370.300. Loans, interest rate--charges--refunds to members. - Missouri Statutes

Loans, interest rate--charges--refunds to members.

370.300. 1. A credit union may lend to its members atreasonable rates of interest, which shall not exceed the maximumrate in similar classes allowed all other lenders under the lawsof this state; however, a minimum interest charge not exceedingone dollar per month shall be allowable in all cases.

2. A credit union may charge a borrower expenses of making aloan including title examinations on real estate used as securityfor a loan, credit investigations, credit life insurance, andfiling and recording fees by governmental agencies.

3. The board may at the close of a dividend period allocatea portion of receipts from interest on loans for the purpose ofmaking an interest refund to members. The refund when made shallbe made in proportion to the interest paid by members during thedividend period. The board may deny a refund to a member whoseloans have been delinquent during the period. The board maylimit the refund to interest from specific classes of loans andmake the interest refund to members whose loans are included insuch classes.

(RSMo 1939 § 5534, A.L. 1941 p. 331, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099)

Prior revision: 1929 § 5092

CROSS REFERENCE:

Uniform interest rates required, Const. Art. III § 44