Parties may contract, in writing, for the payment of interest upon interest; but the interest shall not be compounded more often than once a month. Where a different rate is not expressed, interest upon interest shall be at the same rate as interest on the principal debt. Loans governed by section 408.035 are not subject to the provisions of this section.
Mo. Rev. Stat. § 408.080
Interest may be paid on interest — compounding limited to once a month —..
Known as the Missouri Retail Credit Sales Law
The act spans §§ 408–408 (112 sections).
Effective: 28 Aug 1992; (RSMo 1939 § 3232, A.L. 1982 H.B. 1341, et al., A.L. 1992 S.B. 688)
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.