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Can you summarize MORS 408.370?
Legal Tender and Interest > Violation, penalty effect on time and other charges correction.
Short Summary
This legal document pertains to TRADE AND COMMERCE, specifically Legal Tender and Interest. It applies to any person who knowingly violates any provision of section 408.250 and sections 408.260 to 408.370. The violation is deemed a misdemeanor and upon conviction, the person may be fined up to five hundred dollars or imprisoned for up to six months, or both. Additionally, for violations of sections 408.260 to 408.330, except for accidental and bona fide errors of computation, the person will be barred from recovering any time charge, delinquency, or collection charge on the contract. However, the seller or holder of the retail time contract or account may correct the failure to comply with the provisions within ten days of being notified in writing by the buyer, thereby avoiding criminal penalties, civil forfeiture, or private cause of action. If a buyer suffers an ascertainable loss of money or property as a result of a violation, which is not restored by the correction, they may bring a private cause of action within three years from the date of the last violation. The limitations on the commencement of action provided in this document can be tolled in the same manner as other limitations under chapter 516.
Whom does it apply to?
Any person
What does it govern?
TRADE AND COMMERCE, Legal Tender and Interest
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine of not more than five hundred dollars or imprisonment for not more than six months or both for violation of section 408.250 and sections 408.260 to 408.370. Barred from recovery of any time charge, delinquency or collection charge on the contract for violation of sections 408.260 to 408.330, except for accidental and bona fide errors of computation.
Jurisdiction
Missouri