365.100. Late payment charges, interest on delinquent payments, attorney fees--dishonored or insufficient funds fee. - Missouri Statutes

Late payment charges, interest on delinquent payments, attorneyfees--dishonored or insufficient funds fee.

365.100. For contracts entered into on or after August 28, 2005, if thecontract so provides, the holder thereof may charge, finance, and collect:

(1) A charge for late payment on each installment or minimum payment indefault for a period of not less than fifteen days in an amount not to exceedfive percent of each installment due or the minimum payment due or twenty-fivedollars, whichever is less; except that, a minimum charge of ten dollars maybe made, or when the installment is for twenty-five dollars or less, a chargefor late payment for a period of not less than fifteen days shall not exceedfive dollars, provided, however, that a minimum charge of one dollar may bemade;

(2) Interest on each delinquent payment at a rate which shall not exceedthe highest lawful contract rate. In addition to such charge, the contractmay provide for the payment of attorney fees not exceeding fifteen percent ofthe amount due and payable under the contract where the contract is referredfor collection to any attorney not a salaried employee of the holder, pluscourt costs;

(3) A dishonored or insufficient funds check fee equal to such fee asprovided in section 408.653*, RSMo, in addition to fees charged by a bank foreach check, draft, order or like instrument which is returned unpaid; and

(4) All other reasonable expenses incurred in the origination,servicing, and collection of the amount due under the contract.

(L. 1963 p. 466 § 10, A.L. 1994 S.B. 718, A.L. 2002 S.B. 895, A.L. 2004 S.B. 1233, et al.)

Effective 8-28-05

*Section 408.653 was repealed by H.B. 221 and also S.B. 346 in 2003.