408.031. Fee in lieu of interest may be charged on loan--exception. - Missouri Statutes

Fee in lieu of interest may be charged on loan--exception.

408.031. In lieu of the rate established under section408.030, parties may agree in writing to a fee of ten dollars onany loan; provided, however, that no lender shall permit anyborrower to be indebted to such lender on two or more contractsat any given time for the purpose or with the result ofcontracting for or receiving fees exceeding that permitted bythis section.

(L. 1977 S.B. 420 § 2, A.L. 1979 S.B. 305)