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Can you summarize MORS 408.300?
Legal Tender and Interest > Time charges, amount authorized on retail time contracts retail charge agreements, time charges authorized.
Short Summary
This legal document governs the authorization of time charges on retail time contracts and retail charge agreements. It applies to sellers or other holders under a retail time contract and sellers and assignees under a retail charge agreement. The document allows these parties to charge, receive, and collect a time charge, which replaces any interest charges, as long as the amount does not exceed the agreed amount. The time charge is calculated based on the principal balance of each transaction and can be applied to contracts with monthly payments or other payment structures. A minimum time charge may also be applied. The document specifies that all charges related to investigating and making retail time transactions should be included in the time charge. Additionally, it clarifies that the document does not prohibit the sale of certain products as part of a loan transaction, as long as the requirements are met. No specific penalties are mentioned in this document.
Whom does it apply to?
Sellers or other holders under a retail time contract, sellers and assignees under a retail charge agreement
What does it govern?
Time charges authorized on retail time contracts and retail charge agreements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri