SB 243 Allows for the sale of deficiency waiver addendums and other similar products with respect to certain loan transactions
Sponsor: Pearce
LR Number: 1410S.02T Fiscal Note: 1410-02
Committee: Financial and Governmental Organizations and Elections
Last Action: 9/16/2009 - No Motion made to override Governor's veto Journal Page: S10 / H28
Title: SCS SB 243 Calendar Position: 9
Effective Date: August 28, 2009
House Handler: Jones

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Current Bill Summary


SCS/SB 243 - This act provides that nothing in Chapter 408, RSMo, shall be construed to prohibit the sale of a deficiency waiver addendum, guaranteed asset protection, or a similar product purchased as part of a loan transaction with collateral and at the borrower's option, provided the cost of the product is disclosed in the loan contract. The act specifically provides that such waiver addendums or guaranteed asset protection products may also be sold in connection with certain consumer loans, second mortgage loans, and retail credit sales so long as such products are purchased as part of a loan transaction with collateral and at the borrower's option, provided the cost of the product is disclosed in the loan contract.

STEPHEN WITTE