SB 0248 Authorizes sellers of motor vehicles to add any debt owed on a trade-in to a new retain installment contract
LR Number:S0925.02P Fiscal Note:0925-02
Committee:Commerce and Environment
Last Action:05/04/99 - Voted Do Pass H Motor Vehicle & Traffic Regulation Journal page:
Title:SCS SB 248
Effective Date:August 28, 1999
Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 1999 Senate Bills
Current Bill Summary

SCS/SB 248 - This act allows sellers of motor vehicles to accept a vehicle in trade when the purchaser still owes money on the vehicle. The seller may advance money to pay the debt and finance repayment through a retail installment contract.

The act also specifies that any person may hold personal property for lease. Lease payments are to be considered in the nature of rent rather than interest, and the provisions of Chapter 408, RSMo, regarding interest allowable on loans, shall not apply. This act is similar to a provision contained in HCS/SCS/SB 386.