validity of certain existing contract not to be affected, when.
Section 408.083 - Credit contracts, prepayment before maturity, computation of interest.
Section 408.090 - Demand loans where only securities are pledged not subject to usury laws.
Section 408.092 - Attorney fees, enforcement of credit agreements, limitations.
Section 408.095 - Charging interest of more than two percent per month a misdemeanor, exceptions.
Section 408.096 - Loan arrangement, excess fee prohibited for certain transactions — penalty.
Section 408.100 - Applicability of section — rate of interest.
Section 408.105 - Precomputed loans, extensions, fee, limitations.
Section 408.110 - Short title — applicability of sections 408.120 to 408.190.
Section 408.120 - Interest computed and paid, how.
Section 408.145 - Fees for credit cards issued in contiguous states.
Section 408.160 - False advertising prohibited.
Section 408.175 - Interest rate when maturity of note or contract accelerated.
Section 408.178 - Deferral of monthly loan payments, fee authorized for certain loans.
Section 408.180 - Authority of director to verify interest rates charged.
Section 408.190 - Certain loans exempt from sections 408.120 to 408.180, and 408.200.
Section 408.200 - Borrower not to be indebted on two or more contracts with same lender, when.
Section 408.210 - Assignment of wages or compensation — excess over loan deemed interest.
Section 408.213 - Changes to certain sections remedial only.
Section 408.231 - Definitions.
Section 408.232 - Rates and terms.
Section 408.233 - Additional charges authorized.
Section 408.234 - Collateral — prepayment rights, method of computation.
Section 408.235 - Director may examine certain lenders.
Section 408.237 - Applicability of sections 408.231 to 408.241.
Section 408.241 - Prepayment fee, second mortgage loans, allowed when.
Section 408.250 - Definitions.
Section 408.280 - Insurance purchased to secure retail time contract, regulation.
Section 408.290 - Retail charge agreement — form — delivery to buyer — contents.
Section 408.320 - Buyer may pay retail time contract debt before maturity — refund of charges.
Section 408.340 - Applicability to prior transactions.
Section 408.350 - Waiver of provisions void.
Section 408.360 - Citation of law.
Section 408.370 - Violation, penalty — effect on time and other charges — correction.
Section 408.375 - Retail installment agreement, deemed signed or accepted, when.
Section 408.400 - Definitions.
Section 408.410 - Exempt transactions.
Section 408.415 - Chapter 400 is modified by provisions of sections 408.400 to 408.415.
Section 408.455 - Variable rate agreements subject to certain provisions.
Section 408.505 - Term of loans, charges permitted, repayment, return check charge.
Section 408.506 - Report to the general assembly, contents.
Section 408.510 - Licensure of consumer installment lenders — interest and fees allowed.
Section 408.512 - Loans by traditional installment loan lenders.
Section 408.550 - Discrimination prohibited — damages recoverable.
Section 408.551 - Applicability of sections 408.551 to 408.562 — credit transaction defined.
Section 408.552 - Enforceability of default provisions.
Section 408.553 - Recovery limitation.
Section 408.554 - Notice of default, contents, form, delivery.
Section 408.557 - Notice required before deficiency action may be commenced.
Section 408.558 - Security interests not to be taken, when.
Section 408.560 - Unenforceable provisions in note or credit contract.
Section 408.562 - Damages recoverable for violation.
Section 408.570 - Definitions.
Section 408.575 - Denial of loans prohibited, when, reasons for.
Section 408.585 - Limitation on requirements of sections 408.570 to 408.600.
Section 408.590 - Division directors, report to governor and department director, contents.
Section 408.595 - Financial institutions to make other annual report, contents.
Section 408.675 - Citation of law — definitions.
Section 408.677 - Government access to records, when — requirements.
Section 408.680 - Financial institution may not disclose, exceptions, requirements.
Section 408.682 - Customer authorization, requirements.
Section 408.683 - Subpoena, government may obtain records with, when — procedure — notice required.
Section 408.685 - Delay of notice, allowed when — postdisclosure notice, form of.
Section 408.686 - Challenge to subpoena — procedure, appeals.
Section 408.689 - Transfer of records to additional agency, allowed when — notice.
Section 408.690 - Nonprohibited disclosure activities.
Section 408.692 - Law not applicable to government authority, when — procedure.
Section 408.693 - Fee paid to financial institution, amount, how determined.
Section 408.695 - Statute of limitations.
Section 408.697 - Injunctive relief, allowed when.
Section 408.699 - Statute of limitations, tolled when.
Section 408.700 - Subpoena issued under authority of grand jury, records, use of.
Section 408.800 - Definitions.
Section 408.805 - Savings promotion program authorized, conditions.
Section 408.810 - Compliance with federal American Savings Promotion Act.
Section 408.815 - Programs not gambling, gaming, lottery, raffle, or sweepstake.