Mo. Rev. Stat. § 427.120

Collateral protection coverage, requirements

Known as the Collateral Protection Act

The act spans §§ 427–427 (24 sections).

Effective: 28 Aug 1997; (L. 1997 H.B. 257)

For protection under sections 427.110 to 427.190, a creditor may place collateral protection coverage provided the following conditions are met:

(1) The debtor has entered into a credit transaction with the creditor;

(2) The credit transaction has been reduced to a credit agreement, and the credit agreement requires the debtor to maintain insurance on the collateral; and

(3) A notice substantially similar to the following has been included in the credit agreement or on a separate document provided to the debtor at the time the credit agreement is entered:

Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.