367.021. Secured personal credit loans--who may make--interest rate. - Missouri Statutes

Secured personal credit loans--who may make--interest rate.

367.021. 1. Subject only to constitutional policeregulations, not affecting the loan fee and the interest rateauthorized by this section, in force in any municipality orcounty wherein secured personal credit loans are made, anyperson, natural or corporate, may make secured personal creditloans, regardless of the nature and character of any business inwhich the lender may at the time of making any such loan beengaged, and regardless of whether the lender may at the sametime be engaged in making loans in other classifications, at thesame, or at a higher or lower loan fee and interest rate thanauthorized by this section to be collected and paid to the lenderon secured personal credit loans.

2. The maximum rate of interest which may be charged formaking and carrying any secured personal credit loan shall notexceed two percent per month on the amount of such loan. Lendersmay also charge for the storage and security of such pledgedproperty.

(L. 1951 p. 281 § 2, A.L. 1990 H.B. 1125, A.L. 1993 S.B. 18)

(1964) Borrower who was charged usurious interest was entitled to recover the excess paid, notwithstanding pawnbroker claimed that excess was storage charge for the article pawned, but could not recover attorney fees. McClure v. Nowick (A.), 382 S.W.2d 731.