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Can you summarize MORS 408.380?
Legal Tender and Interest > Sale of certain financial products and plans associated with certain loan transactions not prohibited.
Short Summary
This legal document pertains to the sale of certain financial products and plans, such as deficiency waiver addendum and guaranteed asset protection, in loan transactions. It states that the sale of these products is not prohibited by sections 408.140, 408.233, 408.300, or any other law, as long as the cost of the product is reasonable and disclosed in the loan contract. The borrower’s consent to purchase such products must be in writing and acknowledge receipt of the required disclosures. The creditor must retain a copy of the consent. The document also outlines provisions for termination of the product, refund of amounts paid by the debtor, and the debtor’s right to cancel the product within fifteen days of purchase. Overall, this document allows for the sale of certain financial products and plans associated with loan transactions, with specific requirements and protections for borrowers.
Whom does it apply to?
Creditors and borrowers involved in loan transactions
What does it govern?
Sale of certain financial products and plans associated with certain loan transactions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri