365.120. Time price differential, computed how. - Missouri Statutes

Time price differential, computed how.

365.120. 1. Notwithstanding the provisions of any other law, thetime price differential included in a retail installment transaction on anymotor vehicle without regard to the year model designated by themanufacturer, the retail seller may charge, contract and receive any timeprice differential agreed to by the retail buyer, expressed in the contractas a percent per annum that shall apply to the contract regardless of itsrepayment schedule.

2. The time price differential shall be computed on the principalbalance as a percent per annum. A minimum time price differential oftwenty-five dollars may be charged on any retail installment transaction.

(L. 1963 p. 466 § 12, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 2002 H.B. 2008)