348.533. Policy for collection and recovery of loans--action authorized to recover amounts due. - Missouri Statutes

Policy for collection and recovery of loans--action authorized torecover amounts due.

348.533. The authority, by rule, shall determine the policy ofcollections and recovery of loans, including the use of private collectionagencies. The authority may institute action to recover any amount due thestate in any loan transaction, use private collection agencies, orotherwise carry out the policy of the authority. The lender making theoriginal loan shall cooperate with the authority in the collection of theloan and shall use its regular collection procedures prior to any actionbeing undertaken by the authority.

(L. 2008 S.B. 931)