368.060. Refund of interest on loans upon which interest has been paid in advance. - Missouri Statutes

Refund of interest on loans upon which interest has been paid inadvance.

368.060. Whenever a loan upon which interest has beencollected in advance, shall be paid in full before maturitythereof, the licensee shall allow or refund to the maker ormakers a sum equivalent to interest, at the same rate as chargedon the loan, calculated on the total amount of the unpaidinstallments or any evidence or certificate of indebtedness orinvestment hypothecated on such loan, anticipated for the periodfrom the date of such payment to the maturity of the lastinstallment so anticipated.

(L. 1943 p. 502 § 5422a)