In lieu of the rate established under section 408.030, parties may agree in writing to a fee of ten dollars on any loan; provided, however, that no lender shall permit any borrower to be indebted to such lender on two or more contracts at any given time for the purpose or with the result of contracting for or receiving fees exceeding that permitted by this section.
Mo. Rev. Stat. § 408.031
Fee in lieu of interest may be charged on loan — exception
Known as the Missouri Retail Credit Sales Law
The act spans §§ 408–408 (112 sections).
Effective: 28 Aug 1979; (L. 1977 S.B. 420 § 2, A.L. 1979 S.B. 305)
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.