|SB 0683||Increases Late Payment Fees on Installment Loans|
|LR Number:||L2422.03T||Fiscal Note:||2422-03|
|Committee:||Financial and Governmental Operations|
|Last Action:||07/09/96 - Signed by Governor|
|Effective Date:||August 28, 1996|
HCS/SB 683 - This act modifies Section 408.140.1(3), RSMo, which relates to late fees on installment loans. The late fee on an installment loan in default for at least 15 days shall not exceed 5% of an installment payment or $25, whichever is less, except that a minimum charge of $10 may be assessed. The installment contract may provide that the late fee on an installment payment of $25 or less in default for at least 15 days shall not exceed $5.
This act adds a new section which authorizes Savings and Loans chartered by Missouri or the federal government to be: 1) converted into a Missouri bank or trust company; or 2) consolidated or merged with a Missouri bank or trust company. Conversion, consolidation and merger issues are detailed.
The portion of this act which modifies Section 408.140.1(3)
is similar to SB 246 from 1995. The portion of this act which
addresses Savings and Loans is almost identical to Section
369.266 contained in SB 836.
RONALD J. LEONE