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Can you summarize MORS 408.290?
Legal Tender and Interest > Retail charge agreement form delivery to buyer contents.
Short Summary
This legal document governs retail charge agreements. It requires that every retail charge agreement be in writing and signed by the retail buyer. A copy of the agreement must be delivered or mailed to the retail buyer by the retail seller before the first payment is due. The agreement should state the amount or rate of the time charge to be charged and paid, or state that a time charge not exceeding the legal limit will be charged. In case of default, the agreement may provide for the payment of attorney fees not exceeding fifteen percent of the total unpaid balance and court costs. The retail seller must also provide the retail buyer with a statement at the time of sale or at the end of each monthly period, which includes the total unpaid balance, a description of the goods or services purchased, payments made by the retail buyer, the amount of the time charge, and a legend stating that the retail buyer may pay the total unpaid balance at any time.
Whom does it apply to?
Retail buyers and retail sellers
What does it govern?
Retail charge agreements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Payment of attorney fees not exceeding fifteen percent of the total unpaid balance and court costs in the event of default of any payment required by the agreement.
Jurisdiction
Missouri