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Can you summarize MORS 408.365?
Legal Tender and Interest > Acceleration clauses, repossession or confession of judgment by power of attorney, right of entry to repossess and waiver of damages from repossession provisions, prohibited.
Short Summary
This legal document governs retail time contracts and retail charge agreements. It prohibits certain provisions in these contracts and agreements. Firstly, it states that no provision shall allow the seller or holder to arbitrarily accelerate the maturity of the amount owing under the contract, unless the buyer defaults in the performance of their obligations. Secondly, it prohibits the inclusion of provisions that grant a power of attorney to confess judgment or assign wages. It also prohibits granting authority to the seller or holder, or any person acting on their behalf, to unlawfully enter the buyer’s premises or commit any breach of peace during the repossession of goods. Additionally, the document states that the buyer cannot waive any right of action against the seller or holder, or any person acting on their behalf, in relation to the collection of payments or repossession of goods. Lastly, it prohibits the buyer from executing a power of attorney appointing the seller or holder, or any person acting on their behalf, as their agent in the collection of payments or repossession of goods.
Whom does it apply to?
Buyers and sellers or holders of retail time contracts and retail charge agreements
What does it govern?
Retail time contracts and retail charge agreements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri